So you might be ready to take the plunge or you’re thinking about buying your own house one day. You’ve developed good spending and saving habits. You’ve paid your bills on time and handled your credit wisely to build up a good credit rating. You’ve saved a decent down payment and have even been pre-approved so you have an idea of what you can afford.
It’s surprising how helpful a reminder can be from time to time. Ask Siri to remind you a few days before your payment is due. This way you can organize your finances so that you’re prepared to make the payment. It also allows you the opportunity to make any adjustments to your spending if your balance is a little higher than you expected,
Don’t have Siri? No problem! Setting an alarm that goes off 3 days before my payment is due works like a charm! I also add it to my calendar for an extra reminder.
If you’re like me, it can be difficult to take time each week to review your budget on an excel spreadsheet. Now this method might work for some people but, I’ve recently turned to my mobile phone to determine how I can manage my money on the go. I love managing my budget on an app because let’s face it – managing money isn’t fun. However, it’s definitely something you need to do and with these apps, it can be much easier.
In this two part series, Craig has already given us some great insight as to how young adults can fulfill their New Year’s Resolutions of maintaining a healthy and active lifestyle on a budget. Thankfully, for the second week in a row – you’ll receive a little more guidance from Craig, Owner of Momentum Fitness in Dundas, Ontario.
Q: Statistics show that 75% of us who join a gym end up going a grand total of six times a year. This means many young adults will purchase gym memberships and not use them throughout the year. What strategies will help young adults get good value out of their gym membership this year and help them stay motivated?
A) There are so many great strategies we teach people to use to overcome the difficulty of staying motivated. Since consistency is the key to success, the best advice we give is to make exercise a part of your lifestyle. This might mean:
- Scheduling your workouts as regular appointments in your day to day calendar – just like you would if you had an appointment with your doctor or dentist. Stick with it.
- Making your workout your social time. We’ve found that people who work-out with a partner or in a group find more success than people who work-out on their own. In a group, you have people to stay accountable to and you get to socialize and share your experience with them.
- Working with a coach and get a program to follow. You’ll have to pay the coach to design you a program, but this way you have something to follow on your own. A good coach will help you set goals, establish an action plan and make you accountable in follow-up meetings. It’s worth the small initial investment if your goal really is to stick it out for the whole year. We know people with financial planners are more successful at investing and saving. Same goes for your health. Working with a ‘fitness planner’ will help you achieve the goals you desire.
- Set a “big goal” that is broken up by meeting smaller milestones on your way to that “big goal” and where those milestones require you do A, B, and C actions. For example, if I want to run a 10K race in May. I will set smaller milestones of running 1K, 5K and then 8K in the months leading up the 10K race. The A, B and C actions I know I have to do each week. This may include walking or running three times per week, going to Yoga once per week, and marking my progress in a goal setting app on my phone.
Year after year the New Year’s resolution that tops most Canadian’s list is to “Get in Shape and Lose Weight”. However, just as interesting is number 3 on the list – stick to a budget. Statistics show that 75% of us who join a gym end up going a grand total of six times a year. This means many young adults will purchase gym memberships and not use them throughout the year. Considering it may cost you roughly $500 a year, this won’t help you stick to your budget. Thankfully a little guidance from a gym expert this year can help you get in shape, without breaking the bank. We’ve decided to have a two-part blog series with Craig Spear, Owner of Momentum Fitness in Dundas, Ontario about how young adults can fulfill those New Year’s resolutions to stay fit and also stay within budget.
As we wrap up Financial Literacy Month here in Canada, we decided to have a little fun with local athletes. We made the trip down to FirstOntario Centre to have a financial literacy chat with a few of the Hamilton Bulldogs. Life as an AHL player comes with some of the same financial challenges that young adults face on a day to day basis. Here’s an inside look from three of the Hamilton Bulldogs – Mike Condon, Mac Bennett and Darren Dietz.
Watch and share your two cents!