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Put your mind at ease with a financial plan

(NC) Did you know that more than one-third of all resolutions made before the clock strikes midnight on December 31 are related to personal finances? This finding regarding the average Canadian was revealed in a study conducted by BMO Financial Group.

“Our finances have an impact on so many areas of our lives, so it's not surprising that they figure so prominently when making New Year's resolutions,” says Chris Buttigieg, the senior manager of wealth planning strategy at BMO Financial Group. “For those who made a resolution linked to personal finances, the chances of actually achieving your financial goals increase significantly if you take the time to create a financial plan. For example, if you want to get in shape or lose weight in 2014, you need to create a plan that will most likely include an exercise schedule and a diet regime. The same holds true for your financial objectives – it all starts with a plan.”

A financial plan helps people work towards their short and long-term goals like the purchase of a new home, saving for a child's education or investing for retirement. It provides a roadmap that outlines the path from where they are today to where they want to be in the future. The process of creating a financial plan begins with meeting with a financial professional who will review your finances (including assets, liabilities, income, spending habits and investments) and then work with you to build a personalized plan that takes these items and risk tolerance into account.

“The sooner you create a financial plan for yourself, the faster you will progress towards reaching your short and long-term goals,” Buttigieg pointed out.

A full range of online tools to help you get started are available at www.bmo.com/financialplanning.

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