It is easy to think that you are never doing enough when it comes to your finances, but you may be doing better than you think! Here are 4 signs that you are on track with your finances.
WHAT YOU NEED TO KNOW
You Invest Every Month
If you are in the habit of automatically putting money into an investment, whether it be a TFSA, RRSP, or your work pension plan, you are ahead of the curve! Sometimes we think of successful investing as having thousands of dollars to drop into the stock market all at once. This couldn’t be further from the truth. Investing every month, no matter how much, is not only a great way to save but a great way to manage your risk in the market and spread your contributions out over time to hit both the highs and lows of the markets.
You Pay Attention to Your Bank Account
Taking the time to understand how much money goes into your bank account and tracking what comes out is a great habit to get into. Making a habit of checking your bank account every few days really puts your spending into perspective and will help you make better decisions when it comes to spending.
You Keep Your Debt Down
Do you pay off your credit cards every month? Are you actively working on any debt that you do carry? If you can answer yes, you are in a great place! If you have a plan to be free of small debt within 3 years or less you are likely in good shape for the future.
You Have Goals… and Targets.
Actually, having a goal or some kind of Target is the first step towards your financial success. Whether it be buying your first house or retirement, having a goal to focus on will help facilitate action.
Sometimes developing a plan to reach those goals can be tricky…but, that’s what your financial advisor is for! An advisor can help you make those goals into a reality by putting together a plan that works for you and lifestyle.