Tag Archives: financial planning

Important Things To Do Before Retiring

As people gradually enter various stages of their later life, they may begin to consider the merits of retirement. While some individuals decide to keep working, others feel as though they have worked for long enough and are ready to retire. However, before one enters retirement, there are some very important things they need to do.

Make Sure You Have Enough Money to Retire

The desire to retire from work is understandable, especially as people get older. However, ensuring that one has enough funds is absolutely paramount. According to The Balance, retirees should have enough capital to maintain their current lifestyle. People who are looking to retire should also be able to cover expenses such as car and house maintenance, utilities, and any unforeseen financial emergencies. In many cases, people spend years, if not decades saving up for retirement. One of the worst things in the world would be to retire and then abruptly have to re-enter the workforce due to depleted funds.

Sitting down with a financial adviser prior to retirement is also recommended.

Decide What to Do During Your Retirement

One of the many upsides of work is that it provides structure. Many people wake up in the mornings, go to bed in the evenings, and schedule the activities of their day around their professional duties. Structure comes with both advantages and disadvantages, however, many factors change after an individual makes the decision to retire.

Gone are the days of having to abide by a certain timeframe or schedule. Theoretically, a retired person can do whatever they want to do with their day, so long as they are able to financially support themselves. This is where hobbies and interests come in. Many retirees may decide to take a class, travel, or otherwise engage in activities which they couldn’t partake in during their working years.

Regardless of what retirees decide to do during their new phase of life, having interests and passions is so important. The pitfalls of simply sitting at home all day and doing nothing are well documented. Retirees should make it a point to frequently leave their homes, engage with other people, and make sure that their bodies and minds remain active. Exercise and volunteer work are some productive and affordable activities for retired persons to consider.

A Final Word

Retirement has always been meant to be a time of relaxation, reflection, and hopefully growth. Although the majority of retirees are older people, there is always more room for development. With the proper financial planning, retirement can be an amazing, enriching part of life. Ultimately, each person will have to make the decision as to whether or not he or she believes themselves to be ready and properly prepared for retirement.

If you are retired, what steps did you take to prepare for this new phase of life? If you are still in the workforce, are you considering retirement at a later date? If so, which course of action are you embarking upon to get ready for life as a retiree? \

Authored by Gabrielle Seunagal

Canadian Spring Break Budgeting Tips

As spring break creeps closer and closer there are more Canadians planning on getting away from it all. It’s traditional for most, and this is the time numerous Canadian families plan their vacations. For college students, the break is an alleviation from the chaos of college classes and other stress. For adult Canadians, it is a must needed break from the day to day hum-drum of the 9 to 5, but there are always considerations to be made before a trip like this. If you don’t properly plan it can certainly take some of the fun away. For instance, you want to make certain you’ve been budgeting and planning for a spring break trip for a few months before venturing off away from home!

Don’t forget to plan a strategic budget, and stick to it. You shouldn’t have to worry about paying for vacation on the day of. Save money and prepare way ahead of time if you’re truly going to enjoy yourself. This goes for anyone at any age. If you have to worry about money on vacation it’s really going to take the fun out of it. The following tips we are going to share should ensure you stay on track and every detail goes smoothly. The most important areas that Canadians should focus on (anyone going on Spring vacation from anywhere, really) are:

  • transportation
  • dining arrangements (eating out or cooking in)
  • what attractions are on the itinerary
  • how much shopping
  • what forms of entertainment
  • what kind of accommodations

Don’t be one of those who is seen scrambling for cash at the end of your vacation–that is bad and defeats the whole purpose of the getaway. The best thing to do is to plan to have a minimum of 5% of your funds remaining at the end of your vacation. It will greatly ease stress and clearly keep you prepared. You never know what unexpected expenses might arise, so stay on your toes. Now, let’s begin examine how to prepare for all of these areas previously mentioned.

