Financial Literacy Month can serve as a great reminder to check in on your personal finance situation to ensure you're set up for success when it comes to spending, saving and investing. This can seem like an overwhelming task, but there are some great tools and resources at your fingertips that can help you take control of your finances. Here are some ideas to get started:
Take advantage of online calculators – Seeing a monthly or yearly breakdown of how much your morning coffees or work lunches are costing may help you find ways to cut back on unnecessary expenses. Many financial institutions have simple online calculators that can help you see how these everyday purchases can translate into savings, how much you need to save for a mortgage, or how your investments can grow over time.
Check out personal finance blogs – When it comes to personal finance blogs, there is no shortage of options, but the trick is finding one that provides quality information from a reputable source. Many financial institutions have corresponding blogs that provide quality advice on a wide range of topics. For example, Tangerine's Forward Thinking blog delivers engaging content including articles, infographics and videos from a diverse roster of contributors including well-known bloggers, writers, personal finance experts and thought leaders.
Consider an Automatic Savings Program (ASP) – Many of us find that we don't have money to save when the end of the month rolls around - this is where an ASP can help. An ASP automatically deposits a specified amount of funds into your savings or investing account at a fixed frequency, for example monthly or when you get paid. Banks like Tangerine offer quick and easy setup of an ASP online, which means you can start accumulating money with a few clicks without ever having to think about it again.
As licensed Real Mortgage Associates and members of the RMA group we are focused on providing you with top quality mortgage advice.