{"id":261,"date":"2014-09-17T10:42:32","date_gmt":"2014-09-17T17:42:32","guid":{"rendered":"https:\/\/mgfadvisory.ca\/news\/?p=261"},"modified":"2018-08-23T10:43:09","modified_gmt":"2018-08-23T17:43:09","slug":"summers-end-is-financial-plannings-restart","status":"publish","type":"post","link":"https:\/\/mgfadvisory.ca\/news\/2014\/09\/17\/summers-end-is-financial-plannings-restart\/","title":{"rendered":"Summer\u2019s End is Financial Planning\u2019s Restart"},"content":{"rendered":"
\"restart<\/div>\n
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I enjoyed the summer heat!\u00a0\u00a0 But the pocket book can get a little sun burnt from all the vacations, BBQs, children activities, renovations and whatever else occupied our time over the summer.\u00a0 And the financial burdens continue into September, as along comes the costs of schooling, child care or sports for the kids, or the residual credit card and line of credit balances from the summer.\u00a0 And dare I say\u2026Christmas is coming!!\u00a0 That is why September is a great month to get back on track with your Financial Goals.<\/p>\n

First step, what were your Financial Goals?\u00a0 Was it early repayment of credit cards, line of credits or mortgages, or catching up RRSPs or RESP contributions?\u00a0\u00a0 Was it starting to save for next year\u2019s vacation or renovation?\u00a0 \u00a0Whatever your goals, make sure you write them down and have a priority list.\u00a0 This helps considerably when we are getting back on the financial planning bandwagon.<\/p>\n

Next, take stock of where you are currently.\u00a0 What is currently in your bank account, RRSPs and RESPs, and what are the new balances of your debts.\u00a0\u00a0 \u00a0\u00a0This snapshot may reshape the priority of your goals \u2013 for example, a credit card balance with your summer vacation that cannot be paid off on the due date should become a top priority.\u00a0 Taking stock helps pinpoint idle cash that can help alleviate some short-term debt (your idle cash is generally making less money than the interest savings available if you used the cash to pay down your debt).\u00a0 A review of the RRSPs and RESPs may identify the need to rebalance your current investments (see my\u00a0Rebalancing<\/em>\u00a0Blog<\/a>\u00a0) or plan for the short-term reduction in contributions to tackle your credit card and line of credit balances (read more here \u2013RRSP vs Debt<\/em>\u00a0Blog<\/a>).<\/p>\n

Taking stock is also the time to ask a tough question:\u00a0 What if I were to pass away prematurely or be unable to work?\u00a0 Can my family\u00a0 take on our current financial situation without any help from me and any available insurance?\u00a0 Risk management is the foundation upon which our financial house is built. So, like a real house, you should inspect this foundation to make sure all has been considered and plans are made for the worst case scenarios (Read more about\u00a0The Cost of Doing Nothing<\/em><\/a>).<\/p>\n

Final step involves a review of your cash flow, particularly where your money is being spent.\u00a0 This is an opportunity to grind down those 1-3 expenditure items that tend to get a little inflated over the summer, such as vacations, gifts and entertainment, and renovations.\u00a0 \u00a0Establish monthly budgets to bring those expenditures down, with the goal of freeing up some new cash flow to re-tackle your financial objectives.\u00a0 You can also start assessing Christmas gift budgets in advance, so as to keep the cost of Christmas in line.<\/p>\n

What we know is managing your Financial Plan is a month to month exercise.\u00a0 We also know that it is very easy to be distracted from your Financial Plan in any given month.\u00a0 The summer distraction is a typical one, but one that can be easily remedied with a September Financial Planning Restart.<\/p>\n

Need help?\u00a0 Call me at\u00a0604-789-3888<\/a>.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"I enjoyed the summer heat!\u00a0\u00a0 But the pocket book can get a little sun burnt from all the vacations, BBQs, children activities, renovations and whatever else occupied our time over the summer.\u00a0 And the financial burdens continue into September, as along comes the costs of schooling, child care or sports for the kids, or the…

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