Keep track of how much you spend per month. If you dont track your money, it can be difficult to remember where it goes. You can keep track of your expenditures with the aid of a notebook or budget board. Its also a good idea to make a list of what you will need before going shopping.
Building your credit history in Canada is a good idea, but you should try to pay off your debts as soon as possible. Lets say you owe $10,000 on your credit card today and are still making minimum payments. If your credit card has a 20% interest rate, you will owe about $20,000 in four years (double the amount).Unfortunately, many Canadian families are in debt, so its important to budget ahead of time and avoid spending more than you can afford.
If you need to pay for something unforeseen, such as car repairs or a new phone, you should have some money set aside.
This is often ignored, but as an immigrant to Canada, the ability to make a living is critical to you and your familys well-being. What will happen to your family if you were disabled or died? Life insurance and disability insurance will give you and your family peace of mind by protecting your familys lifestyle.
In Canada, you must consider the impact of taxes on your savings. You can save and expand your money in a tax-advantaged world in a variety of ways. There are the following:
Keeping your assets in your family takes some preparation, but its worth it because you might lose a significant portion of them when you die due to taxes. To figure out your estate plan, you can write a will and consult with an estate planner, accountant, and financial advisor.
