TFSAs, RRSPs, RESPs oh my! That’s a lot of acronyms, and when you start thinking about your own financial wellness journey it can be confusing to know where to start.
What is financial wellness? Financial wellness is how you effectively manage your economic life and the state of your financial well-being. Just like your physical and mental wellness, financial wellness is essential to living a healthy lifestyle. Understanding your relationship with money is important because if you know your financial situation you feel empowered to take care of it. Here are seven things to think about no matter where you are on your financial wellness journey:
- Budget — Set a plan in place to help you manage your money. Set a monthly budget so you keep track of income and your expenses.
- Live within your means — Make sure you have enough money to cover your expenses and save for your future.
- Spend wisely — Get the most out of your money in line with what matters to you.
- Avoid debt — Save money for that rainy day and pay your credit cards off in full each month.
- Have an emergency fund — A financial safety net is key to saving for those unexpected expenses that can happen in life.
- Save for your future — It’s never too early to plan for your retirement. As a member of the IBEW Local 353 you have access to a variety of services and information to help you plan for your retirement. Contact TEIBAS today.
- Protect yourself from fraud — Always check the registration of any person or business trying to sell you an investment or give you investment advice. Visit: CheckBeforeYouInvest.ca or call 1-877-785-1555
If you’re wondering how to develop your financial wellness skills, there are many resources available to you as members of the IBEW Local 353. Check out the financial wellness page on myteibas.com for a list of resources to help you with your financial wellness journey. Or you can attend one of our upcoming financial wellness webinars! Visit the teibas.com events page for dates and times.