Overhaul Your Financial Behaviour

Our spending style varies from person to person, just like our personality does. We all have our own habits that are moulded by our past experiences. This checklist offers you knowledge and tools to meet your budgeting goals.

1. Calculate your Net Worth

   Understanding your net worth will factor into most major financial decisions, and it’s a number that’s going to come up anytime you consult a financial professional. This includes buying a home, obtaining any kind of loan (including a business loan), getting married, applying for some benefits and much more. As such, we recommend every altruWisdom member know their net worth and understand what the calculation looks like.

   Read our blog and learn how to calculate your Net Worth.

2. What is Your Spending Style?

   Begin by exploring the relationship you have with your spending habits. Why do you spend the way that you do? Many Canadians find themselves overspending on entertainment, luxury items, vacations, clothing and expensive gifts. Learn about different types of over spenders in this blog.

3. Visualizing Your Wallet

   This article contains some tools that will help you understand exactly where your funds are going every month. Taking a hard look at your spending is an overwhelming thought. Remember that everybody can learn something from the article, and using the tools we have listed will make the process very manageable.

4. Consider Financial Therapy

   The steps above are relevant to everyone, even if you don’t perceive an issue with your spending. Try them all and let us know your experience using our chatbox.

   If you are still having difficulty, you may want to consider some form of Financial Therapy.

   Read more about the benefits of Financial Therapy and DIY techniques to break through financial roadblocks in this article.

5. Build Your Financial Future

   Now that you have a great handle on your finances your budget and your savings, it’s time to prepare for the future and your financial independence.

   Here are some steps you will need to take:

   • Consider consulting a financial advisor in order to lay out a plan for the growth of your wealth. Prepare by completing our How to Choose a Professional Checklist. Read our article about how financial advisors are compensated.

   • Early bird catches the worm! Life insurance and critical illness policies are priced very modestly if you apply early on in your life. Be proactive, protect your future. Marty McFly is waving proudly from his DeLorean.

   • Start taking steps towards planning your estate. With your wealth growing and multiplying, you need to protect it for generations to come. Having a solid foundation could mean less hassle and heartache if and when the unexpected happens. Learn more and get a head start by following our Estate Planning Checklist.