Tips in Doing Financial Planning with Your Spouse

Couples who do financial planning together stay together. When you are more open about your financial matters with your spouse, you strengthen your relationship. So many couples end up breaking up because of lack of communication in the financial aspect of their relationship. 

When doing financial planning with your spouse, here are some tips to keep in mind:

1. Get the help of a third party.

A Financial Planner in Vancouver such as Chalten Fee-Only Advisors can help you in making agreements on what to do with your finances. By having a third party such as a financial planner in Vancouver, you can both see eye to eye on what to do with your finances.

2. Make a written agreement. 

Whatever you agree on, write it down. If you make agreements on your spending limits, it’s better to have it written down so that it becomes more valid and both parties become more inclined to follow it.

3. Determine your priorities. 

List down your priorities. By knowing your priorities, you can set down goals that you will want to achieve. If you plan on getting a house, that should be included in your priorities and should be planned for so you can save up for your down payment.

The role of a financial planner in Vancouver when it comes to helping couples understand their financial standing and their financial responsibilities can’t be replaced. So if you want to improve your financial status as a couple, get the help of a financial planner and start sorting out this aspect of your life.

To know more About Financial Planning in Vancouver Please visit our website: chaltenadvisors.com

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4 Situations When You Need the Help of a Financial Planner

There are specific times in your life when you need to get the help of a financial planner in Vancouver from companies like Chalten Fee-Only Advisors. Here are some of them: 

 

1. You have recently acquired a big debt. 

Getting a home mortgage, for instance, is a monumental financial step. A house is easily the biggest investment you will ever make in your life. Adding a monthly mortgage to your finances can be a setback but through financial planning, you can breeze through the payments.

2. There are big changes happening in your life.

Getting married or having a baby are big changes that actually require you to be in a more stable financial position. This is true especially when you’re having a baby. Raising a child is costly from the pregnancy and until the baby is out. Make sure you are fully prepared for these big changes by getting the help of a Financial Planner in Vancouver.

3. You have put up a business. 

Putting up your own business is a great way to invest your money. But make sure your investment doesn’t go down the drain. Learn how to manage your finances while your business is still in the fledgling state.

4. You suffered some major losses. 

You got a divorce or you were recently laid off from your job – these are situations that require the help of financial planner.

You actually don’t need to be in these situations to require the services of a financial planner. If you need help with your finances, go ahead and get their services.

To know more about Ongoing Advisory Fees please visit our website: chaltenadvisors.com

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Benefits of an Early Retirement

If you are like most people, you might think that the best time to retire is when you hit the ripe age of 60. Even then, some people still choose to work. But did you know that it’s entirely possible to retire at an early age? In fact, you might want to aim for an early retirement because of the many benefits it can offer you. Here are some of them: 

 

1. You can enjoy better health. 

Much of the illnesses we experience later in our lives is due to chronic stress. This is stress we often experience because of work. By cutting down the years we have to work, we are reducing the stress our body will accumulate. As a result, we can sidestep a lot of illnesses and be able to live our lives with a comparatively healthier body and mind.

2. You might be able to cut down on your spending. 

There’s no need to go to work every day, which means you can cut the costs on transport to and from the office, doing office work at home and spending every day on food and other miscellaneous expenditures.

3. You can devote your time on things that make you happy. 

Now you have more time to pursue personal goals such as traveling abroad, taking up a hobby, learning something new and many more.

Early retirement is possible if you know how to invest your money properly. By seeking the help of Financial Advisors in Vancouver BC, you will know how to make your money grow so it isn’t just sitting in the bank. Make sure you look for experienced financial advisors in Vancouver such as Chalten Fee-Only Advisors LTD.

