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07 Nov 2016

Erwin, Immigrating to Canada and Finances

Coming to Canada was such a big change. A different culture, a different environment, a different way of living. I remember the feeling, and I was to have the support I needed to keep my life on track.

Like myself, there are a lot of immigrants who experienced the same. The immediate conclusion was to find a job, make a living and provide for the family. Then you realize there is more to that, kids going to school, emergency funds, bills, and yes, a visits to home countries for the holidays.

Travelling is one of the biggest expenses most newcomers can anticipate. Finances could become a big issue when there is not enough planning done. And, depending on how much you have and how much you need, it can either brighten the holidays or make it more stressful. That’s why it’s a good practice to pause and think of how much you expect to spend and plan ahead. Know in advance how much it will cost to travel, the gifts, and any other extra-curricular activities you may want to do. Knowing in advance if you have the capacity to save what you need on a specific date gives you the indication whether the plan is achievable or not.

Like everything else, there are steps that you can apply to your planning to track your progress and keep you organized.

  • Keep track of your finances. You know how much money you bring in. Make a list of your expenses and see which ones you can eliminate or reduce. This will increase your cash flow that you can use for your travel plans.
  • Set goals that are specific, realistic, and measurable. Know how much you need and how much to save. See if you can afford to save more.
  • Most important of all, implement! Put this plan into action and keep going.
  • Review your plans and check your progress. Is everything working as planned? Are you on track? By reviewing your plans, you’ll know whether you need to make some adjustments or continue as is.

Being organized and taking control of your finances is a continuous process that help you make sound financial decisions. By having a plan in place, you become more confident in the direction you’re going, especially if the direction is going back home. Remember to plan ahead.

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