B e t s y P r o s p e r o , C F P C a r i e n J u t t i n g , C F P

F i s c a l W e l l n e s s , M u t u a l f u n d s p r o v i d e d t h r o u g h F u n d E X I n v e s t m e n t s I n c .

N o v e m b e r 2 1 , 2 0 1 2 , F a l s t a f f C e n t r e

Achieving your Financial Goals

Priority Spending Plan

Know what you spend.

Get your bank statement and your credit card bills.

Sort and find out how much you are spending on everything.

Try to monitor for 3 different months.

Monthly Net Income

Find out what your monthly net income is. Employment.

Child tax benefit.

Universal Child Care Benefit.

GST and/or monthly Trillium benefit.

Plus or Minus?

Hopefully it is a Plus.

To increase your surplus, where can you cut back? Check your bills – and reduce them.

Cable and cell phone.

Pack a lunch.

Cook meals at home – from scratch.

Temptation and Reward

Biggest temptation = Food Groceries and Eating Out.

Overspending is still a big problem. We all deserve a treat, but we have to plan for it.

Save then Buy strategy.

Do I Need it or Want it?

Go to Goodwill or Consignment shop for a treasure.

Sept 2012 Survey Canada Debt Solutions and Capital One Canada.

The True Cost of Credit Card Debt

If you purchase something on sale, and you can’t pay it off immediately... It is no longer a bargain.

This is how your money disappears. Service charges and interest.

Beware of Bait and Switch interest rates.

Lending Rates

Loan rates on mortgages, car loans and lines of credit are negotiable.

Shop around for best rates.

Features of the debt you are taking on. Pre-payments without penalties.

Open or closed contract.

Pay Later Plans usually have an imbedded fee. Paying it now might reduce the cost of the item.

What is your Net Worth?

Add your Assets: Home and car

Investments and Savings accounts.

Subtract your Debts (Liabilities): Mortgage and car loan

Credit card and Line or Credit

Student Loans

Equals = Your Net Worth

Saving – Keep it Simple

Pay yourself first.

Use Jars, or Envelopes or separate (no fee) bank accounts.

Save then Buy.

Have an Emergency fund.

Saving must become a priority. Make it an automatic debit.

Saving and Investing

Have your emergency savings set up first.

RESP for your children. Grandma and Grandpa can give a small gift, and add money to

the RESP.

Invest for your Retirement. Your future groceries and shelter!

Pay down your mortgage! It is Financial Freedom.

Benefits from your workplace

Health and dental coverage? Know what you have.

Use it, but don’t abuse it.

Long Term Disability Does your plan cover this.

Life Insurance.

Retirement Savings (Group RSP). If offered – make sure you contribute.

Trillium Drug Program

Help from the Government of Ontario for individuals with high prescription drug expenses. Relief based on family net income.

Not all medications are on the list of available drugs.

Setting Goals

You can have little goals and big goals, just keep working on them.

Set a dollar amount and a deadline.

Break your goal into smaller goals.

Write it down and post it where you can see it.

Don’t keep up with the Jones’s.

Financial Advisor

You don’t have to do this yourself.

Be attentive and participate in your future.

Budget sheets: Fcac.gc.ca

Questions?

B e t s y P r o s p e r o , C F P C a r i e n J u t t i n g , C F P

N o v e m b e r 2 1 , 2 0 1 2 , F a l s t a f f C e n t r e

Thank You!