For more details please visit our website: http://www.chaltenadvisors.com/

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What to Do If Someone Wants to Borrow Money From You

If you’re lending money to people you know, chances are, you are hurting your own finances. Most of the time, people we know who borrow from us do not pay us off completely, especially if they’re family members. The next time someone borrows money from you, here are the things you can do: 

 

1. Assess the person’s need for money. 

Does the person really need the money for emergency reasons or is it just money to sustain vices or used for shopping? If it’s the latter, flat out say no. Don’t give excuses. Just say you can’t produce the money because you need it too.

2. Consider giving a portion of what they are borrowing.

Don’t give the full amount of what they’re borrowing. But if you truly want to help, you can give a portion of the amount they’re borrowing and say that this is the only amount you can afford to give.

3. Get it in writing. 

You’re not a lending company but if you’re lending a considerable amount of money, make sure you get it back. A verbal agreement might not suffice so you need to put it in writing. The borrower needs to stipulate when he or she would be able to pay off the debt.

If you have a friend or a family member who is in a deep debt, advise him or her to seek the help of a Financial planner in Vancouver such as Chalten Fee-Only Advisors LTD. Experts like a financial planner in Vancouver can offer valuable advice on how to slowly get out of debt and be able to find financial stability.

To know more details about Financial planning in Vancouver Please visit our website: chaltenadvisors.com

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How to Motivate Yourself to Reach Your Financial Goals

Setting financial goals and making the decision to achieve it is one thing. Motivating yourself every day to reach these goals is another. Many people fail in the latter because they forget about their goals or something comes along the way that reduces their enthusiasm towards saving money. But if you truly want to achieve financial freedom and be able to achieve the things you want to achieve in your life, you should constantly motivate yourself. Here are some ways on how you can do that:

1. Set smaller and more realistic goals.

Earning millions of money by the time you are 30 seems like a difficult and farfetched goal, albeit not impossible. You can easily beat yourself up when you don’t achieve these goals. This is why it is important to set smaller and more realistic goals first. It helps build satisfaction. Achieving your goals also motivates you into making new goals and challenging yourself to more difficult ones.

2. Surround yourself with people who also have the same money goals as you.

Don’t hang around people who squander money like there’s no tomorrow. Surround yourself with people who also have financial plans and who can keep you from spending your money needlessly.

3. Look for exciting ways to save money.

There are always ways to make saving and investing more exciting. You can seek the advice of Financial Advisors in Vancouver such as Chalten Fee-Only Advisors LTD about how you can reach your money goals. The help of financial advisors in Vancouver is invaluable so you don’t deviate from your goals.

Read a lot of inspiring financial books as well. They can help keep you motivated and also set your mentality towards building more wealth.

To know more about Financial planner in Vancouver please visit our website: chaltenadvisors.com

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5 Tips to Successfully Manage Your Debts

Debts, when not managed properly, can spiral out of control. You might find yourself so deep in debt that you feel like there’s no light at the end of the tunnel. Managing debts starts by not acquiring too much of it. Know how much debt you can really handle with the salary you have. Don’t use money that you don’t have and only use debts to pay for things that increase in value. 

The following tips may also help:

1. List down all the debts you have.

You don’t want to forget about any debt that you might have and inadvertently accrue interests and late payments. It helps to automate your payments so every debt is being paid monthly.

2. Pay your debts on time.

Don’t increase your expenditures by paying your debts late and accumulating late payment fees.

3. Prioritize paying off debts with the highest interest rates.

The higher the interest, the shorter time it must be paid off in order to save more money. Pay off the minimum of other debts but make sure you go over the minimum for debts with a big interest rate.

4. Budget your monthly expenses and allot money for debts.

Be strict about your monthly expenditures. While still paying off debts, make sure you don’t spend money on unnecessary things. Talk to Financial Advisors in Vancouver to help you in managing expenses and your current wealth.

5. Consider dipping in your emergency fund.

If you need help paying off debts with a large interest, consider using your emergency fund if you have one.

Seeking the help of financial advisors in Vancouver such as Chalten Fee-Only Advisors LTD can help you determine the most effective way to pay off debts without causing the other financial aspects of your life to suffer.

