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Happy Halloween!

Here are some financial tips and ‘tricks’ to keep your finances in order. 

Maximize employment benefits – your employer may match a pension contribution up to a certain percentage, take advantage of your medical and dental insurance while you have it.

Spend less than you earn – simple, right?

Make a budget and stick to it. 

Don’t automatically sign and send in the mortgage renewal document you receive from your financial institution.

Many times, you are able to shop around and get a better rate and/or terms – talk to your mortgage broker. The financial institutions seem to be sending the renewal documents closer and closer to the maturity date so that you may not have time to shop around.

Take a few minutes, check your mortgage documents for your maturity date and make a note to start checking around up to 4 months prior to maturity.

Many lenders will offer rate holds for up to 4 months, this will protect you from any rate increases that happen in the months prior to your maturity.  

Understand the importance of short and long term disability.

Actually, read the amount you are covered for in your human resources booklet. In many cases, the coverage has maximums and does not cover you for your whole paycheck. if you are depending on those funds to pay monthly expenses and provide for your family, you may need top up insurance. 

Simple question, could you live without your income for 3, 6 months, a year?

Talk to an insurance advisor, they can help you determine how much coverage you need to protect you and your family.

Ensure your will and power of attorney are up to date, and, if you don’t have them yet, do it now! Dying without a will can put your beneficiaries in a serious predicament, and will increase the length of time to settle your affairs.  

Ensure you have adequate life insurance. If you passed away tomorrow, will your spouse and children be able to maintain their lifestyle, pursue secondary education, and even keep living in the house.

Tricks are for kids, not your financial stability.

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