Sometimes it feels easier to continue our current spending habits instead of getting a handle on our finances. A common question people ask themselves is: Where did all my money go? Most don’t have a clear answer to this question, and this is why we get into trouble.
Imagine your car is making a funny noise. You know something’s wrong, but you’re too busy to get it checked out Maybe if you ignore the noise, it’ll disappear? *Spoiler: It won’t.
It’s the same with your finances. Instead of staying in the dark, it’s better to be fully aware of your financial situation. Identify problem areas before they become serious, and manage your money so that you stay out of debt and save for your future.
That trip you were hoping to take in a few months? To really afford it you may have to cut down your optional expenses. Or rescheduled for next year instead – otherwise you may find yourself in serious debt.
When you know how much you’re spending and where your money is going, you can make informed decisions about your finances and move forward with confidence.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.