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How to Avoid Going Broke in the Summer

It’s the summer season once again and this means the kids are home and you have one too many weekend getaways and summer activities planned. This also means your bank account will take a beating. After all, vacations do not come cheap.

So here are some tips on how to avoid going broke in the summer season:

1. Do cost-free activities with your kids.

Instead of going out to do shopping or pay money to see sights, do activities at home that will entertain kids for a small cost. For instance, you can set up a camping activity in your own backyard or set up an outdoor movie night. You can also ask them to help you with the cooking or the gardening – activities that kids will love and will also learn from.

2. Look for budget-friendly accommodation when traveling.

When traveling, book in advance so you can get the best and the cheapest accommodation with Chalten Fee-Only Advisors. If you don’t plan in advance, you will only be left with limited choices and the most expensive ones.

3. Conserve energy at home.

With the children all at home, most likely glued to the television all day, your energy bill will skyrocket. You can try cutting back on costs by limiting TV and gadget time as well as letting them do activities that won’t require the use of energy. Also watch out for energy leaks. Summer means using your fan or air conditioning unit a lot and running these appliances can be expensive. Make sure your home has proper ventilation. Check out areas where cold air can leak out from your home.

Don’t let the summer season’s expenditures bum you out. You can still conserve money by employing a few kid-friendly strategies. You can also turn to Financial Advisors in Vancouver such as Chalten Fee-Only Advisors to learn how to avoid being poor in the summer. Financial advisors in Vancouver may also help you look for investment opportunities that present themselves during this season.

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3 Smarter Ways to Spend Your Salary

Are you one of those people who barely feel their salary pass by their palms? If you spend more than you are able to hold on to the money, it’s time to do some serious financial planning in Vancouver. Here are smarter ways to spend your salary:

1. Prioritize the payment of bills each month.

In Financial Planning services in Vancouver, you need to pay off the essential bills first. This is important so that you will not have delayed payments, which can cause you to lose subscriptions or services or even accrue interests.

2. Take a portion of your savings for investments.

Set your account to have an automatic savings plan. This way, you won’t be able to take money from your savings. Also seek the help of financial advisors such as Chalten Fee-Only Advisors to find ways to invest a portion of your savings. Investments allow you to grow your money. This comes with some risks, which is why you should make guided decisions on where to invest your money.

3. Every month, allot money for your emergency fund.

Your emergency fund should be separate from your savings account. Use this only for dire circumstances such as medical bills or in case you suddenly lose your job.

If you spend your money in these ways, you are unlikely to find yourself in a financial pinch when something unexpected comes along your way. The key is aiming for a burden-free future. If you spend your money trying to become more financially free instead of constantly upgrading your life, you will feel happier.

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How to Finally Afford a House

A house is one of the most expensive things you will buy in your life time. It’s also a great achievement that can secure your future. Instead of wasting money on rent, spend it on your own house instead. Here are some tips on how you can finally afford a house:

1. Save money on your down payment.

While you can get a mortgage, you still need to pay some money for down payment. This will be an out-of-pocket expenditure you need to prepare for. Start consulting with a financial advisor in Vancouver such as Chalten Fee-Only Advisors to determine the money leaks in your life that is the reason why you are not saving as much. If you know how to plug these money leaks, you can save faster for your down payment.

2. Improve your credit score.

Another area where your financial advisor in Vancouver can be of help is in improving your credit score. Lending companies will look at your credit score to determine your ability to pay for a house. If you have a poor credit score, you might not be able to get a mortgage or be able to get the mortgage terms you want.

3. Buy smart.

Don’t buy more than you can afford and more than you need. Also look into buying a house for future investments. Buy a house with a good re-sale value.

With these tips and with careful financial planning, you should be able to buy the house of your dreams and not be stressed-out with paying for your mortgage.

