Money 2016: Taking control

With talk about the climbing real estate prices, a recovering global economy keeping investment analysts cautious, and the decline in oil prices, it is challenging for the average Canadian to know where to invest, or even how to manage personal funds.

The good news is, 2016 is no different when it comes to the basic rules on sound personal financial planning.

The first rule has been, and always will be, to review your personal and household debts.  Reviewing how much debt exists, how it could be lowered, and setting a time frame for repayment or eliminating it can help you take control of your money and focus on your financial goals and priorities for the year.

Once your debt is under control, and it is determined whether or not you are living within your means, cash flow can be considered. The traditional idea that monthly expenses are identified first, and leftover savings second, still applies.

Upon confirming cash flow, tax review comes next. Experts recommend families look at all tax incentives they can take advantage of. Although the anticipation for 2016 is that the Tax Free Savings Account limit will be clawed back from $10,000 to $5500, tax analysts report middle class families should watch for a tax break on the rate for the middle income tax bracket moving from 22% to 20.5%.

Discussing your financial situation with the whole family is a another recommended step in your personal financial planning process. By involving family members, the final financial plan can better reflect everyone's interest equally. Experts point out that today's family definition may extend beyond the conventional family unit, and include siblings, aging parents, or close acquaintances.

Finally, after the year's plan has been established, experts recommend families look to resources  for more detailed information about financial planning.

As a mortgage professional, I can be a crucial resource and tool to help you. Ask me how you can reduce your overall mortgage costs so that you can put more into your home equity or savings. Please feel free to call me at 250.862.1806 or email [email protected]

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About the Author

Tracy Head and Laurie Baird help busy families find mortgage solutions. Together they have more than 45 years of experience in the mortgage industry.

With today’s increasingly complicated mortgage rules, Tracy and Laurie spend time getting to know the people they work with and help them to better understand the mortgage process. They support their clients before, during, and after their mortgage is in place.

Tracy and Laurie work closely with their clients, offering advice and options. With access to more than 40 different lenders, Tracy and Laurie are able to assist with residential, commercial, and reverse mortgages in order to match the needs of their clients with the right mortgage package.

They work closely with their clients to find the right fit, and are around to provide support for years down the road!

Contact them at 250-862-1806 or visit http://www.okanaganmortgages.com

Visit their blog at https://www.okanaganmortgages.com/blog


The views expressed are strictly those of the author and not necessarily those of Castanet. Castanet does not warrant the contents.

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