The beginning of a new year marks the perfect time to set some good financial goals. If you aren’t already in the real estate market, a large goal like buying a house might be at the top of that list, but it’s achieving the small goals over time that will help you get closer to realizing that big one.
So when you set your financial goals for 2018, start small, ensure everyone in the family involved with the finances is on-board for a greater chance at success, and monitor your progress throughout the year. Here are the five goals we think everyone should consider setting.
It’s never too early to start saving for your future. We’re sure you’ve heard that one before, but before you get to that part, it’s important to assess where you’re at. Analyze your current savings, debts and investments. Do you have any current monthly payments, and what are they? Do you have multiple accounts and cards? Is there a way to streamline your finances? Having all of this information on hand will make it easier to start planning your financial future.
Make your monthly budget something that’s attainable and covers all the necessities: housing, food, utilities and transportation. Savings tip: try reducing your spending in each category every month if you can. Then once you know where you’re spending your money and how much, it makes it easier to budget for other expenses — and to save for that big ticket item, like a downpayment!
Part of your budget every month should be a debt-reduction plan. Interest on credit cards, etc. can eat away any gains you’re making, say, on stock market investments. By taking control back of all your money, you can really start investing in the future.
Start saving for retirement now, little-by-little every year, and you’ll feel less of the burden later on. Money in savings compounds annually, meaning you don’t have to put as much in later to get to the same point if you start putting some away now.
Set monthly savings goals for retirement, vacations, and that down payment — or whatever it is that you want to work towards. Now is the time to big picture it, then set the small goals to pave the way. Look for ways to cut back and put the money into these savings instead: eat out one less time a week, reduce frivolous spending, cut back on utilities where possible. Every bit helps!
Part of planning ahead establishing an emergency fund along with your savings. Being 2-3 months ahead of your expenses could save you if something were to go wrong, or if your budget falls apart.
Lastly, stay organized! Your positive financial future depends on it. Search out a reputable budgeting app or financial advisor to help keep you on track. And when you’re ready to set that big goal and purchase a home, we’re here to work with you.
You can use this dashboard to help your search for a new property.
The save searches tab will show you all the searches you have saved. A saved search will let you come back to view new property listings with your given search parameters. For example if you are looking for a 2 bedroom apartment in Burnaby you can save that search and quickly check for new listings or even get us to send you an email when new properties are listed.
The saved listings tab will show all your saved listings. If you are interested in a few properties and want to save them to come back to later this gives you quick access to that.