For more details about Fee only financial planner please visit our website: chaltenadvisors.com

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How to Avoid Impulse Buying

Impulse buying is one of the reasons why you break your budget. If you give in to that buying whim, you will eventually become broke. But impulse buying is something you can avoid if you employ the following strategies:

  

1. Before buying, determine if that thing you want to buy falls under the “want” or the “need” category.

Only buy it if it’s in the “need” category. If it is something that depreciates in value, think twice before buying it. If it’s something that loses value after a few uses, skip buying it. If you can get your money’s worth on it by being able to use it for a long time, go ahead and buy it. Things that you need are the ones that can supply your basic necessities.

2. Make a list of things you need to buy before heading out.

Always stick with that list. Becoming more purposeful in your shopping habits allows you to ditch that impulse buying habit.

3. Set long-term goals.

Do you want to have a European vacation? You can’t have it if you keep on spending money on useless things. Set a long-term goal and always remind yourself of that goal to avoid letting go of your money on things that only bring instant gratification.

It also helps to formulate a budget. Seeking the help of Chalten Advisors for Financial Planning in Vancouver allows you to know where your money should go. Do financial planning in Vancouver BC in order to determine how much budget you need to allot for impulse buying. This way, you can still give yourself allowances on impulse buying but you’re not spending all of your money on it.

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4 Ways Credit Card Spending is Bad For You

You have probably heard of some people falling into deep credit card debts. These people have ruined their lives because they relied so much on their credit card to buy things they can’t afford when paying it with cash.

Before you become another victim of bankruptcy due to credit card debts, recognize the ways credit card spending is bad for you:

1. Credit card doesn’t mitigate your spending.

It makes you think you have power on your hands. Even if you don’t have enough cash to pay for it, you can acquire the things you want and pay for it later, thanks to that small plastic on your hand.

2. Credit cards loses the value of your future income.

You haven’t even received your next pay day money but you have already spent it.

3. Credit cards causes you to spend more money.

You are basically not just paying for the costs of your goods but also the interest it accrues. The longer the debt sits, the more interest you are accumulating.

4. Credit cards are stressful.

It haunts you in your sleep. When the next statement of account arrives, you feel stressed out and unable to face reality.

The thing about credit cards is that they are helpful if you know how to use them. If you use them only for specific things such as buying necessities like groceries and not for things that you want on a whim, you can avoid getting in a deep debt.

If you have credit card debts you need to pay off but you are having a hard time doing so, seeking the help of a best financial advisor in Vancouver such as Chalten Fee-Only Advisors can help. Financial advisors in Vancouver BC can help you determine ways on how to curtail spending and invest existing money to help pay off debts.

To know more About Chalten Fee-Only Advisors Ltd Please visit our website: chaltenadvisors.com

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Why You Need Financial Planning for Your Small Business

One of the critical mistakes many small business owners make is putting up their business without a clear-cut financial plan. Since the financial part is at the very heart of your business, you would want to make sure that you succeed by seeking the help of a financial advisor in Vancouver and ironing out this part of your business scheme.

Here are the benefits of Financial Planning for businesses:

1. You can forecast and determine the flow of cash in your business.

When you seek the help of a financial advisor in Vancouver BC, you are able to see to the future and determine what your possible expenditures are and how you can prepare for them. By forecasting the flow of cash in your business, you can prevent unexpected expenditures or prepare for any events that can cause you to lose money or to pay more outgoing cash.

2. You can better find ways to raise money.

Every business requires a steady flow of money in order to support the needs for improvement or day-to-day operations. Financial advisors such as Chalten Fee-Only Advisors can help you determine how to raise finances to serve your company’s goals.

3. You can use internal funds to the fullest.

So much money can be lost if internal funds are not being tracked down and managed. With the aid of a financial advisor, you can determine where your internal funds are going and find ways to maximize the money.

4. It improves the use of miscellaneous aspects of your business.

Is it the best time to convert foreign remittance? Are you better off selling your unused equipment for extra cash? These miscellaneous strategies can contribute to your business.

There are more things a Expert financial advisor can help you with. So make sure you do not run your business without a good financial plan in action.

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