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Paula McDermid is a licensed financial advisor and mother of three who works with people to help plan for the future, manage their money and reduce their debt loads through personalized financial planning. Only 30% of Canadians follow a monthly budget, while just 40% of us have a formal financial plan in place... It's never too early or too late for your money to matter. If you have questions or wish to contact Paula, you can email her at pmcdermid@ourhometown.ca
Tough Times!
Paula McDermid
OurHometown.ca

Tough Times!
We all have ‘em, but you can’t ignore or hide from your finances. Money problems won’t disappear, but the money will and faster than you think.
PHOTO CREDIT - OurHometown.ca

Cornwall - June 7, 2012 - We all have ‘em, but you can’t ignore or hide from your finances. Money problems won’t disappear, but the money will and faster than you think.

Make a budget and alter your spending! It’s that easy! Stop eating out as much, get rid of the things that cost you extra each month and adjust your thermostat.

Some experts think you should have a cash account for emergencies. They say keep three months of living expenses in a savings account. But let’s get real. If you had that much money, you probably wouldn’t be in this mess right now. You would have used that money three months ago for that last ‘big screen TV emergency’!

Start slow, put $50 a month into savings and let it grow. With all likelihood you’ll need the money before the 3 months of earnings is accumulated, but who cares? At least you had a stash to go to then make it a priority to start it back up again as soon as possible.

Set goals and write them down, stick them to the fridge or wall, and make a plan on how you can reach these goals. It can be a simple plan but make it something you want, for example $1000 in savings by the end of the year for an exciting, guilt-free (may I add), road trip with the girls or one night out with the guys, casino style! Then calculate how much from each paycheque you need to contribute to get to your goal. Or you can say – I’ll pay off this visa in one year - and stick to your goals. You’ll feel better and so will your wallet.


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