5 Quick Tips to Get Your Finances in Shape in Mississauga
December 21, 2021 | Written by: Sohail Afzal
Your budget is more than just a piece of paper on your kitchen table. It’s the foundation of your financial stability. With no clear idea of where you currently stand or what changes are needed, you’ll want to get started with these five quick tips that will help get your finances in shape.
1. Use Your Credit Monitoring Service
It’s free, and it helps you keep an eye on your credit score and report, so make sure you sign up for a service like TransUnion’s TrueCredit monitoring service before applying for any loans or new lines of credit. By making regular use of this service, you can get updates about where your credit stands, help identify any problems and take steps to improve it.
2. Monitor Your Credit Card
Having a line of credit available can be great for emergencies or when you’re waiting for the right time to make a more significant purchase. Unfortunately, this convenience also makes it easy to get into debt, so don’t max out your card and make sure you’re always aware of your current balance. Decide how much you can afford to charge each month by setting up a budget and sticking to it.
3. Automate Your Savings
Automating the transfer of funds between your checking and savings accounts is one of the easiest ways to save money. You should save $10 of every paycheck, no matter how tight your budget is. This way, you won’t even miss that money and can use it to prepare for the future.
4. Track Your Spending
You cannot change if you don’t know where your money goes. Start tracking your spending by writing down everything you spend for a month – including groceries, entertainment, bills and even that cup of coffee from the café down the street. You might be surprised at how much money you’re wasting on unnecessary expenses.
5. Review Your Debt Situation:
If you’re feeling overwhelmed by your debt, it’s time to take a step back and assess the situation. Figure out how much you owe, what the interest rates are and how long it will take you to pay it all off. From there, you can start making a plan to get rid of your debt as quickly as possible.
Importance of Getting Your Finance in shape
No question getting your finances in shape is essential – not just for your peace of mind, but for your future as well. Imagine what you could accomplish if you had an extra $100 or $200 every month: you could save for a rainy day, pay down your debt or invest in yourself by taking some extra courses.
You should start getting your finances in shape today if you want to take control of your financial future. Luckily, it’s not as hard as you might think – with a few simple changes and some good old-fashioned discipline, you can be well on your way to a more secure future.
Your budget is the foundation of your financial situation, so it’s essential to make sure you’re making the right changes. By using your credit monitoring service, reviewing your debt situation and tracking your spending, you can take steps towards getting your finances in shape. If you need assistance, feel free to contact us or our bookkeeping or advisory services for help.
Sohail Afzal, CPA, CMA, MBA
Sohail Afzal, (CPA, CMA, MBA) is the founder & CEO of GTA Accounting Professional Corporation. He is a highly experienced Chartered Professional Accountant and businessman himself and understands the challenges that many businesses face when it comes to cash flow management. As an experienced business consultant & tax advisor, he is helping companies grow by providing the technical, financial, and contractual information necessary for strategic decision-making.