Dec 28, 2017
Five Must-Do Money Resolutions
Along with the party hats, noisemakers and Auld Lang Syne, the New Year brings the annual opportunity to reflect and renew. If improving your financial health is your resolution for 2018, here are a few ideas that can help get you started.
Track Your Spending
Making small changes to your spending habits can make a difference. With the TD My Spend app you can get real-time notifications every time there's a transaction in an eligible category, or review your spending from the previous day with Daily Digest notifications, or choose both. That way, you can keep an eye on your spending.
Break the Money Talk Taboo
According to the Financial Planning Standards Council, 79 per cent of Canadians do not feel confident that they will meet their financial goals. And when it comes to Canadian couples, not only do they worry about meeting their financial goals, it turns out that couples often are not fully aware of their partner's financial goals. You can read more here about how to start talking with those near and dear to you about money.
Know Your Homebuying Budget
If one of your financial goals for 2018 is to buy a home, figuring out what you can afford is critical. A TD survey revealed that 60 per cent of respondents would be willing to exceed their budget. To help inject needed financial reality into the home buying process, TD offers its Mortgage Affordability Calculator, which uses financial information provided by the potential buyer to help them understand how much home they may be able to afford after monthly expenses, debt payments and savings are accounted for.
Create a Will
No one really likes to think about their own demise. But, according to a TD survey, 50 per cent of Canadians do not have a will, a crucial step when allocating your assets after death. While planning ahead and preparing for the inevitable can be an overwhelming process, leaving no estate plan can cause even greater turmoil and angst to your already grieving family and friends.
Teach the Next Generation
Teaching our kids about money is critical to their future financial confidence, but nearly one-third (31 per cent) of parents find it hard to broach the subject, according to a recent TD survey. For parents who aren't sure how to start the money conversation, check out advice and activities to help discuss money with children at every age and stage.