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Managing Your Money planning Lorne ParkWhat a great way to start off a New Year and a New Decade. Great advice from John Schull on managing your money. Make it a resolutaion that 'you can take to the bank'. At least read this article and possibly take some advice from it and follow it through. I have included John's contact information below. Let me get my team in action to get you started. Call John and listen to what he has to say. It can't hurt.

Managing your Money

Canadians everywhere have made New Year’s promises to themselves. Big promises (I resolve to quit smoking.) and not-so-big-promises (I resolve to call my aunt more often.). But here’s one promise you should make and never break: “I resolve to be financially secure.” And here are ten simple ways to make that happen:

1. Budget better
Look carefully at your income and expenses -- then set a realistic budget that includes savings.

2. Defeat debt
Keep that high-interest credit card in your pocket – or better yet, cut it into little pieces. Credit card debt is very expensive. Stay on top of your debt by paying off high interest and non-deductible debt first. Do you have mortgage insurance …. Wrong…Get quotes on a personal insurance policy instead.. it’s cheaper and your survivor is the beneficiary, not the bank.

3. Set goals
Make sure your lifestyle expectations match – and don’t exceed – your income. Be sure to set aside enough regularly to reach your goals.

4. Register yourself
Investments held within a Tax-Free Savings Account (TFSA) allows for tax-free income and an RRSP is a terrific tax-deferred savings builder. Start early, make your maximum yearly contributions and you’ll save on tax and enjoy years of tax-free growth in a TFSA and tax-sheltered compound growth in a RRSP.

5. Trim taxes
There are lots of tax deductions and tax credits – be sure you take full advantage of every one that applies to you.

6. Invest efficiently
Interest income is taxed significantly higher than dividends or capital gains – so it’s usually better to hold investments earning interest income in a TFSA or a tax-deferred RRSP and those that earn dividends or attract capital gains in your nonregistered portfolio.

7. Invest in your child’s future
A post-secondary education is expensive but necessary. Help your kids pay for it by starting a tax-deferred, compound growth Registered Education Savings Plan (RESP) eligible investments now!

8. Insure change
Your life is always changing in one way or another – that means your need for income protection and estate planning are changing, too. Be sure your insurance coverage keeps pace.

9. Assist your assets
Good asset allocation is vital to good long-term investment growth. Get steadier returns over time with the right balance of assets from the three asset categories – cash, fixed-income investments and equities.

10. Wrap it all in a plan
The tenth step to financial security is to wrap the other nine steps in a comprehensive financial plan that will get you where you want to go. Achieving financial security – now, that is a resolution you can take to the bank. Your professional advisor can help you get there.

Contribution of this article is thanks to John Scholl , CLU (Chartered Life Underwriter),CGA, B. Mathematics, Financial Consultant - Investors Group Financial Services Inc.
& Investors Group Insurances Services Inc.


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