We all have times where we have big expenses coming up. Perhaps you need to upgrade your car, your home, or you make the plan to return to college. What do you do? Borrow, borrow, borrow… right? Well, perhaps there’s a better way.
Ed Rempel is a fee-for-service financial planner and blogger who has seen a lot in his years of experience in financial management. To date, he’s helped thousands of Canadian families develop and stick to an effective financial plan. Ed Rempel reviews his clients financial standing and helps them to develop a plan that will achieve their financial goals.
An important element of an effective financial plan includes managing a budget and meeting spending goals. But then again, that’s very much easier said than done. There are many temptations that we face in our daily lives: the call of a new phone, an expensive coffee drink with extra whip, or even opportunities like furthering your education.
“Regardless of what you’re thinking about buying, be it a car or a home, paying off your student debt, or saving for retirement, there are many things in life you can do with your money,” says Rempel. “As a financial planner, my goal is to think strategically about how to live your life and achieve the life you want for the future.”
Understanding your budget
“Budgeting is easier to do than most people think,” says Rempel. “You simply have to determine your in-and-output of money and consider where it needs to be allocated to. Then, you can determine how much you plan to save each month.”
Determine how much you need to cover your expenses and see what you have left to play with at the end of the month. Once you have that monthly projection in place and create a balance sheet.
Set up an auto investment to “Pay yourself first”
Making savings automatic is a great way to make sure that you’re setting aside the right amount of money each month. That way, you aren’t tempted to touch the money you set aside. After all, it’s easy to justify buying a new $200 pair of shoes when you have that extra cash just sitting in your account.
Get your Financial Plan so you know how much you need to save
If you just invest what is left over at the end of the month, is that enough for you to have the future that you want? Sitting down with a financial planner once to create your Financial Plan will tell you exactly how much you need to invest to have the life you want. Then you can spend the rest without feeling guilty!
Learn to say no (or at least not now)
When you want to buy something, your budget doesn’t always say “absolutely not.” But it often says, “not today.” Save up for bigger purchases or try to find deals that at least help you cut costs. However, sometimes you really do just have to say no. It’s one of the worst parts of being an adult. You can’t rush headfirst into everything you want. It’s like saying no to social events so you don’t drain your energy. The same goes for saying no to spending sometimes, you don’t spend so you won’t drain your bank account.
If you check out Ed Rempel reviews, you’ll see countless clients value the advice he gives. Rempel looks at each individual circumstance and helps his clients plan accordingly. For some, it’s as simple as knowing when to say “no” to unnecessary purchases.
“Try to look at the things you want in the same lens as investments,” says Rempel. “Are they going to pay off in the long-term? If you hesitate to answer the question, chances are it isn’t something you need right now. There are also ways to have what you want for less. Whether that’s finding a coupon, a similar but less expensive brand, or simply forgoing it until you receive say an anticipated bonus. It’s important to always be forward thinking.”
Don’t worry about what everyone on social media appears to have. Some of them are, well, lying or up to their eyeballs in debt.
Work hard defending your budget, saying no or not now when you do. Being true to yourself will help your budget and money goals in the future.
Plan your meals
“Did you know Canadians spend on average $32 per order on a food delivery service? If you do that even once a week for a month, that’s a significant spend,” says Rempel. “It might not seem like much, but that adds up over time. Cutting out expenses such as pricy drinks or take out food can make a real difference. Doing a little planning ahead of time can help you cut down on unnecessary spending.”
Forget drive thru temptations or those tempting delivery apps, keep the money-grabbing munchies at bay by planning out your meals – breakfast, lunch, dinner and snacks. Having even a loose plan saves you from going overboard on your food budget.
Work with a financial planner
Listen, there isn’t any shame in asking someone for help to keep you on the right track. Ed Rempel reviews your circumstances and helps you plan for the future. With over 25 years of experience, he can customize your financial plan and get you and your family on the right track. Sometimes, leaving it to the professionals is the best course of action.