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How financially fit are you?

The New Year has arrived and while health and fitness resolutions easily come to mind, have you considered how financially fit you are? Undue stress from your finances can have a negative impact on your health and wellbeing, but there are several actions you can take right now. Check out our tips to help set out your 2021 financial goals on the right foot!

1. Review and refresh.

Blue Monday gets its name for a reason. The holiday cheer has worn off and your first post-holiday credit card statements have arrived. Check what you spent against your budget and make a plan. The New Year is a fresh start and you can take this opportunity to assess your budget, revise your financial goals and create a plan to repay any debt. CheckFirst offers a wide variety of calculators, quizzes and worksheets that can help you evaluate and set your 2021 budget no matter where you’re starting.

2. Don’t let new goals overwhelm you.

If you’re setting out with new investment goals in 2021, don’t let them consume you. It can be easy to get lost in the sea of investment options, unfamiliar language and complex mathematical equations by yourself. If you’re looking for a crash course in investing that’s taught in plain language and easy to digest, consider the wealth of resources, quizzes and videos at CheckFirst.ca so you pick the right investments for you and your financial goals.

3. Find the right fit. 

The root cause of financial stress can often be linked to a lack of information. If you aren’t working with a financial adviser, take some time to consider it. A relationship with the right financial adviser can help make you a more informed investor who is comfortable with their investment decisions. Before you work with anyone new, always be sure to check their registration and ask key questions to make sure they are right for you. With few exceptions, securities industry professionals are required to be registered with the securities regulator in the jurisdiction where they conduct business. Registration helps protect investors because securities regulators will only register firms and individuals if they are properly qualified, helping you to rest easy.

4. Break up with bad relationships.

Another big source of stress can stem from distrust in your investments or financial advisers. This year, once you’ve evaluated your finances and goals, don’t be afraid to end relationships that aren’t working for you. If an investment, financial partner or financial adviser isn’t providing what you need to feel comfortable and successful, don’t be afraid to speak up. Remember, they’re supposed to work for you.

5. Nothing is set in stone.

While goals can help you clearly define where you want to be, the path to get there isn’t cut and dried. Don’t be afraid to pivot on your financial plan, or change direction throughout the course of 2021 as needed. Your finances should be arranged so as to help you achieve your goals. If something is bringing you undue stress, now is the time to change it!

As you embark on your financial journey in 20121 don’t forget to visit CheckFirst.ca for free, unbiased resources. Wherever you are in your investment journey, CheckFirst is your go-to website for financial knowledge and investing wisely.

 

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