Reset your finances for 2021
(NC) Although many of us may know what to do, taking the steps to practice sound money management is often easier said than done. Fortunately, by refreshing your financial knowledge and following a few tips, you can start the new year off on the right track.
1. Reflect on your values
Take a moment to check in on the values that are most important to you and see how they’re reflected in what you’re spending.
2. Set a financial goal
Having a goal is a great way to focus your budgeting and planning.
3. Make a budget
It’s important to have a clear picture of your money coming in and going out to help you manage your finances. Start by creating a month-by-month or a week-by-week plan.
4. File your taxes
Keeping up with tax filing allows you to access and remain eligible for various tax credits and benefits.
5. Set aside an emergency fund
Find a way to set aside some money to fall back on when you have a financial shock – even a small amount can help.
Need some help putting this into action? There are an increasing number of free services to support you. For example, the City of Edmonton is launching a free financial help service with the national charity Prosper Canada to provide participants of their Leisure Access and Ride Transit programs with one-on-one financial counselling support and referrals to community agencies that can help them access government benefits they may be eligible for among other services. The programs serve more than 60,000 residents.
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