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Take Control of your Finances
November 29, 2017

While taking control of your money and improving your financial well-being may sometimes feel overwhelming, it may be easier than you think. Here are 7 tips that may help you stay on track and improve your financial outlook: 



1. Make a Budget. If you want to get on top of your finances, a budget is a great place to
start. Create a record that will allow you to keep track of money you have coming in (from things like your salary or bonuses) and payments you make (such as rent, bills, food).

2. Review where you're money goes. Try recording all of your spending,
including any small purchases, for at least a month. Look to see how and where small
changes to your day-to-day spending could save you money in the long run.

3. Get organized. After creating a budget and identifying where you're spending your
money, try organizing your upcoming bill payments. Create a list of your current bills.
Record the due dates of each bill. Pay your bills on time to avoid late fees and penalty charges. These may feel like small savings but can really add up over time.

4. Pay off high interest debts first. If you have several debts, you may want to put more
money towards the one with the highest rate of interest so you can pay that off first.
But, even if you're focusing on paying down one debt, you must still pay at least the monthly minimum on credit cards and loans.



5. Set a savings goal. Having a savings goal may make it easier to get motivated and
start saving. Try focusing on what you'll be able to do once you reach your goal instead
of on the money you're setting aside each month. 

6. Make use of online banking as much as possible. Using online banking can help you
stay organized and keep track of your bill payments. In many cases, you'll be able to: Set up payment reminders, schedule future bill payments, and review your spending.

7. Save for retirement. Starting to save for retirement when you're young is ideal as it can help you develop savings habits that will last throughout your career. In addition, the younger you start, the less money you'll have to put aside each year to reach your retirement goal. 


At Manulife, we can help you manage your funds by offering a wide range of financial solutions that could help you get more out of your hard-earned money. Click here to get started.