Perhaps you’ve decided that 2017 is the year that you will balance your own books, and crack down on your spending
Senior Advisor for Maisey Financial Services John Maisey says the first thing you should do is take a close look at your bank account and go through all of the expenses that are on there, “Once you start to figure out where the funds actually go, sometimes you are very surprised to find out that in most cases 20 per cent of income is unaccounted for.”
He says that reinforces is that it’s not the big ticket items that are hurting you, like the groceries or the rent, “It is the impulse purchases that we make. We think, it’s only 2 dollars here, 5 dollars there, but they tend to add up and if you’re not paying attention, they can have a big affect on the bottom line.”
Maisey adds, the next step is pay down debt, “If you are carrying multiple credit cards or lines of credit, figure out who has the highest interest rate and focus on them first. Pay them off, and then move to the next one, and so on.”
Maisey recommends reaching out to a financial advisor if you’re having troubled figuring out where you’ll need to cut.
