Here’s how to manage your personal finances for the rest of 2020

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Budget accordingly

Organization is key to living a productive life—we coordinate work schedules, social events, and family time to ensure we have enough time for each part of our lives. Our bank accounts are no different—as we earn money, it’s important to set aside money for certain categories: setting a grocery budget keeps you from overstocking at the store while sending a percentage of each paycheque to a savings account is how you’ll save up for a car, house or any other major financial goal. Budgeting also allows us to notice places where we may be wasting money unnecessarily—perhaps you could save more by canceling that streaming subscription you hardly ever use. Setting a budget makes us concentrate on how much money we have, where we spend it, and how we can optimize our savings, including how we may invest those savings.

Whether budgeting is new for you or you’ve been doing it since your first paycheque, there’s always room to learn better budgeting strategies—the Personal Finance For Everyone: Insights for Managing Your Money Well course will teach you everything from how to pick the best credit card offer to how to understand investment products we may encounter. Course instruction includes lessons on personal finance, the math behind money, behavioural finance, asset allocation, investing, credit, and pro money tips that will make you the master over your own finances.

Think about retirement early

As the end of work looms ahead, retirement is something every adult should be planning for as early as possible. It’s never a bad idea to start saving and investing early for a more comfortable retirement for you and your family—but knowing where to begin isn’t exactly clear. Mutual funds, or funds that are collected from various individuals and pooled into investments like stocks and bonds, are a smart and lucrative way to grow retirement assets in a secure manner. Rather than mutual funds selected for optimal growth, retirement mutual funds should be focused on preservation and income.