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13 good financial habits to build on

13 good financial habits to build on

Posted on: August 09, 2016
Author: Staff

Your spending and saving habits have much more to do with your financial stability than your salary does. The sooner you practice good financial habits, the better off you’ll end up. But regardless of your age or financial history, improving your financial habits now will improve your financial situation later.

Here are some financial fundamentals to get you started:

  1. Automatically transfer at least 10 per cent of your income from each paycheque into your savings.
  2. Create a budget, and stick to it.
  3. Contribute to RRSPs.
  4. Invest as early and often as possible.
  5. Have a clear financial plan to achieve long-term financial goals.
  6. Get rid of your debt, starting with your highest-interest debt.
  7. Pay off your credit card every month, before interest is charged.
  8. Look for opportunities to reduce spending—coupons, carpools, or packed lunches?
  9. Don’t spend money before you get it.
  10. Choose an accelerated payment schedule and double-up loan payments whenever possible.
  11. When you change employers, roll your pension balance into an RRSP rather than cashing it out.
  12. Build an emergency fund to provide financial security if your income is interrupted for a while.
  13. Read about financial management tips and techniques, and never stop learning.

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