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Financial planning

What your financial plan should cover Add to ...

Financial planning includes every aspect of your finances. Your financial plan should cover:

Five reasons to have a plan

  1. Prioritize your financial goals – For example, if you buy a new car now, will you have enough savings later to buy a house or go back to school? Which of these goals is most important to you?
  2. Save money to reach your goals – You may find it easier to save when you know what you’re saving for.
  3. Focus on the bigger picture – Your financial plan considers everything from watching your spending to managing your investments to minimizing your taxes.
  4. Organize your finances – A financial plan can help you balance spending and saving, keep track of expenses and manage debt.
  5. Worry less about money – With a plan, you’ll know where you are today and how to get to where you want to go.

Prioritize your goals: Use this Prioritizer Calculator from CNN Money to help you rank your goals in order of importance to you.

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Content in this section is provided in partnership with Investor Education Fund, a non-profit organization founded and supported by the Ontario Securities Commission that provides unbiased and independent financial tools to help Canadians make better money decisions. To find out more, go to: GetSmarterAboutMoney.ca

 

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