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My tools • January 28, 2021

Have you thought about your financial resolutions for 2021?

Here are 12 resolution ideas to keep throughout the year.

Talk to your Laurentian Bank advisor, who will review all aspects of your financial well-being with you and help you set the best strategies with a personalized action plan.

Every year, we kick off January with new resolutions. It’s an opportunity to think about positive actions to improve our well-being and quality of life. What if we took a moment to think about our financial health? Here are a few ideas for financial resolutions to adopt over the year to improve your finances.

January: I start the year off well by drawing up my monthly budget.
Having a budget and revising it, if needed, is the basis of good personal financial management. I do this as the new year begins by sorting my needs by timeline (short, medium or long term) or ranking them in order of priority. In this budget, I also set up an emergency fund. It's always better to plan ahead!

February: I contribute to my RRSP to reduce my taxes and prepare for retirement.
I maximize my RRSP contributions based on my current income, while considering how many years I have left before my retirement. In order to make informed choices, I review my investor profile to keep my risk tolerance in check.

March: I complete or update my financial health assessment.
Managing my personal finances well begins by setting my priorities based on my short-, medium-, and long-term needs. I complete or review my financial health assessment with my advisor every year to update it according to my current situation and goals.

April: I define my savings goals with a retirement plan.   
I meet with my advisor to plan my retirement to ensure that I have enough savings to take full advantage of it. They are the best person to help me set the right investment strategy to feel secure and reach my retirement savings goals. I consolidate all my financial information before I meet with them!

May: I use my tax refund to save or pay off my debts. 
If I get a tax refund, I either pay off my debts or invest the money.  

June: I think about protecting my loved ones.
Protecting my loved ones who depend on me financially is important. I think about writing or revising my will to express my last wishes.

July: I keep my personal information up-to-date in my client file. Why not take this opportunity to review my banking plan?
It’s moving season. If I change my address or open a new bank account at my local branch, I make sure that I have a banking plan that suits my transaction habits.

August: I budget for my children’s back-to-school expenses.
With summer vacation over, it’s time to load up on school supplies. If I have reward points accumulated on my credit card, I can use them to cut down on back-to-school expenses.

September: I save in my TFSA. 
Each year, I have until December 31 to use my annual contribution room. I choose the TFSA for its flexibility and to ensure that I have a tax-sheltered investment income. It’s a good option to have an emergency fund in case of unforeseen events or simply to save for a project.

October: I think about protecting myself in case I’m incapacitated.
No one is safe from the unexpected. I think about making a protection mandate if I don’t have one in order to designate who will take care of me and my financial health, as well as manage my assets, if I’m incapacitated.

November: I plan my expenses for the upcoming holiday season (vacations, gifts, activities). 
From Black Friday to holiday gifts, Boxing Day and winter vacations, I have lots of opportunities to spoil myself and my loved ones. However, I’m careful not to overspend. I follow the budget I set at the beginning of the year.

December: I set up or increase my contribution to a periodic savings plan.
I maintain my lifestyle while automatically saving, even a small amount on a periodic basis (one less outing per week, for example). Saving periodically will now be part of my budget. Ideally, putting at least 10% aside, or a small amount, whatever it may be, enables me to integrate this saving habit in my daily life.

Keeping your financial resolutions throughout the year will help you better manage your finances. Your Laurentian Bank advisor is available to guide and advise you to help improve your financial health.

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