
4 things you really should do this year
At this time of year, many of us start compiling lists of things we resolve to tackle in the coming months. Here are four things you should consider for your list.
Get your finances in order
With high inflation and interest rates, you may be among the many Canadians struggling to make ends meet. If you are, the first step to getting your finances under control is to create a detailed budget. It should include your income and a list of all your expenses. Your expenses tally will have a mix of fixed costs, like your rent or mortgage payment and utility bills, plus discretionary spending on things like meals out, movie tickets and other entertainment. The more detailed you are, the easier it will be to find things you can cut back on when money is tight.
Focus on your health
Few of us can say we’re in perfect health. But, rather than trying to do too much at once, try focusing on one or two areas to improve upon. Things to consider include quitting smoking, cutting back on alcohol, eating a more-balanced diet and getting regular exercise.
As you get older, you should also talk to your doctor about any age-related testing you should have, including colonoscopies and mammograms.
Write your will
No matter how young or healthy you are, it’s never too early to write your will. Without one, the courts will likely step in to decide who should look after your dependents and how your estate should be divided if you unexpectedly die. The easiest way to create a will is to work with a trusted lawyer (or notary if you live in Quebec or B.C.) or online will service.
Donate to charity
In the current economic climate, you may find it hard to make charitable donations. But there is one easy way to make a difference without impacting your current finances: leave a donation in your will.
When you’re writing or updating your will, simply name a charity or charities you’d like to include as beneficiaries, and list the specific amount or percentage of your estate you’d like them to receive. Your donation will also lower the taxes that would have to be paid on your estate, making things easier for your loved ones.
You won’t be alone. More than three million Canadians have left a donation to charity in their wills, a number that is growing every year.
Learn more at willpower.ca.
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