Time to plan is now:
– Do not procrastinate. Make 2025 your best (starter?) year to keep your financial house in order. It takes a bit of simple planning but easily do-able.
Set measurable and concise goals:
– Setup with time frame and amount.
(An example – aim to have a rainy day account of $3,000 for emergencies by December 31, 2025. This translates to saving $8.21 a days starting on January 1, 2025.)
Sensible guideline for a budget – 60-30-10:
– 60% necessities (shelter, food, transportation, etc)
– 30% desirables (treats, restaurants and eating outs, vacations, etc)
– 10% savings
Going forward:
– Monitor, review and adjust where necessary.
Celebrate your achievements:
– Treat yourself with a small treat when you hit certain milestones.
Tax and other year-end reminders:
Dec 31, 2024 – deadline for TFSA, FHSA & RESP contributions for each year. (Technically all missed contributions are carried forward. But certain available benefits available with contributions are not.)
Feb 28, 2025 – deadline for RRSP, SPP contributions for the 2024 tax year.
Apr 30, 2025 – deadline for 2024 personal tax return filing.
Jun 16, 2025 – deadline for 2024 personal tax return filing for self employed individuals and their spouses.