Happy New Year!
Sorry it's been a long second - the logistics of moving to a new home, social distancing and homeschooling kids took a lot of my mental bandwidth and left me too overwhelmed to blog. I'm back to share my January Money Checklist. It's a list of tasks that I complete at the beginning of the year to help me plan for the next 12 months and recap the previous 12.
- Make annual spending plan. Start with expected annual income and slot in expected annual expenses. Some big ticket expenses that I set a yearly amount aside for are travel, vacation, gifts and kids extracurricular activities.
- Make annual saving/investment plan. Once step 1 is completed, it's easy to know how much money you'll have leftover for this step. For me, my annual saving and investing plan order of priority is
- Fund retirement account (RRSP)
- Fund kids education savings plan
- Fund tax free investment account