Boost Your Financial Health For 2024 l Must-Watch!

you're either one of two camps you have either achieved or your financial goals for the year or maybe you have some goals that you were not able to achieve whichever one you are it's fine hi this is Shay from don't go Brook TV and welcome to my channel we have just a few short weeks to the end of the year and you might be thinking about the financial goals that you started the year with so your either one of two camps you have either achieved or your financial goals for the year or maybe you have some goals that you were not able to achieve whichever one you are it's fine I want to make some suggestions that will help you to still end this year on a good Financial note and it will also set you up for financial success in the coming year first of all if you don't have a tax res savings account a registered retirement savings account or a first Home Savings Account I would suggest that you open one before the year runs out the process is entirely free and you can do it online or by yourself a taxfree savings account is an account that you can open and all your withdrawals from that account or all the growth that you make in the account is completely taxfree there are some requirements about it and we talk about it here the rrsp is your registered retirement savings plan and it's saving towards your retirement there are penalties for early withdrawal because this is for retirement except you are withdrawing for your home buyers plan the first home savings account is a great savings option for first home buyers in Canada it offers you the taxfree option of a tfsa and also the tax advantages of an rrsp if you don't end up buying a home you can always transfer the forms from your first home savings account to your rrsp if you don't have any of these accounts or you have one or two make sure you're opening it before the end of the year number two is gain control of your monthly spend don't just spend money without knowing where the monies go and the way that you can do this is by having a budget and being able to track your spending every single month do you know how much you spend on groceries what about your internet telephone outings in the month you need to know how much all of these cost so that you can track where the most of your money is going and you can be able to cut off any excess that you actually don't need truly if you don't know where your money goes each and every month it is a recipe for financial failure so make sure you're starting a budget before this year runs out and you're keeping up that habit of budgeting and tracking your expenses into the new year number three that I would suggest is automate your savings I know we've heard the saying that you should pay yourself first which means maybe keeping keeping maybe 10% of your earnings every month in a savings account or in this case a tax-free savings account but a lot of people don't do this because of course expenses will always show up there's always a reason to spend money and once money is in your checking account you will find a way of spending it so what I suggest you do is automate your savings yeah a lot of banks will do this for you free just tell the bank or set up an automation that mov moves a certain amount of money from your salary account to your savings account or your taxfree savings account or whatever account where you don't spend money from that way are sure that you are saving consistently rather than leaving it to when you feel like if you leave your savings to when you feel like it will probably never get done number four if you carrying a balance on your credit card start paying it down I don't know how much you have on your credit card but these credit card debts can grow and grow out of proportion on until they out of control and people don't know what to do yeah paying the minimum balance also doesn't help a lot to pay it down so what I would suggest you do is pay the minimum plus $100 that will really cut down the length of time it will take to pay the the entire credit card debt and you can also finish the highest credit card debt that you have and take up the next one but for sure for sure make every effort to try and pay down your credit card balances before the year Runs Out is going to set you up for success in the New Year number five invest in a high interest savings account so if you have your money sitting down in your savings account then you're earning less than 1.5% and that doesn't help you why because inflation is more than that so you are losing money make sure that you're saving in a high interest savings account that gives you an interest of upward of 4% and they actually exist yeah if you want to know it interest savings account that you can invest in that gives you an interest of more than 4% you can contact me my contact details are in the description under this video so you can contact me and I can direct you but make sure that your monies is not just sitting down in a savings account move your Monies to a taxfree saing account a high interest savings account start investing saving is not investing investing is a way to grow your money and you should be investing make sure that you're looking for investment options before the year runs out and then you're continuing also so in the New Year number six is for those who have a mgage what I would suggest is to investigate your mgage and explore options there's a lot of uncertainty with regarding the mortgage interest rates because they've continued to go up in 2023 and nobody knows what's going to happen in 2024 so you may want to reamortize your loan or make a lump some payments towards your mortgage loan at the very least I would suggest you look at your budget and know that in the coming year interest rates might go up they might go down so you should be prepared for whatever comes in the New Year number seven is rethink how much you spend on cars now cars are really a big deal a lot of us want to ride very good cars we want to ride newer cars because of course it is more convenient to have a newer car and then makes you feel really good a lot of us have emotional attachment to our cars um but you might want to look at a cheaper option because a car is a car is a car it doesn't matter whether it's this year's model or last year's model or a 5 years ago um a car is a car and if you're also struggling a bit financially you might think about going from a three car or a twocc car household to a one car household it is inconvenient I know but you are trying to build a financial future as you close the year so that you'll be set up for financial success in the new year so you might have to take in a little bit of conveniences if you're actually struggling with your car payment including gas insurance and all of the other things associated with your car you might want to reconsider the options that you have and do something about it number seven is for you to actually top up your kit RP before December now the reason why I'm suggesting that is so that you can get that full 20% benefit from the government so if you can save up to 2500 before the year runs out you're going to get the 500 free money from the government for your RP now you can carry these contributions forward but playing catchup is a little bit difficult isn't it if you can find a way to top it up before the end of this year that would be absolutely great so these are the eight suggestions that I have that can help you close the year find as a financial success or a better financial success and set you up for success in the New Year do you have any other suggestions you can leave it in the comments below are you struggling financially do you need any help you can ask your questions in the comments below and would you like guidance on how to open a highin savings account or a taxfree savings account why not give me a boss my contact details are also in the description link below guys thank you very much for watching up to this point don't forget to like the video share it and I wish you the very very best as you end this year and start the new year I'll talk to you in the next one bye for now