Starting your financial plan doesn’t have to be scary!

Getting Started On Your Financial Future

Right now is an exciting time when you’re beginning to create the life you want to live. You are starting a family and building your career. And of course, you’re already thinking about your dreams for the future.

Where ever your life takes you, living well means being financially prepared.  By starting to plan now, you’ll be ready for what’s around every corner.

Starting your financial plan doesn’t have to be complicated or scary. It’s just a matter of taking the right steps to turn ideas into actions.

1.       Write down your most important financial goals and set a timeframe for when you’d like to reach them (e.g. this year, in 5-years, in 15 years, etc)

2.      Make a monthly budget, including a regular amount to add to your savings and investments  and stick to it!

3.       Look for ways to consolidate debts, reduce debt payments or pay-off debts more quickly so that you have more money to put towards your financial goals.

4.      Prepare for the unexpected; if you’re ready for it, it will be easier to deal with.

5.      Don’t be afraid to ask for advice!  An advisor can help you better understand your needs and the solutions available to you.

6.      Create a realistic plan to meet your goals – and make it happen!

 

Here are a few things to keep in mind:

·         A well-rounded financial plan should include savings and investments, along with insurance protection solutions.

·         The sooner you get started, the sooner your savings and investments will start working for you.

·         An RRSP is a smart way to start saving for retirement, but you can also use it to help make the down payment on your first home.

·         Your mortgage is one of the biggest financial obligations you’ll have – and there are many ways you can protect it if you’re unable to meet your payments.

·         As your family grows, the group benefits offered by your employer might not provide the amount and type of coverage you need.

Financial planning isn’t just for the wealthy.  In fact, the best way to get more out of your money is by having a solid financial plan in place.

If you want to know more contact me and ask about Sun Life’s Money For Life^TM  program.

 

Top 10 Checklist for your financial health

Top 10 Checklist for your financial health

Here is a list of things for you to do this month to position yourself well for the rest of the year!

1.       Going in to the year deep in debt? Meet with an advisor to lay it all out on the table and develop a plan of action to get off the treadmill once and for all!

2.       Update, review or get a will and power of attorney for finance and health care.

3.       Review your year-end company pension plan statements. Is it all in order? If you get to choose the investments yourself, how have they done? Where should they be invested?

4.       Same as #3 for your personal savings, RRSP’s and RESP’s.

5.       Catalogue what is renewing this year. When does your home and auto insurance come due? Maturing GIC’s and term deposits? Mortgage renewing this year? Start shopping now.

6.       How much life insurance do you have? How much are you paying for it? Your life insurance portfolio should be reviewed every 3 years or as life changes happen.

7.       Between the ages 21 and 50? Have you talked to your advisor about critical illness insurance and disability income replacement?

8.       Between the ages 50 and 70? Want the insurance company to pay for your log-term care down the road? Now is the time to price it out and consider a 20-year paid-up plan.

9.       Save more, spend less. The national savings rate is now less than 1%. Your goal should be to allocate 10%+ of each pay towards savings and RRSP’s. A take-home $1000 means $100 per pay period should be saved – allowing you to live on the other 90% guilt-free.

10.   Forget product, you need a strategy. If your finances are like most, your insurance, savings, RRSP and RESP investments have been spread over five to six policies/accounts in three to four different institutions over the years. A good advisor can help quarterback and pull the whole strategy together to make sure everything is working in your best interests.

Make this the year that you get a good handle on where you stand today. Take this financial snapshot now. Then, if you need a hand from there, give me a call. I can help.

Douglas Hopkins

Phone: 905-827-9811 ext. 35
Email: Douglas.Hopkins@sunlife.com