5 tips for managing your money like a boss (and making big gains)

Oct 26 2018, 4:16 pm

How good are you at managing your finances? Okay, hold that thought.

Getting paid bi-weekly or monthly gives you the chance to plan, budget, and save. But when you’re caught up in day-to-day activities, it’s easy to let these things slide and fall off the financial path you want to be on.

There’s no time like the present to sit down and reevaluate your financial situation. To help you, here are five tips for managing your money like a boss (even if you’re not technically one, yet).

Create goals

It’s important to set goals for your future, both personally and financially. You can make a note of these and review them regularly to see if you’re going in the right direction. When it comes to your financial goals, ATB Prosper, Alberta’s first digital investment experience (made by Albertans) allows you to create a personalized investment portfolio for you (yes, you!) — based on its quick and easy assessment.

Whether you’re a beginner or seasoned pro, ATB Prosper can help you reach your goals while taking into account your level of risk, timelines, and your current financial situation.

Think before you spend

When your favourite store has a warehouse sale, you can’t help but think about all of the items you could buy for a fraction of the amount you’d normally spend. If you don’t think before you spend, you could walk out of the sale in a financial position you’ll spend months trying to dig yourself out of. Think about it realistically: Do you really need five new pairs of shoes?

Set aside a consistent amount of money each month

You’ll have an easier time managing your money when you set aside a consistent amount every month. Figure out how much you want to save and how much you want to invest after your regular expenses are paid. And if you’re the type of person that likes to “set it, and forget it,” you can create an automatic withdrawal to your Prosper account, so you can continue building your savings without any extra sweat.

You can start saving for retirement or other personal goals with ATB Prosper, and you only have to invest what works for your budget. The best part? Setting up an account and getting started takes as little as five minutes.

Save up for the big things and keep an eye on small spending

Buying your first home or a new car are big purchases worth saving for — and are ones that should not be solely funded on credit cards or lines of credit. If you typically hit up your favourite coffee shop every day on your morning commute, consider reducing your visits to twice a week.

This is one easy way to save an extra bit of money to put towards bigger purchases. Over the span of many months, you’ll be surprised at how a little bit of money goes a long way. Not only will you achieve homeowner status sooner than expected, but you can avoid having to use interest-heavy credit cards as your investment game will have paid off.

Diversify your portfolio

It’s never too late to start investing and when you use ATB’s award-winning Compass portfolio series, you’ll be minimizing risk and maximizing your returns. Prosper can assemble the perfect portfolio aligned with your goals, allow you to make contributions, and check your investment progress whenever and wherever suits you. And if you do want to discuss anything related to your account, you can speak to an ATB financial advisor via phone, email or click 2 chat.

You’ll get an annual Prosper Bonus and low management fees that will help you reach your goals and dreams quicker. Before you know it, you’ll be at boss status too.

Check out ATB Prosper now for more information and to start investing for your future.

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