The beginning of a New Year is a great time to reflect on your current situation and set your financial goals for the year ahead especially since there is a direct connection between overall financial wellness or financial peace of mind and happiness. For the record, financial peace of mind does not have to include great wealth.
Budgeting is one of the single most effective tools for money management. It's an effective way to map out spending to help manage your money and help ensure you will have enough money for the things you really need and the things that are important. A budget or spending plan can help budgeters reduce debt and keep finances on track while also increasing the likelihood of meeting short term and long term financial goals.
Given rising education costs, Registered Education Savings Plans (RESPs) are a smart way to power up and maximize education savings. Trust me I know. I am the proud Mom of 2 recently graduated sons. Tuition is just part of the cost of post secondary education. Books, residence fees, activity fees and other living expenses can really add up. RESPs can be used for all of those costs. Tax sheltered investment growth and government grants (Free Money) can make a huge difference to savings over the long term.
As this infographic from the Money As You Grow website shows, the financial education of kids can't start too early. However, it's also never too late to start. This infographic also shows that WHEN to talk to your kids about money is important.