My doctor told me several years ago, that he is just a silent partner in taking care of my health. Ultimately, it is my responsibility. He can give me medication to help the symptoms but in terms of prevention of disease and great quality of life it was up to me. That advice struck a cord with me. How many of us think that medical science can cure all that ails us? How many of us have been disillusioned because we know someone who got extremely sick or worse, died from medication? And yet, how many of us follow the doctor’s advice of not eating too much red meat, eat your vegetables and exercise?

As a financial advisor, I believe that maintaining good financial health is ultimately your own responsibility. A financial plan is not worth the paper it’s printed on if you do not follow it. I see people switch from one financial guru after another the same way as they switch from one diet to another to find the miracle to solve their problems. And what happens? They end up with less money in their wallet.

Here are 10 good common sense advise for better financial health:

1. Save money.

This is the most simple and most effective way to ensure that you have choices in the future. Anyone can do this. There was a laundry woman in the States who at the age of 75 became a millionaire because every month she put away some money. How about that man who retired at the age of 35? He started out by saving religiously. Besides RRSP, you should consider having an emergency fund of 3 times your income. Furthermore, there are non-registered products in insurance companies that give you some savings tax-wise.

2. Open your mail.

Gosh, how many people have I talked to that do not open their mail?! I know, I know we are inundated with junk. But you have to look at it. Look at it and see whether it’s important then throw it or shred it if it has some personal information in it. But open your mail! They could be telling you about very important offers or changes that are happening in your financial institution.

3. Review your credit rating.

This is especially important to those whose wallet have been stolen or those who have very common names like John Smith. It is very easy to have a mistake in your credit rating, because they do not track it by Social Insurance Number. The most important thing that you should take

away from this article if nothing else is protect your credit rating.

4. Keep away from "Get Rich Quick" Schemes.

If it’s too good to be true, it is too good to be true. Most insurance companies and financial institutions are about the same. But when one stands out and says that they can offer you something that will double your money in 90 days, better ask questions.

5. Get the right kind of Insurance

Term vs. Permanent. Critical Illness? Disability Insurance? Long Term Care? There are quite a few opinions out there regarding the type of insurance that people should be getting. I believe that you should have a combination of term and permanent. And for sure, get Critical Illness insurance if you can qualify for it.

6. Meet regularly with your financial advisor.

Yes, I know it’s boring. And maybe, all they want to do is push their insurance product. But when you meet with your financial advisor make sure that you tell them that you would like to review your financial plan thus.

7. Review your bank account every month

Banks make mistakes. Financial institution makes mistakes. And plus, debit card theft is on the rise. It’s also a good way to assess whether you are spending beyond your means.

8. Think about Tax implications

I have seen too many people get hit with a big tax bill at the end of the year because of withdrawing too many RRSPs and non-registered funds. The cost of borrowing has been pretty much a steal in the last decade. It doesn’t make sense to withdraw huge amounts of RRSP to pay off your mortgage or to buy that car when you can borrow the money at less than 6%.

9. Teach your child about money

Our children do not just inherit our genes they also inherit our behaviour. I find that when parents are good with money their children are also good with money.

10. Form a budget

This is a good way to live within your means. You don’t have to follow it to a tea, but it provides you with a general outline of how much to spend for each item.

Take charge of your own finances. Be an active decision maker and see more money in your pocket.