Budgeting Tips To Ensure a Great Spring Break


Remember, to start, create and establish a budget. We said this in the beginning.  It’s a critical piece of the puzzle. Also, make sure that you include items such as: baggage charges, hotel taxes, taxis and more. Also, keep all of the following in mind:

  • You should always shop around and seek out the best deals and packages online. If you visit travel websites you might find discounts for car rentals and lodgings. Research is important so don’t just dive in. Review budget, price and plan around all of that.
  • Do a road trip for your spring vacation and save a ton of money. Some find this idea more fun and definitely more exciting. You’ll be able to visit more than one place and enjoy yourself far more. The goal is to not be limited by prices and more. You can have adventures you didn’t plan on and still save more money.
  • If you know exactly where you’re going and where you’re staying, call directly to try and get a reservation discount and other free services. Sometimes this pays off, rather than booking something online.

These tips ensure Canadian college students and families in general have a well mapped out spring vacation and are on top of all financial matters at the same time. Don’t go over-budget, and do get in some down time to regroup and enjoy your break away! Rest and relaxation is the most important part of a break. Sleep in. Walk leisurely, and just breathe!


Time to Start Planning Savings Resolutions in 2017


Planning savings resolutions might strike fear in some Canadian households, but it really can be easier than you think! If you’re really going to be successful this time around you have to look at how you’ve managed years in the past too! Find your mistakes and don’t make them again. Pinpoint your weaknesses and do everything you can to avoid them. For example, if you crave dinner out 1 time a week, start making plans to slash that to every other week. At least for awhile. Another thing that smart Canadians can do is connect with other Canadians who are financially conscious. Surrounding yourself with those people who have similar goals is just smart.

Furthermore, we want to stress how significant committing to a specific goal really is. For example, if you decide that there will be a no spending day then you have to stick to a resolution like that no matter how difficult it feels. You can still find a ton of entertainment that is free, and have just as much fun too! However, you don’t want to be so restrictive you feel suffocated. This is something that you’ll find mentioned in many financial blogs across the internet and it is very true.



Setting Goals and Sticking to Resolutions

When it comes to your financial goals the first thing you have to do (if we haven’t already mentioned) is to identify them. If you haven’t pinpointed these then it’s time to do so. Identifying a clear goal will motivate you to meet it. You also have to create a plan to resolve difficulties. If you’ve been struggling to meet the same goal every year–develop a new strategy. Sometimes consolidating debt might be an option that works best. Every situation is different, so just weigh the odds. But, don’t ever just give up and say: “next year we will do it.”

We aren’t going to give you the same things other websites do. Here, you’re going to find some unique ways you can start meeting your 2017 goals, so let’s get started. We feel certain you’re already well aware of the importance of staying on budget and cutting back, right?

Consider boosting your 401k retirement savings–Because it just makes sense, right? You better bet it does, and when it comes down to retiring you’ll have more than what most do, all due to smart thinking and pre-planning! The goal should be to contribute at least 3% but better at 6%.

Don’t join a gym, just use what’s available–When you think you need a gym, you’re just looking for excuses to not exercise. Use what is all around you to get that workout in and you’ll find it to be just as good, or even better.

Cut back on bad spending–Forget about McDonald’s and Starbucks, you don’t need it. Focus on trying to live healthier and you’ll save a lot more!

Remember, just small changes will help you get on track. Begin with a plan of action you can accept and will stick with and take it from there. It’s all about progressing to your final goal and achieving life satisfaction.


How To Go Broke


Learning how to go broke is an odd topic, isn’t it? Well, we felt it was a smart one too. It’s important what NOT TO DO if you don’t want to go broke. Too many people today keep making the same financial mistakes over and over again. The same excuses are used. Canadians claim to have no time to budget, and no time or money to purchase software programs to help them manage their money better. While there are improvements across Canada, there is still a huge problem. Still, today, there are more than enough families learning how to go broke. They are one paycheck away from eternal loss. It’s sad, but as we’ve always said–choices lead to consequences.

