Solid, Realistic Financial Goals

GETTING STARTED ON YOUR FINANCIAL FUTURE

Choose how to plan for, protect and live it your way

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

Wherever your life path 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 time frame 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 amalgamate 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 adviser 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 downpayment on your first home.
  • Your mortgage is one of the biggest financial obligations you’ll have–and there are many different 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.

Courtney Proudfoot is an advisor with Sun Life Financial. She works with individuals, families and business owners to achieve their financial goals. Courtney offers retirement planning, and many savings products such as RRSPs, TFSAs and RESPs. In addition to the wealth products, she can help individuals with life, critical illness and disability insurance, as well as group benefits for business owners.