How to achieve financial health in 15 minutes a week
A healthy lifestyle requires 150 minutes of moderate to vigorous exercise per week. Financial wellness takes very little time, and you can do it sitting down.
I recently asked newspaper readers about their approach to financial well-being and the answers suggest that there are two ways to go – the daily approach and the weekly approach.
A daily exercise is to run though all your bank, credit card and investment accounts online to track the latest developments and check for suspicious transactions. “I check everything (investments, credit cards, bank accounts) every day,” wrote one retired reader. e-mail in which he said the process takes 15 minutes. One reader said it takes five to 30 minutes a day, while another said only five minutes does the job. .
The weekly process usually takes 15 to 30 minutes and covers paying bills and other banking activities, as well as monitoring investments and, in some cases, the family budget. One reader said she spends two hours a week on her finances, but that includes time to read and do research.
Some people choose a monthly approach, including a reader who said she and her boyfriend hold a monthly “Financial Friday” where they compare their expenses and investment results and share plans for the month. coming. She wrote: “My partner was reluctant to do this at first, but has since enjoyed it, and we have been doing this together for over two years. This has helped us plan big life changes like getting engaged, moving in together and planning a wedding.
Another thing that has emerged from the financial services that people share is that some like the way they manage their investments and banks – it’s basically a hobby. Hobbyists often have a spreadsheet where they enter their daily or weekly bills and other expenses, as well as investment results.
The frequency, length and intensity of your financial plan are less important than having a process that keeps you on top of how much you spend, save and invest. One final point is that financial health is not about financial perfection. It’s knowing where you stand and finding ways, even incremental ones, to stay on track and improve where possible.
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Rob’s financial calculator
First year of retirement
A financial planner says you need to document 12 months of retirement to know exactly what your income needs are in your post-working years. Be sure to distinguish between recurring expenses and splurges to celebrate retirement.
Low thermostat
An advice columnist answers a question from someone whose boyfriend refuses to turn on the air conditioner, “no matter how sunny it is.” Loosen up, friend.
Come to our wedding – here’s the entry fee
Weddings are so expensive that couples ask their guests to pay to attend. A sure sign that you are spending too much money on a wedding is that you need to sell tickets – am I wrong?
Hungry to save food?
What I love about this list of ways to save on sale items is the special savings available when you buy in bulk.
Podcast fans
Subscribe to stress tests on Apple podcasts or Spotify.
Reader’s opinion
In a recent newsletter, I included a question from a reader asking about financial planners who offer their services on a sliding scale for people with disabilities who cannot work. I invited the designers to reach out if they offer this kind of service and got this response:
“I offer discounted packages for customers with disabilities and may offer additional discounts based on income levels. For more information, you can check out my website at divergentfp.ca. Best regards, Drew Adamick CFP.
Note: CFP stands for certified financial planner, an important designation for financial planning
Have a question or comment for me? Send it my way. Sorry I can’t answer everyone personally. Questions and answers are edited for length and clarity.
We want to hear from you
Are you under 45? Do you live and work in Canada? What are your financial challenges, successes, dreams and frustrations? We’re looking for people to share their story in our Paycheque Project series, which looks at how much people earn and spend each month. We would love to hear from millennials or Gen Zs living in British Columbia, the Prairies and Northern Canada. Email Globe editor Roma Luciw at rluciw@globeandmail.com with your story and you could be featured in the profile.
Resources and guides
It’s all about ‘investigative bank fraud,’ where criminals try to trick you into sending them money by pretending your bank accounts have been compromised.
In the public domain
Social Media: A Reddit discussion about whether it makes sense to buy a condo in Toronto.
Listen: Estate planning expert David Edey invited me on a podcast recently to talk about a survey of Carrick on Money readers about their expectations of inheriting. This is our conversation.
Free Zone: Six minutes of the best 70s era funk is here for the taking Darkness and Darknessof the Lafayette Afro Rock group. There is a killer sax riff, but for me the guitar makes this song.
Additional PF from The Globe
- The time when low mortgage rates and low real estate prices combine is coming
- Worried about the Air Canada strike? Be careful about canceling or rebooking your flight
- That’s why your child didn’t get a summer job
- Household debt is shrinking as Canadians reduce their borrowing
- I plan to save money. Here’s how to spend $8 a day on groceries
- How long will you live? Retirement savings are about more than a few numbers
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