You can certainly buy nice things and not go broke, it’s all in how you approach your finances. The main goal should be to not live above and beyond your current means–this is where the problem comes in at. Now, if you think living above a standard you can afford is going to make you happy, you’re wrong. This is only going to give you a great load of anxiety and stress. So, if you don’t want to go broke when you spend money you should be aiming to improve your life, not live above your means.

Below is some wise advice on how not to go broke. You can break all those habits that have led you down that path of destitution in the past. Live better–take care of your money and it will take care of you!

Never Go Broke Again


Let the following tips be your friendly guide to improving your happiness and always having some money in the bank! You can save and still live a fulfilling, satisfying life!

  • Stay out of debt–You should only pay for big purchases you can afford, and that means pay with cash! If you do use a credit card, pay it off in full each month.
  • Use one credit card–If you can manage a credit card stick to one, and take advantage of the points you can earn! Pay it off every month and never exceed what you can afford. Too many dig themselves a hole they can’t get out of. One can be good, but more can be evil!
  • Don’t pay bank fees–If you manage your money properly you won’t have bank fees. Don’t go into overdraft, and if you have bounce protection, try not to use it. You’ll pay excessive fees for minor transactions
  • Stop being an impulse buyer–Pay attention to your purchases and don’t over indulge on shopping in anyway.

This advice really might start helping you make some changes in your spending and your financial habits in general! It never hurts to try!


Learn How Leaders Maintain Their Composure and Remain Secure


Life  is demanding and stressful. For many Canadian families there is constant worry or some form of anxiety lurking.   Sometimes it comes from simply feeling like you’re trying to do it all.  And sometimes life is just difficult period. Natural leaders have discovered ways to manage stress and maintain their composure in order to stay ahead of the game. Canadian professionals who can learn how to overcome personal problems on the job, and juggle other responsibilities at the same time are the very ones who manage their finances perfectly too. Well—maybe not perfectly, but pretty darn close to it.

Now, to be sure, mistakes happen on the job, there’s no getting past that. But, if you remain calm and recover, you’ll be more productive and definitely feel better.  Recently, research from Harvard Business School has shown the proper way to remain calm. It is amazing how so many go about this the wrong way and only stress themselves more. If you can begin to welcome a challenge, and effectively overcome it with excitement—you just might be one who can be successful in all facets of your life!  However, if you try to force yourself to be calm you can end in disaster! So, know the right ways to keep your composure in any situation on and off the job!

Don’t be too hard on yourself, but do get your head on straight!

Manage Those Emotions and Improve Your Performance

Young successful businessman

 Let’s examine how work behavior improves your financial management skills!

None of us like making mistakes, but remember—these can happen.  The first thing that you need to be aware of is to not beat yourself up over and over, because this isn’t going to help you achieve a state of calmness nor rectify your problem either.  The best thing an individual can do is to funnel their energy into moving past their mistake and focus on the things they can change to become better.  Once again, with this kind of attitude, hard workers can also excel when it comes to managing their personal finances.  In fact, the goal here is to show career professionals within Canada that their work behavior has an impact on everything they do—especially with how well they control and spend their money.

  • Just like making a business plan can help keep you on track professionally, this can also teach you to do a budget plan to properly manage your wallet!  They go hand and hand, one helping the other.
  • Being conscious and aware of past mistakes can carry over and help you to pinpoint financial mistakes and avoid these from being carried out again!
  • Remember in your career you funnel your energy into positive ways to avoid mistakes—this can help you devise a financial plan and vision for the future.  Where do you want to be financially 10 years from now?
  • Just like you work with your co-workers in a collaborative way, you should work with your significant other on how to better manage and plan your finances for a brighter future.
  • When you commit to being the best employee of your company, you can also take this and commit to being the best financial planner in your family!  Becoming more responsible with money is important, and it takes commitment.

All of these tips and ideas are meant to help you be successful in every area of your life. If you apply just a few of these to your career and your personal life you might be able to let go of anxiety and stress and live a more productive, happy life!  Give it a try and just see what happens.