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Summertime Reflections- Let’s Get Real With Our Financial Health

July 8, 2015

Ahhhhh, summer has FINALLY arrived and it’s time to enjoy all that the season has to offer.

For me, that means spending time at the cottage, working on my (desperately poor) golf game, catching up with family/friends and generally doing a whole lot of nothing. Unproductivity at its finest! I hope you’re making time for the things you love and the people who matter.

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Over the next two months, I’ll be keeping it light and sharing some of my favourite posts from the past few years. When it comes to personal finance, small reminders never hurt.

As you relax by the lake, in your backyard or wherever your heart desires, it’s a great time to reflect on your family’s financial health. No, I’m not kidding and you might thank me for the suggestion come holiday season. I plan to do a lot of reflecting myself (in my favourite chair on the dock) and I’m hoping I can convince you to as well?!

 

Here are some questions to ask yourself to get the ball rolling;

1)  Are you and your spouse on the same page when it comes to your life and financial goals?

2)  Is your spending aligned with your priorities and values?

3)  Do you/your family have the right balance between spending, savings and paying down debt? (i.e. living for today vs. living for tomorrow)

4)  Do you know where your money goes?

5)  Do you/your family have an organized, effective way to manage your personal finances?

6)  Have you taken the right steps to protect your family and manage your financial risks? (insurance, will, power of attorney etc.)

7)  Do you/your family save and invest regularly in a tax effective way?

8)  Are you satisfied with the diversification and performance of your investments compared with the overall market or other relevant benchmark?

9)  Is your wealth (i.e. net worth) growing each year?

10)  Are you satisfied that you aren’t paying more taxes than you need to? (now & in the future)

11)  If needed, have you enlisted support/expertise to help improve your financial health?

 

Ok, I’ll admit that these might be heavy questions for summertime reflecting!

Tackle them if/when you can- don’t let them stress you out. Even a few thoughts in the right direction can give you clarity to act when you’re ready.

Enjoy the summer and let’s toast to a happy and healthy financial life!

 

Proud founder of this blog Let’s Talk About Money, Patricia Gass, CPA, CA, provides personal finance coaching and education to improve your money skills. Follow her on linkedin, twitter or pinterest.

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2 Comments
  1. I think the most important question is whether we are on the same financial page as our spouses! Luckily, I am. I could not imagine it otherwise. It would make the other questions so much harder!

  2. I agree Jess! Different financial goals between spouses can be hard to manage or prioritize. But, talking through them, respecting each other’s differences and finding some compromise can really help!

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