Do you feel as if you are currently meeting or even exceeding your long-term financial goals?

If the answer is no, why exactly is that?

For many Canadians, job issues, not saving enough for retirement, spending too much on frivolous items etc. can certainly prove to be detrimental to having a sound financial plan in place.

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Although many of these same people will have years to make up the deficits they currently face financially, others will not be as lucky. For those in the latter group, it can be a trying time in order to make ends meet financially.

So, are you doing all you can to avoid falling short of your financial goals?

Research Your Options

One of the best ways to know whether or not you are where you should be financially at this point in your life is by working with a good financial advisor.

He or she can point you in the right direction in the event you are currently not covering your financial goals.

And what might those goals be?

Among the areas you should be focused on include:

  • Current expenses – First and foremost, are you able to meet today’s expenses such as rent or mortgage, healthcare needs, utilities, auto insurance (see more below), food and other necessities? If not, you should definitely take a step back and see why you are typically coming up short. You may simply discover that you have more money going out than coming in on a monthly basis;
  • Credit card debt – Millions of people know all too well how damaging massive credit card debt can be to one’s future plans. While the usage of credit cards is oftentimes unavoidable (major auto repairs, health issues etc.), you should do all you can to limit what you put on the plastic each month. Keep in mind that it wouldn’t be quite as bad if you were just getting charged for the actual purchase instead of also dealing with rather high interest rates from many banks;
  • Work salary – Once again, you may be putting yourself in a financial hole if your job doesn’t pay you what you truly need to meet your regular expenses. Although you should never try and live above your means, that does not translate to living on the edge financially each month. If it has been a while now since you’ve gotten a raise at work, consider sitting down with your boss to see if a raise is an option. If the answer is a resounding no, don’t hesitate to see what else is out there on the job market. Another option would be considering getting a part-time job on the side, either one at a business or one you could do from home. Any bit of extra money coming in is always a bonus.

Do You Have the Right Insurance in Place?

  • Insurance costs – For many people, what they pay for different insurance protections can be quite costly over time. As a result, they end up putting themselves (and their families in some cases) in a financial quandary. No matter what the insurance coverage is (life, auto, homeowner’s, renters etc.) do your best to get the best plans (coverage and pricing) available. In the end, you will typically end up saving money, something that will help you for many years to come;
  • Retirement plans – Lastly, how good have you been about putting away money for retirement? If the answer is not too good, you hopefully still have some time available to change the direction you are headed in. Keep in mind that while saving for retirement from your earlier working days is always the planned goal, it may not be possible due to a variety of reasons. As a result, you may be in a position now where you are trying to catch up on where you should be. Although you might think of yourself as some sort of financial guru, having a reliable financial advisor by your side is always the preferred road to travel.

In the event you fear you are falling short of your financial goals, don’t wait until it is truly too late to do something about it.