GOOD EVENING TO YOU ALL,

I HOPE YOU HAD A GREAT DAY TODAY?

Here are 4 personal finance tips most people wish they’d known when they were younger:

1. START SAVING EARLY: THIS IS THE TIP MANY PEOPLE MENTION FIRST
Kids save long before they spend, so encourage teens and young adults to do the same. In Canada, kids can file a tax return and start creating contribution room so that they can start contributing to their RRSP as soon as they have a job. They will then have what they need for retirement socked away before they start building their family and career. A budget with designated savings amounts helps make it easier to set the money aside.


2. UNDERSTAND HOW CREDIT CARDS REALLY WORK
Many people think of their credit cards as their safety net. However, by the time you’ve realized that credit cards and debt are actually a sticky web, you’ve gotten yourself into a tangled mess. The only way to escape is to increase your income, decrease your expenses, or do both; and yes, that might mean making some drastic lifestyle choices.



3. BUY LIFE INSURANCE SOONER THAN LATER
Buying life insurance when you’re young and healthy ensures that your premiums are low and affordable. Many policies also have a grandfathering clause, so if life circumstances change your health dramatically, you may be able to take advantage of keeping any insurance policies that you took out when you were younger.

4. BUYING A CAR MIGHT MEAN YOU CAN’T AFFORD A HOUSE
Buying a new car is much more expensive than most people realize, and a monthly payment of $500+ for a car is what you need to save in order to afford the down payment on a house. Most young adults can’t afford two large purchases at a time. Prioritizing which large expense is most important becomes paramount to achieving your goals.
If you choose to buy a new car before buying a house, know that you will probably need to delay your dream of home ownership. Look at your budget carefully and test drive additional payments for 6 months if you decide that you can do both. You might be in for a big shock – or have topped up your down payment.


BOTTOM LINE ON MONEY ADVICE TO YOUR YOUNGER SELF
An often ignored tip that’s applicable to all ages and part of any “advice to younger self” list is to carefully evaluate any financial decisions you plan to make , and to ask for advice before finalizing your choices. Seek out people you trust and sources of reputable information to help you avoid potentially costly consequences. While many teenagers aren’t quite mature enough to appreciate that their parents sometimes do indeed know what they’re talking about, the benefits of hindsight can be hard to ignore.


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