By Jennifer and Andrea Kirby,
Kirby Financial Group  www.kirbyfinancialgroup.com

January is a great time to set financial resolutions. Here are some simple strategies to help you get started and to feel good about your financial outlook for the year. 

Where am I today?
The best place to start is to figure out where you are today. Creating a Net Worth statement will help give a good overview of your financial picture. First add up all your assets (your home, your RRSP accounts, non-registered accounts, RESPs, bank accounts), and then subtract your liabilities (mortgage, loans, credit line, credit cards etc).

Updating your net worth every few months will give you an idea about the progress you are making.

Track it
If you don't know what you are spending, it is difficult to figure out how much you can set aside for your financial goals. Keep your receipts for a month to figure out where your money is going. After every purchase, put each receipt in a jar and add it up at the end of the month.

This exercise often gives people ideas of where to trim spending to make room for some savings in their budget. Maybe taking your lunch a few times a week, and bringing coffee from home can help find another $200 for an RRSP contribution every month.

Goal-setting
Setting financial goals is the most important part of developing a financial plan. Annual goals can be divided up into quarters to make saving and investing a bit more manageable.

By writing down all your priorities, you will be able to divide these into smaller, more manageable projects for the year. Revisit these objectives every three months to make sure that you are on track for 2008.

Involve others
If everyone in the family can be on the same page, it will help make things much easier and help keep you accountable. Having a common financial vision can help bring peace when it comes to finances and will bring you closer together.

Reward yourself
If you accomplish your quarterly financial goals, treat yourself to a splurge that will help celebrate your success. Maybe it's a pedicure from your favorite spa or some new shoes. There is always room for fun in the budget!

Send us your financial resolutions for 2008!
Email Jennifer@kirbyfinancialgroup.com or Andrea@kirbyfinancialgroup.com


Jennifer Kirby is a Certified Financial Planner, Chartered Life Underwriter and Registered Health Underwriter with a passion for making sense out of complex financial products. Jennifer has been working in the financial planning industry since 1995 and has a proven track record for helping clients clarify their personal and financial objectives.

Andrea Kirby has and MBA from Simon Fraser University and joined Kirby Financial Group in 2007. Andrea is dedicated to providing clients with candid, up-front advice and excellent customer service.

Please contact us anytime if we can help you with creating a financial plan.

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