Was getting your personal finances organized one of your New Year’s resolutions? If so, here are four tips to help you hit your goal and stay on track.

Create a budget
There’s a reason why every article you’ll ever read about better managing your personal finances says to create a budget: It’s the only way to accurately understand your financial situation. Simply put, a proper budget tallies all of your expenses and all of your income. You can make one yourself or use an online tool.

Cut back on unnecessary expenses
Once you have a clearer picture of your reoccurring expenses, you’ll be able to see areas where you might be able to cut back. Do you still have a landline that only ever seems to receive telemarketing calls? It might be time to cancel that. What about that list of streaming services and other subscriptions you aren’t really using? And while that other resolution is admirable – you know, the one where you make space for exercise in your regular routine – if you’re not actually going to the gym, you may want to look into other options to cut out that monthly fee, such as working out at home or going for daily walks.

Plan for the unexpected
Sometimes spending money is a wise investment. Take insurance, for example. Vacationing is wonderful. But if you get sick or have an accident abroad and you don’t have travel coverage, you could face financial ruin. Similarly, health and life insurance are relatively small monthly investments that help protect your family in the event of illness, or worse.

“Insurance helps to provide a financial cushion for unexpected life expenses,” says Cathy Preston, vice-president of individual markets at RBC Insurance. “Having that safety net gives peace of mind, especially during an emergency or a difficult time when finances should be the last thing on your mind.”

Revisit your insurance policies
Speaking of insurance, it’s a good idea to periodically review your various policies to make sure you’re properly covered. But also check to make sure you aren’t overpaying or paying for coverage you no longer need. If your job, for example, allows you to work mostly or entirely from home, you may be able to lower payments on your car insurance. Lower premiums may be available with some policies if you pay the full annual amount upfront, rather than making monthly payments.

Find more information or to speak with an advisor, at rbcinsurance.com/insurance-on-budget.

credit – newscanada