January Monthly budgets
January Monthly budgets
January is when we start filling our calendars with plans for the year ahead.
It’s also a good time to consider our financial plans.
For most of us, the biggest challenge for 2023 will be inflation and its impact on our monthly budget.
I’m Derek Cooper, Senior Investment Advisor with TD Wealth Private Investment Advice here in Kingston, and here’s what we’re seeing:
For most of us, inflation will continue to chip away at our monthly cash flow.
Here are three tips for reviewing your monthly budget to keep spending on track.
First: Divide your spending into two categories: Mandatory and discretionary expenses.
Pay attention to changes in mandatory expenses, like interest rate increases.
Second: Be realistic.
If your mandatory expenses are climbing, consider cutting some discretionary activities.
House and car payments should take precedence over vacations or streaming services.
Third: Don’t forget about paying off debt.
Lowering your debt will help you save on interest costs.
Call me at 613-549-9008 and we can talk about making sure that you have the available resources to meet your goals in the year ahead.
January is when we start filling our calendars with plans for the year ahead.
It’s also a good time to consider our financial plans.
For most of us, the biggest challenge for 2023 will be inflation and its impact on our monthly budget.
I’m Derek Cooper, Senior Investment Advisor with TD Wealth Private Investment Advice here in Kingston, and here’s what we’re seeing:
For most of us, inflation will continue to chip away at our monthly cash flow.
Here are three tips for reviewing your monthly budget to keep spending on track.
First: Divide your spending into two categories: Mandatory and discretionary expenses.
Pay attention to changes in mandatory expenses, like interest rate increases.
Second: Be realistic.
If your mandatory expenses are climbing, consider cutting some discretionary activities.
House and car payments should take precedence over vacations or streaming services.
Third: Don’t forget about paying off debt.
Lowering your debt will help you save on interest costs.
Call me at 613-549-9008 and we can talk about making sure that you have the available resources to meet your goals in the year ahead.