The air is crisp and the leaves are changing color. While some things have stayed the same – the end of summer and the start of school – others have drastically changed. The COVID-19 pandemic has certainly impacted us in ways we could never have imagined.
Many of us are juggling the needs of work and our family, others may have spent a bit more than anticipated over the summer, or are having to pull the belt tighter due to changes in employment. Most of us have had to make choices that affect the amount of money we have brought into our household. Whatever your situation, the good news is that fall is a great time for you to “go back to school” by reviewing your financial situation and increasing your financial knowledge, which can help you stay on track for the rest of the year. Here are some tips to get you started:
Review your budget. Over the summer, budgets tend to slide. The fall is a good time to review the budget you set earlier in the year to make sure you are still on track to achieve your personal goals. Look back at receipts and financial statements to see your family’s spending pattern, then account for any new or anticipated expenses. Ask yourself the following questions: Are you saving what you had set out to? Are you able to pay down debt? What is your cash flow situation?
While you’re at it, take some time to outline how you will manage your finances for the rest of the year. With the holidays around the corner, factor this into your budget and consider emergency funds for any big-ticket items that could pop up, such as car or home repairs. By knowing where your money is going, and living within your means, you take control of your spending and reduce your stress.
Review your financial statements. It’s easy to allow financial documents like bank or investment statements to pile up unopened. Take the time to open all your financial documents and review your statements. Be sure you understand the investment fees you’re paying, and how your portfolio is performing. Be sure to note any questions you have for your financial planner or investment adviser. Follow up if there are any changes to your accounts or new investments that you do not recall making.
These articles are brought to you by Alberta Securities Commission. For more information on protecting your Money visit
October 06, 2020