4 Steps to Controlling Your Finances as a Millennial

financial planning servicesBecoming an adult brings plenty to look forward to, like eating dessert before dinner, staying out as late as you want, and answering to the demands of a boss. Yes, graduating from school is a rite of passage that leads to the next adventure…“adulting.” Part of the fun of growing up and leaving home is growing in your career. Alberta is active in many economic sectors but is developed the highest in service industries such as healthcare, government, energy, and agriculture.

With all the new responsibilities that come with growing up, getting control over your finances should be the highest on your list. Being young in your career is the perfect time to make some significant decisions that will pay off in the future. Do you know your net worth? When do you need to get life insurance? How in the world do you handle all the different aspects of making your money work for you? The experienced professionals at TSG Insurance Company know that this is a fabulous season of life for you. We are here to help guide you through financial planning and insurance services.

Take Control of Your Money Before It Takes Control of You

There are so many financial terms you can learn. From your financial position to estate planning, taming your money does not have to be scary or annoying. Here are four ways you can take your financial adulting to a new level:

  • Be proactive: The first step in taking control of your money is to be proactive, not reactive. This includes scheduling time each week to deal with your finances. Use your calendar to make an appointment with yourself, and your partner if applicable. Use this time to pay your bills, look forward to additional expenses coming your way, and keeping your records up-to-date. It is critical that you do not ignore your bills. If you do, you are looking at late fees and dings to your credit score.
  • Keep learning: Just because you have left school, does not mean you get to stop learning. Read books, listen to podcasts, and find people who have gone down this path before you. Learn from their mistakes and heed their advice.
  • Create a spending plan (aka budget): Many people shrink back in fear of developing a budget. If the “B” work makes you break out in a sweat, then call it a spending plan. The name does not matter, but using one will make all the difference in the world. Avoid getting overwhelmed with all the different ways you can budget. Make it fun and experiment with options until you find the right fit.
  • Reach out to a financial planner: Working hard gives you the opportunity to play hard now. When you plan ahead for retirement, you can continue playing in your golden years. Reach out for help from a financial planner who can walk you through the many choices available for retirement.

Trusted Financial Planning with the Help of an Alberta Broker

Take the right steps now to reign in your finances and make the most of your youth. Since 1985, the experienced brokers at TSG Insurance Company have served residents in Calgary, Medicine Hat and Brooks with insurance services and financial planning.

Contact us for a free insurance quote and we will respond as quickly as possible. Please call us toll-free at 800-830-9423. Set up an appointment at one of our convenient locations in Calgary, Brooks, Medicine Hat, Edmonton, or Bassano.