more with your money, would you contribute
to it?
If you answered 'yes', then I just might have a
solution for you. Why not develop a financial
plan? Financial plans are great for the following
reasons:
1. They allow you to know where you are in the
present, in order to help you to plan for the
future.
2. Planning financially on paper helps to keep
poor spending habits under control.
3. Writing things down helps to provide you
with a realistic picture of your entire
financial situation.
Now, if your not into going out and finding a
financial planner, here's what you will need
in order to develop your own financial plan.
Start by making a list of the following:
- what you own (cars, home, savings, investments)
- what you owe (student loans, mortgage, car loans,
credit cards and other bills)
- what you make (pay and other sources of income)
- what you spend (expenses like food, clothing, car
costs, etc.)
- what you hope to achieve
If you're having trouble collecting the above
information, here is where you can look:
Bank and investment statements
Mortgage or loan papers
Credit card bills
Pay Stubs
Tax returns
Bills and receipts
To make this process a little easier on yourself,
you can also download an Investment Planning
Worksheet from the Canadian Securities
Administrators'.
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