Archived newsletter – The Importance of an Annual Financial Review

The Importance of an Annual Financial Review

Regularly tracking your financial progress is the key to building wealth, and the start of a new year can be the perfect time for an annual financial review.

Reassessing your finances and updating your goals at least once a year is critical. This process ensures you have a clear roadmap for effective financial decision-making.

Here are three essential tips for getting more out of your annual financial review:

If you don't have a written financial plan, get started
A good plan will define the amount you must save in both the short-term and long-term and how you may need to change your financial habits to realize your goals. By writing down your goals, you'll create a picture in your mind of what you're trying to achieve, giving you greater motivation and focus.

Establish timeframes with your goals

Timeframes do more than help you stay on schedule. They allow you to optimize your efforts so that you reach your financial goals faster. For instance, if you work hard to accelerate your debt payments, you'll pay less interest and, therefore, have more money available to invest in your RRSP.

Review your performance

One of the best ways to stay on top of your financial progress is by maintaining a net worth statement. Your statement can be as simple or advanced as you'd like, depending on your preference.
Let your GP Wealth financial advisor put The GP Wealth Plan to work for you. Get started by downloading and completing a Wealth Plan Questionnaire.