Tips for Managing Your Money. Tip #2 – Make realistic financial goals:
Setting clear and realistic goals, following them, and tracking your own progress is the key to success in pursuing all of your personal financial goals.
Set a specific, measurable and realistic goal. Don’t say: “I want to be rich.” Instead say: “I want to save $4,000.00 in two years by putting $167.00 a month into my savings account.”
Tip #3 – Pay your bills on time:
Paying your bills on time is the best way to maintain and then improve your credit rating.
The following habits will assist you:
- Open your bills as soon as you receive them;
- Write down all your monthly, quarterly and yearly payment dates;
- Set up automatic payments if possible;
- Have an emergency fund.
Tip # 4 – Control your credit card use:
Don’t use more than 30% of your card’s limit. This will illustrate that you are responsible and will improve your credit score.
Set up a plan to pay off your high-interest credit card debt, and still save a certain amount for your emergency fund and investments.
Tip #5 – Keep your finances organized:
You cannot make good financial decisions (spending, saving, and investing) if you don’t know your actual income, expenses, and investments. That is why you should have a monthly budget. The app we described in Tip #1 will summarize your income and expenses by week and month. Make sure you also keep your bills and documents in a safe place.
If you have any questions about this or other aspects of bankruptcy or consumer proposals you can set up a FREE + CONFIDENTIAL consultation with our licensed insolvency trustees You can also call Bankruptcy Canada directly at