11 MONEY MANAGEMENT GUIDELINES

Our company thrives in helping thousands of people become debt free and get a fresh financial start. We strongly believe people deserve the opportunity to achieve financial wealth. That is why we give you 11 guidelines to manage your money.

1. Plan:

Plan for the future including retirement and children’s education and for major purchases such as a house, cars, vacations, etc.

2. Set Financial Goals

Set short, mid and long-term financial goals and determine how to achieve them. The “how” is the most important part of the goal planning.

3. Know Your Financial Situation

Determine your monthly living expenses, irregular expenses and monthly debt service payments and make a budget.

4. Keep a Record of Daily Expenses

Be aware of where your money is going and identify areas where spending adjustments need to be made.

5. Develop a Realistic Budget

• Follow your budget as closely as possible. 
• Evaluate your spending month to month. 
• Compare actual expenses with planned expenses. 
• Adjust budgets as required.

6. Don’t Allow Expenses to Exceed Income 

• Avoid paying only the minimum on your credit cards. 
• Don’t charge more every month than you are able to repay to your creditors. 
• Try to keep a zero balance in your credit cards.

7. Save

• Save at least 10% of your net income for yourself. 
• Accumulate a minimum 3 months net salary for an emergency fund. 
• Save for irregular expenses such as car and home maintenance, gifts, vacations, etc. 
• Take advantage of current income tax rules which allow for tax-deductible savings for retirement plans (RRSP, TFSA).

8. Pay Your Bills On Time 

• Maintain a good credit rating. 
• If you are unable to pay your bills as agreed, contact your creditors and explain your situation

9. Understand the Difference between Your Needs and Your Wants 

• Identify what your needs are. 
• Money should be spent for wants only after your needs and savings goals have been met. 

10. Use Credit Wisely 

• Use credit for safety, convenience and planned purchases. 
• Determine the total you can comfortably afford to purchase on credit before you buy. 
• Don’t allow your credit payments to exceed 20% of your net income. 
• Do not borrow from one creditor to pay another.

11. Get Financial Protection

Make sure you have enough insurance protection for potential financial losses.  You don’t want to find yourself in a financial crisis.

Have a clear vision of your Debt Solutions and stop feeling overwhelmed & stressed. Call and schedule a FREE Consultation to learn what Debt Solutions are available for you.

START YOUR DEBT FREE LIFE TODAY