How financially fit are you? Questions to ask yourself, and then act on, to improve your financial position

November is Monetary Literacy Month and I’ll kick issues off on a optimistic be aware: you recognize greater than you suppose you do.

It’s true.

In a survey launched immediately by Canada Life, the outcomes indicated that regardless of having low confidence of their monetary information, Canadians get a passing grade relating to their private finance.

Normal questions had been requested to check our information on monetary matters resembling saving, debt, investing and insurance coverage. Earlier than taking the 10-question quiz, every respondent rated their confidence of their monetary information.

Regardless of solely 41% claiming excessive confidence, the typical grade on the quiz was 71%.

That’s spectacular and an excellent place to start out. Nevertheless, everyone knows that information alone does not essentially result in bettering your monetary state of affairs. We might know what to do however we do not at all times do it. All of it comes all the way down to motion.

It does not matter whether or not you’re simply beginning out in your first job or occupied with retirement. You want a plan. Your plan. I am not speaking a few cookie cutter method the place one dimension suits all. Your monetary plan must excite and have interaction you.

As we kick off the month with a monetary focus, ask your self how financially match you’re and whether or not your monetary plan is aligned to you, the place you’re proper now.

Listed here are just a few questions to start:

1) What’s it that you simply need to save your cash for? What will excite you sufficient to avoid wasting your cash and alter your present spending behaviour?

2) Do you might have management of your funds? Are you aware how a lot cash you might have coming in and what your are at present spending your cash on?

3) Do you might have monetary slack in your life? May you give you $500.00 in an emergency in case you wanted to?

4) Previously did you set monetary targets for your self and did you obtain them? If not, what went flawed and what kind of correction can you are taking to vary that consequence? Previously, had been you too restrictive in your spending or did you merely give in to one thing you needed within the second?

Constructing monetary flexibility is about selections. We regularly know what we should always do however we do not at all times like what we might should do with a view to obtain it.

Enhancing your monetary place may be robust, however it’s additionally achievable particularly once we have already got the information. Now it’s all about taking management, creating your private monetary plan after which executing on the plan.

A ultimate thought. Your plan is not carved in stone and when life throws you a curveball, and it’ll, having a plan lets you zero in on the corrective motion you want to take. And that is OK. It’s simply life.