You want to control your money, but where do you start? The following easy steps will show you how to achieve financial security.

1. Steps
toward
Financial
Protection

2. You want to control your
money, but where do you
start? The following easy
steps will show you how to
achieve financial security.

3. Create a
budget
The first step toward getting
financially fit is to create a budget.
Everyone needs an understanding
of how much they’re earning, how
much they’re spending, and how
they’re going to meet their current
and future financial goals.

4. Your budget will help you keep track of where
your money is going. It will also help you
identify areas where you’re overspending. It’s
critical to cut out any excess spending. Also
work to minimize your debt load. So long as
you have debt, you’ll be responsible for
paying interest.
Control and minimize debt

5. Automate an emergency fund
An emergency fund is money you set aside for unforeseen
expenses. They could be an unexpected home or car
repair or a job loss. Most financial professionals
recommend having three to six months of basic living
expenses in an emergency fund. However, it takes time to
build those funds. Automate the process by having part of
your paycheck deposited into a special emergency fund
account.

6. Life insurance provides your loved ones with
money to maintain their lifestyle if you die. This
money is known as the death benefit and it can
replace your income, pay off debts like a
mortgage, and cover funeral costs. It can also
help with future expenses like college tuition,
retirement, and much more.
Get life insurance and
review it annually

7. Work with a life insurance advisor to know
your options and get the right coverage.
Make sure to review your life insurance
annually or after a big life change like buying
a new house, having a baby, or changing jobs.

8. Protect your paycheck with
disability insurance
Disability insurance is one of the best ways to protect
your most important asset: your paycheck. Disability
insurance typically replaces 50% to 70% of your
earnings if you’re unable to work due to a disabling
illness or injury.

9. It’s important to update the beneficiaries on your
financial accounts like your life insurance. This is
especially true after major life events such as a
marriage, divorce, birth, or death. Not having the
right beneficiary can lead to money going to the
wrong person or delays in disbursing money.
Keep beneficiaries
up to date

10. Put a will
in place
A will is a document that allows you to
specify certain things after you die. They
can include how your assets will be
distributed, who will make sure your
wishes are carried out, and who will take
care of any minor children. Without a
will, the state could decide who gets
your children and more. Fortunately, the
process of creating a will is not as
complicated as many people believe.

11. Save for retirement
Tap into any available resources to help grow your
retirement nest egg. Saving in an RRSP or TFSA can
be an excellent option.
Talk to our financial advisors to know more about
how to save for systematically for retirement.

12. 18558687878 csteam@trustlife.ca
www.trustlife.ca