Follow through on financial New Year’s resolutions

You talk to your clients all the time about their financial goals, so it’s no surprise that nearly have of Canadians have some financial resolutions for 2014.

Read: 5 steps to financially literate clients

Almost half of Canadians surveyed (46.7%) by Google for credit reporting agency TransUnion say they plan to commit to at least one financial resolution in 2014.

Of those surveyed, nearly a quarter (24.7%) say they plan to save more money, another quarter say they plan to pay down existing debt and almost and 23% say they plan to spend less money on unnecessary expenses. The study also found that twice as many (37.3%) didn’t reach their financial goal in 2013 compared to those that did (18.7%).

Read: Planning advice from hip-hop stars Ensure clients:

• Check credit reports frequently. It helps highlight bad financial habits, such as late payments. Regular check-ups also help guard against identity theft.

• Understand credit scores: Understanding what affects a credit score will help clients take the necessary steps to reaching healthier credit.

• Create a monthly spending plan and stick to it: Work with clients to determine their current spending habits and set a monthly budget.

• File a dispute. It’s everyone’s right to question erroneous information on their credit report.

Read: Holiday spending makes 25% of Canadians feel helpless

Staff

The staff of Advisor.ca have been covering news for financial advisors since 1998.