Budgets, Debt Management and Financial Planning for Women

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April 2014
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Previous Posts

  • Buying a New Home – What Can I Afford?
  • Reduce Your Debt!
  • Spring Clean Your Debt!
  • Spring Clean Your Finances – Match the Budget to the Plan!
  • Spring Clean Your Finances!
  • Why Doesn’t My Budget Work? Is it Broken?
  • Retirement Planning in 1, 2, 3 and 4!
  • Do I Really Need a Retirement Plan?
  • RSP’s – What they can do for you!
  • Take Control of Your Money in 2014! Part 6 – Staying on Track
  • Slow and Steady Saving

    The tortoise and the hare can teach us a lesson on this subject too! Whether you are saving for retirement, a big trip, a home or something special, slow and steady does it. Here are a few reasons why:

    • If the amount is built into your budget, it is part of the plan
    • Automatic monthly transfers = it will happen
    • Regular deposits/purchases = dollar cost averaging
    • Automatic savings = no anxiety with respect to ‘when to buy’
    • Invested wisely (see below) and it will grow
    • Add ‘windfall’ money and it will grow even faster

    Don’t forget to make sure your hard earned money is invested in an appropriate investment. Consider the following 3 things:

    1. What – The purpose for the money
    2. When – This dictates how long you can invest the money
    3. You – What is your risk tolerance?

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