Spring-clean your finances with these 3 questions

by | Mar 4, 2024 | Finance and Business

While inflation and interest rates may be stabilizing, it’s still important to keep your financial plan up to date to support you and your loved ones. Your financial priorities may change over time, so it’s important to ask yourself what your future looks like and how you can best prepare.

Here are some questions to ask yourself when creating or revisiting your financial plan this spring.

What happens if my income decreases?
All financial plans depend on income. Individuals can plan on steady earnings for the present and near future, but some circumstances – like you or your spouse losing your job – can be unplanned. Your financial plan needs to account for the possibility of a decrease in income and have a solution that allows you to still cover basic expenses.

What would happen if interest rates rise?
It’s no secret that high interest rates are impacting many Canadians. Notably, mortgage holders are experiencing sudden and large increases in payments, on top of an already high cost of living. While creating or reviewing your financial plan, it’s important to think of how your payments for any debts or payment plans might be impacted by rising interest rates.

What future financial commitments do I have?
Individuals should always be planning for retirement, but there are other future costs to consider as well. Are you paying for (or planning to help fund) a post-secondary education for your children? Helping them with purchasing a house or condominium? How would you like to spend your retirement – travelling or staying at home? Asking yourself these questions and having these considerations reflected in your financial plan will help ensure you’re prepared for the years to come.

“Many Canadian families faced financial uncertainty in 2023, but 2024 doesn’t have to be as tough,” says Christine Van Cauwenberghe, head of financial planning at IG Wealth Management. “A financial advisor, can help you build or revisit a holistic financial plan that meets your current, and future, financial needs.”

Speak with an advisor for more information on financial planning or visit ig.ca

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