A healthy financial balance is a goal that each and every one of us should be able to attain. Being able to travel when we wish and having the capacity to face the cost of living are more than important. And yet, those are only a few of the reasons why we should always strive to keep a good financial balance.
Maintaining sound control of our finances can also help us avoid a lot of problems, such as the headaches and heartaches caused by increasing debts. In keeping your financial balance in check, you will also avoid the risks of personal bankruptcy. While bankruptcy is an effective way to free yourself from your debts, it comes with plenty of consequences. By getting the help of a financial advisor, you get all the necessary tools to maintain a healthy financial balance.
Here are a few wise words straight from the experienced financial advisors at N. Séguin Inc. to help you get control of your finances:
For better control of your finances, be mindful of your financial situation
Do you often buy something spontaneously thinking that it’s okay because you’ll be able to cover it with your next paycheck? We are all guilty of this. At one point or another, we have all spent without counting for something we didn’t particularly plan. However, it is precisely those impulsive purchases that are responsible for our struggles when a problem arises. Staying aware of our budgetary limits is the first step to maintaining a healthy financial balance.
Open a savings account
No need for a multi-zero bank account to start saving. You don’t even need a TFSA or an RRSP. Even if those are feasible solutions, there are other options to consider.
You can start saving with as little as 20$ or 25% a week. Numerous savings products will also allow you to withdraw these funds if you need them. Don’t hesitate to talk to your financial advisors about the savings plans available to you.
Use your credit cards with moderation
It goes without saying that credit is an important part of your financial balance. Avoid loading your credit cards, because you will then have to face those payments at the end of the month, including interests. The bottom line is that credit is money that you do not have. Stop living in denial or telling yourself that your next paycheck will fix everything.
Start using your credit only when necessary. If a purchase has to go on credit, have a good reason to justify it. Is it a necessary purchase that your bank account cannot cover? Or is it something that you could pay out of pocket and thus spare yourself the interest?
Use credit with moderation; your financial balance will thank you.
Ask your financial advisor for help
There’s no shame in seeking help when you need it. Whether or not you are in debt, do not hesitate to reach out to an experienced financial advisor to help you gain control of your finances. Your financial advisors are there to help you budget and to offer you financial solutions tailored to your needs. This way, you’ll get all the necessary tools to maintain your lifestyle, in addition to having the ability to build a cushion for the future.
If you have any questions about the different methods to reach a good financial balance, do not hesitate to contact our financial advisors today. A member of the N.Séguin Inc. team will be happy to discuss your needs.