Working towards your financial freedom takes planning. It is important to make sure you are covering all your basis and not leaving any step out of the process. Working with a financial planner is important but you must also do your own work to make sure you are heading in the right direction for you life and lifestyle.
Sometimes creating checklists and to do lists that are tied to the seasons or quarterly can help you stay on track and focused on the end goal of financial freedom.
Here are just a few tips to help you achieve your financial goals.
1. Create a financial calendar
If you don't trust yourself to remember to check in on your investments regularly, check credit reports or pay your quarterly taxes then think about setting appointment reminders. There are lots of great online tools to help you with this but even just simply going into your calendar on your smart phone and setting reminders that will go off to prompt you to do a financial check in is enough.
2. Rebalance your portfolio once a year.
It is important to look at your account every once in awhile to make sure your investment allocations still match your greater investing/financial goals. It is important to schedule meetings with your financial advisor to do the same. You need to be engaged and involved in your financial planning.
3. Verify your account beneficiaries to make sure your instructions are current
When was the last time you looked at who you set as a beneficiary on your insurance policies? Or your banking investments? Take some time to have a look at those things and make changes if necessary.
4. Review your progress on your financial goals to ensure you are on track
You may have made some financial New Year's resolutions when 2014 rolled in, such as increasing your retirement savings. How are you doing with that? Now might be a good time to re-evaluate and make some changes before the end of the year rolls around.
5. Get Organized
Don't leave all your papers, receipts and documents in disarray until the end of the year. Fall is a great time to start getting organized. Organizing your papers and accounts not only leaves you better prepared for tax season in the new year but also lets you know whether you're on track to reach your financial goals.
6. Here is a handy check list from the Government of Canada's Financial Consumer Agency of Canada. Check lists can help you see what you have already done but also helps you see what you still need to get done or at least consider.
There are so many resources available from your financial advisor and on the Internet to help you manage your finances, investments and retirement planning. Checking in on your finances and investments a few times a year at least makes sure things are still on course and if they are not then you have time to correct them and work with your advisor to make sure you are working towards the same goal.
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