The 5 Financial Stages of Life

What financial stage are you in?

As we go through different stages in our lives, our financial goals will often change, sometimes dramatically. Where do you fit in this financial picture? Keep in mind, your goals may differ from the average person. For instance, you may decide to start a new business in the Early Career stage of your life. Or, you may decide to focus on travel during this time period, rather than purchasing large ticket items like a car or a house. In any case, mapping out your financial stages of life is a good start to recognizing and developing the goals that are important to you!

5 Financial Stages of Life

 

Need advice to help you reach your financial goals? Contact us at Your Neighbourhood Credit Union, where we making banking simple, personal, and friendly.

 

Build a Holiday Budget with our handy Budget Builder!

Build a Holiday Budget in Minutes!

According to Canadian Living Magazine, the average Canadian adult spent $766 on holiday gifts in 2015. About 27 percent spent over $800, while 23 percent spent $200 or less.

Do most Canadians stick to their budget? Yes, but…

stick-to-your-budget

Source: thechive.com

 

Our handy YNCU Holiday Budget Builder can help you quickly build a budget. Our advice? Print off a copy, fill out the first three categories, then bring it with you while shopping. Fill it out as you go so that you can stay on top of your spending. Then when January rolls around, you won’t be one of the 30% of Canadians that regrets how much they spent for Christmas!

Holiday Budget Spreadsheet

Here’s 6 reasons why a budget is your most powerful tool!

Did you know that according to the Financial Consumer Agency of Canada, less than half (46%) of Canadians have a budget, yet the vast majority (93%) of those who do budget stay within it most of the time. What does this mean for you? It means that if you put in the effort to start a budget, you will probably stick to it. It also means you can feel more confident about your future – a budget can completely change your financial destiny.

infographic - 6 reasons why budgeting is your most powerful tool

Can living on a budget improve your health? You betcha!

 

woman lifting weights with trainer

5 Ways Living On a Budget Improves Your Health

You’ll be eating less food that’s bad for you

We all know how easy it is to slip through the Tim Horton’s drive through on the way to work, grab a quick lunch at McDonalds, and/or order pizza on Friday night because we’re exhausted by the end of the week. However, these spending habits add up! Several years ago my husband and I were in the habit of ordering pizza every Friday night for our family of five. With an average bill of $40 including tip, I calculated that we were spending about $2,000 a year – on pizza! We now make our own pizza every Friday night – it not only costs less, the toppings we use make it much more nutritious. Plus, it’s delicious!

2 male hikers

Budget friendly entertainment often involves more exercise

Consider going hiking, playing tag with your kids, taking a bike ride, or going to the community pool. Budget friendly entertainment can take you outdoors to explore, walk and play, which is great for both the body and mind. It’s also a terrific way to improve your health in the process.

 

When your budget is in place and you aren’t creating more debt, you will have less stress

Financial strain is one of the biggest causes of stress in most families. Added stress can lead to health issues like:

  •  Heart disease                                                       man with hands on his head because he is stressed
  • High blood pressure
  • Asthma
  • Obesity
  • Diabetes
  • Headaches
  • Depression and anxiety
  • Gastrointestinal problems

 

When you are living on a budget, you can relieve stress by paying off debt, and staying out of debt. Creating and maintaining an emergency savings fund will also help to relieve stress.

You have more money to spend toward a gym membership or equipment 

A budget does more than just provide a blueprint for living within your means. It can also help you to save money for things that really matter to your quality of life. This could include a gym membership, personal exercise equipment, or working out with a personal trainer.

Poor spending habits hurt relationships, while good spending habits can help relationships 

Relationships are greatly impacted by a family’s financial situation. The stress of poor financial decision making can cause overwhelming stress and friction between family members. Not only does this effect relationships, it can lead to worsening physical health. Changing spending habits and decreasing debt load can alleviate stress and force couples and families to focus more on their relationships. Parents also provide a good role model to kids, because kids tend to emulate the spending habits of their parents.

 

The moral of this story? Living on a budget really can help you to improve your health. Your health is more important than owning a fancy car, designer purse or an expensive house you can’t really afford . By creating and adhering to a realistic budget , you can improve both your physical and mental health.

Need help creating a budget that you can live with? Contact your local YNCU branch to make an appointment. We have locations all over Southwestern Ontario, and now in Sault Ste. Marie and Timmins too!