When you’re trying to make moves to improve your financial situation, it can be hard to figure out where to start.
Here are some ways I help clients secure early wins:
* Switch to a no-fee bank account
* Move credit card debt to something with the lowest rate possible (like a line of credit or by using balance transfers to get interest relief)
* Put your emergency fund in a high-interest savings account
* Get the cash in your TFSA or RRSP invested in the market
* Swap out all your creditor and default type insurance for a term insurance policy
* Switch monthly bills to annual where possible
None of these things alone are going to dramatically change your financial life overnight. But they do stack up over time.
You slowly start earning more interest. Your investments start growing a bit faster. You start reducing your expenses and being more strategic with your spending.
It’s a start. And that’s often the hardest part.