Have Financial Questions but Don’t Know Where to Start?
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SAVE FOR RETIREMENT
The amount you need to save depends on how you want to spend your retirement.
To help you plan, consider:
- your age when you retire
- your hobbies
- your travel plans
- if you’ll work after you retire
- if you’ll have family members to support financially
- whether you’ll have debt to pay, such as a mortgage or a loan
Where you want to live during your retirement also has an impact on how much you’ll need
SAVE FOR CHILD'S EDUCATION
Education is a massive cost … and the biggest gift you can give.
Educated people earn more, are happier and enjoy a better quality of life. That’s why education is one of the greatest gifts you can give your children.
But a newborn today will likely pay more than $100,000 for post-secondary education in 18 years.
But, with good RESP planning, and by taking advantage of the grants available, parents can prepare for some or all of the costs.
Also, studies have shown that when a parent opens a savings plan for their child’s education, and they steward their child towards that goal, even if the savings plan has very little in it, it increases the likelihood of that child going to post-secondary school, exponentially.
PROTECT YOUR FAMILY
Nothing is more important than making sure your loved ones are taken care of and that they aren’t left with the financial burden of your debt or funeral expenses.
Purchasing life insurance is a smart financial decision, but it’s also an emotional one. It’s a tough topic to think about, but you know it’s important to take steps now to ensure your family’s financial future is protected should the unexpected happen. The most common types are permanent and term life insurance.
LOWERING TAXES
It may be frustrating when you compare your gross versus net income. Are you really paying that much in taxes? Where does the money go? We all feel the same pain, right from the time we earn our first pay cheque.
One of the main components of tax strategy is to utilize tax-deferred or tax-friendly accounts: Registered Retirement Savings Plans (RRSPs), Registered Education Savings Plans (RESPs), and Tax-free Savings Accounts (TFSAs). Each plan defers or mitigates tax obligations in different ways.
INVESTING
To get started investing, pick a strategy based on the amount you’ll invest, the timelines for your investment goals, and the amount of risk that makes sense for you.
There are plenty of investments available for relatively small amounts, such as index funds, exchange-traded funds, and mutual funds.
As a newbie to the world of investing, you’ll have a lot of questions, not the least of which is: How much money do I need, how do I get started and what are the best investment strategies? We will answer those questions and more.
CREATE A BUDGET
Budgeting is the process of creating a financial plan for your money. A budget is a detailed plan that will help you decide how you can spend, save, and invest your money. With a budget, you can plan for important financial decisions and easily cover your expenses. Following a budget consistently will help you take control of your finances and build wealth over the long run.
four reasons why planning and budgeting is important while planning your personal finances:
- Budgeting Helps Avoid Overspending
- Budgeting Helps You Achieve Your Financial Goals
- Budgeting Makes Saving Easier
- Budgeting Helps You Gain Control
UNDERSTANDING CREDIT REPORT
Credit scores are a numerical expression of your creditworthiness and how you’ve managed credit and debt. Understanding how they work can help you improve your credit history, qualify for lower interest rates on loans, and more.
Your credit score is a crucial indicator of the health of your credit history and can impact your ability to qualify for affordable credit and even low insurance rates. To help you improve your creditworthiness and overall financial well-being, contact us to explain everything you need to know about credit scores.
