More than one-third of Québecers consider money management a difficult task, finds a poll conducted for Laurentian Bank.
This situation can lead to a lot of stress during RRSP season, particularly among those who feel they don’t have the means to save. Also, debt repayment also constitutes a major concern for 42% of Québecers.
Read: Are Gen X and Y too confident about finance?
“Conducting a review of one’s financial situation can help reduce stress,” says Guylaine Dufresne, senior manager of Investment and Financial Planning at Laurentian Bank.
Here are three tips to share with clients.
1. Know your net worth. Calculating assets and subtracting all liabilities provides for an accurate picture of your net worth or estate value.
2. Establish a realistic budget. It should take all expenses into account, so it’s easier to determine your savings capacity.
Read: Tune up client portfolios
3. Don’t forget to save. Systematic savings is the best ways to have money set aside for your golden years. Try setting up pre-authorized deposits into a savings account. If you don’t have enough money to invest, you may want take out an RRSP loan or line of credit.