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  • Writer's pictureHilary M.K. Poff | CFA

Spring Clean Your Finances with These 3 Easy Steps

After a long, cold winter, the arrival of spring ushers in the opportunity to start over, clean, and refresh. But there’s more to spring cleaning than tidying up the yard and decluttering your home; it’s also a great time to dust off the cobwebs and spring clean your finances.

Taking a closer look at your finances could make it easier to both manage and save you money. Below are some great ways to help spring clean and spruce up your finances.

Set a Budget

You can’t really spring clean your finances unless you know what your goals are. That’s why it’s important to review your monthly expenses. The easiest way to do this is to go through credit card and bank statements to find out what your fixed monthly expenses are and other areas where you may be overspending and can cut back.

Finding ways to reduce spending and having a budget will allow you to meet your savings goals and build wealth that you can put toward retirement, investing, home renovations, vacations, or an emergency fund.

Tackle Debt

One of the best ways to spring clean your finances is to take a look at your debt. It can be difficult to keep up with numerous loans from different lenders, all of which have different payments and interest rates.

There are different ways to tackle debt. You could consolidate that debt into a single loan with a more attractive interest rate. Or there’s the “snowball” method, where you pay off the smallest debt first, then use that momentum to tackle the next bill. Make every dollar count!

Create an Estate Plan

One thing Canadians are good at putting off until a later date is estate planning. Just 30% of Canadians have an estate plan. And while 91% of Canadians think wills are an important part of an estate plan, only 48% have a will.

These statistics suggest that Canadians think an estate plan and a will are important, but they aren’t prepared for unexpected life events.

When it comes to estate planning, it’s important to have a will. In Canada, if someone dies without a will, each province and territory has its own rules about how assets are distributed.

A financial planner can ensure your wishes are followed the way you want. A certified wealth management professional can also help you explore investment opportunities that take into account your unique investing style, risk tolerance, and retirement goals.

Sharp Asset Management – Helping You Reach Your Financial Goals

Spring cleaning your finances can be easier with a little help. If you live in Toronto, Mississauga, or anywhere in the GTA, the certified wealth management and retirement planning professionals at Sharp Asset Management can help spring clean your finances and create a financial plan that aligns with your short- and long-term financial goals.

Sharp Asset Management is an asset management firm that is 100% owner-operated. Our retirement planning professionals are not affiliated with any financial institution, securities firm, or mutual fund company, and our investment decisions are unbiased. We also do not earn any commissions or fees on investments we choose on behalf of our clients.

All of our investment counsellors are charter financial analysts, have the highest level of achievement, and have over 10 years of experience managing portfolios. To learn more about how Sharp Asset Management can help you with your retirement planning, contact us today.

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