5 tips to better manage your finances

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September is back-to-school, October is the start of fall and November... is Financial Literacy Month. Not exactly sure what that is? Well, keep reading and we’ll explain!

Would you like to have the right tools to better manage your money? Would you like to acquire the knowledge to make responsible financial decisions… for today as well as tomorrow? Of course, we have to take care of our basic needs (food, school, clothes, etc.), but we also have to plan for retirement. It’s best to start saving early if you want financial security throughout your golden years. This is where financial literacy comes in. And November is the month dedicated to it!

1, 2, 3, 4... 5 useful tips!

How do I go about planning my finances? How do I become confident with my money? We've asked one of our advisors to guide you, because we firmly believe that the best advice comes from experts. Agreed? Budgets, savings, taxes, investments, interest and all the rest… here we go!

Talk to the right professional

Find the right person for your situation, whether to get explanations or for guidance. Ask an advisor for help. Holding a certificate issued by the AMF Autorité des marchés financiers, financial representatives are able to:

  • analyze your situation and take into account all the factors that can influence your financial security.
  • help you prepare a plan with the right insurance coverage and the right investment strategies.

As far as ChatGPT goes, it has its limitations: it’s unable to think, is devoid of creativity and emotion, has zero experience and no actual knowledge. In short, artificial intelligence can't replace a human being… not yet, anyway!

Get information to make informed decisions

  • Check your sources.
  • Your entourage may not always be the best source of information for your situation.
  • Attend one of our webinars on financial security, which you can do so from just about anywhere.
  • Consult the AMF (This hyperlink will open in a new tab) website, which is a trove of useful information.

Build a financial plan

  • Map out all the different stages of your financial plan. It's always easier to get somewhere when you know where you're going.
  • Set short-, mid- and long-term goals and projects.
  • Track your financial situation by making a balance sheet.
  • Prepare a budget based on your income and expenses.

Take the time to analyze your insurance needs

  • Determine which types of insurance will benefit you the most. You can get insurance to cover serious illnesses or premature death, for example.
  • Learn about group insurance, permanent and term life insurance, health insurance, etc.
  • Only then will you be able to choose the right coverage.

Invest without spreading yourself too thin

  • Reach your goals by taking the right approach.
  • Diversify your portfolio according to your investor profile.
  • Choose the right vehicle: RRSP, TFSA, FHSA, RESP. And let your money make money. Click here to learn more about saving and investing.
  • Apply for all tax deductions that you’re entitled to.

People-first insurance and financial products… that’s what Beneva is all about. Our advisors will provide you with personalized service, sound financial advice and an accurate projection of your retirement income.

It's never too late or too early to learn about the world of finance. You don't have to master it. Leave that to the professionals and let their knowledge be your guide.

For sure, the more information and tools you have, the more successful you'll be in reaching your goals. Of course, everyone is different. But we all want to be happy. We all have projects. We all have something that drives us. All you have to do is plan ahead.