Summertime has finally arrived! This is the perfect time to take a moment to think about your short-, medium- and long-term projects! Considering a move or renovations? Do you want to build an emergency fund? Have you reached a point in your life where you are thinking about moving up your retirement plans? Whatever your situation, you can keep track of all your projects by completing these 4 steps this summer.
With retirement coming up, maybe you’ve cut back on your work hours and have a better idea of what to expect when the time comes. You also realize that you don’t have as many financial commitments. And if you have kids, they’ll soon be leaving the nest, if they haven’t already. Your home might already be paid off or about to be, which takes a huge financial load off your shoulders. You might have more funds at your disposal, which you could use to save for retirement and beyond—money to make the most of those proverbial golden years and reduce the chances of outliving your savings.
Unexpected turns in the road keep life interesting. But when it comes to an unexpected job loss or a leaky roof, it’s really no fun at all. To be prepared for whatever life might throw your way, it’s a great idea to have an emergency fund. So keep this in mind: the more you set aside, the easier it will be to get back on your feet when life throws a curve ball.
Do you have projects in sight like going back to school, buying your first home or taking a family trip? You can bring these projects to life by setting realistic savings goals. Implementing an automatic savings strategy is a good way to achieve these goals whether they are short, medium or long term like your retirement.
Are you receiving a tax refund this year? There are several advantages to reinvesting that money. Of course, you could use it to treat yourself or your family but consider how contributing the tax refund to your Tax-Free Savings Account (TFSA) or your Registered Retirement Savings Plan (RRSP) could work for you.
An RRSP is an excellent retirement savings tool. Still, you should be aware of the rules and other good practices that come with it.
Here are 4 pitfalls to avoid if you want to get the most from your plan and achieve what’s most important to you.