Tag Archives: savings

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

10 Ideas For Living a Satisfying Life on a Modest Budget

A modest budget doesn’t mean you can’t live a full and happy life, engaging in all of the activities you enjoy. The problem is that people have become to dependent on money for life satisfaction. It’s been said many times over that money doesn’t equate happiness. If you are making a modest income but you can easily pay your bills and still have a tidy amount of funds left over, there’s nothing wrong with this lifestyle. You can even save a little every month–that’s the wise thing to do. In fact, when you live on a modest budget in Canada (or anywhere) you need to have several expenditure and savings accounts, those like:

  • Emergency savings
  • Vacation savings
  • Holiday savings
  • Everyday expense account
  • Personal savings

This might seem like a lot of accounts to handle and manage, but it’s easily organized. When you live on a specific budget it is even more important to have something such as this established. In fact, this type of living style will help you feel more in control of your finances. We want to share 10 tips on how you can also live on a modest income and still engage in activities you really want to be involved in. Let’s get started.

You Can Enjoy Life on a Modest Budget

Below you’ll find many ways you can enjoy time with the family, or if you’re single, just doing those things that you enjoy doing. Money isn’t an obstacle when you practice the right kind of financial habits! While entertainment can be expensive in Canada (as can dining out) there are strategies to still be a part of that grand life!

  1. When you want to go on vacation but are worried about what you can and can’t afford, how about looking up that college buddy you chat with online? It’s probably been awhile since you visited, so connecting with old friends like this just might gain you free vacation lodging and maybe even some money savings on food too! It’s not taking advantage either, so don’t feel like you’re just being a burden. Just once a year or so is perfectly acceptable. 
  2. Have you ever considered a staycation? It is very likely there are multiple charms in your very own area that you’ve never visited. A staycation allows you to take a rest and enjoy the local arts and crafts in your city. You can choose to do what you want. Some stay in an isolated cabin just to rest and recuperate from the past years stresses. You’re proactive and decide what you’ll enjoy the most, but better yet, you don’t have to spend anything. 
  3. Fine dining doesn’t have to be expensive. You don’t have to think you can never enjoy the higher end restaurants! Go during lunch hour or happy hour and you’ll spend the same amount as you would at a modern middle class joint. Don’t you think you should enjoy the finer things too?
  4. A  movie out costs more than ever today, especially if you’re a family of four. But, the matinee is far cheaper than after 5! Also, some theaters offer concession discounts one day out of the week. 
  5. Instead of signing up for an expensive gym membership, consider starting an exercise routine outdoors. It is totally free and spring is the perfect time to refresh the mind and body!
  6. If you spend a great deal commuting to work, consider bicycling if it is within a 5 to 7 mile radius. You’ll not only save on gas but you’ll get in shape at the same time.
  7. You can sport the latest hair trend without paying a lot! Beauty schools often offer hair cuts, color and style fairly cheap, but you still end up with amazing results. 
  8. If you want to obtain more affordable housing in a nice area then you have to be willing to relocate. A little bit of investigating and word of mouth can help many find a home of their dreams at an extremely affordable value.  
  9. Clothes can be expensive, but everyone wants to look nice. A clothes swap is a great way to freshen your wardrobe and someone else’s at the same time. You can have a whole weeks worth of incredible clothing without paying a penny. 
  10. If you’re looking to fly somewhere on a getaway, take the redeye! It’s cheaper, less crowded and to most, far more convenient. 

These little tips and tricks can help everyday Canadians enjoy a modest life with the same privileges as most anyone else, but most importantly, with supreme satisfaction.

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.

 

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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.

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Learn What Being Happier Can Mean To Your Future And Life

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How can you increase your overall life satisfaction? Simply put, it isn’t through earning more money, though so many believe this to be the solution. You’ve heard all of the stories. Money does not buy happiness, and this really is true, more than most people realize. However, faceless money can really make you feel satisfied, but not too many know what this is–so what does it imply? If you have money to donate to charities, then do it! There is nothing more fulfilling than knowing you make a difference in someone else’s life. Remember, this is if you do have the excess money. Now, what else can you do to help maintain a healthy, happy, wholesome life and feel complete? That is what we are going to talk about here.

Finding Ways To Be Happier and Healthier In Life

As mentioned, happiness is what makes life complete, and when you’re happy everything falls into place. You minimize money worries and you stop worrying about having enough. You’ll find that when you let all of the negativity go you can appreciate what you have and how you can maintain it. If you can remember that it isn’t about what you “don’t have” but about what you “do have” then you’ll achieve a higher level of life satisfaction Below you’ll find some tips we’ve listed which will help you discover what it is that really makes you happy. Surprisingly, money is the least of these things.

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  1. Imagine what it would be like if you spent money on experiences in life, versus just spending money on materialistic items. Memories are everything to life, and one beautiful experience is worth a lifetime of happiness!
  2. Don’t you think you’re health is important? Don’t you think you’re worth investing in? It is amazing how you’ll feel when you begin to pay more attention to yourself and your health needs. Health and happiness do come hand and hand! Take better care of yourself and stay on top of what your body is trying to tell you
  3. Why not tidy up your life and simplify things? The simpler the better, then the less you’ll have to worry about! Itemize expenses into categories, the same as bills. Separate the wants from the necessities. This will help you stay focused and keep your mind on those things you find much more fulfilling!
  4. How about scheduling a date to go over your money issues, including bills and spending habits. When you establish a plan of action like this, you don’t need to sit day after day and worry about all the money woes. If you have a partner you both can go over your bills and begin financial planning together. 
  5. Finally make goals and focus on the positive, not the negative. Negative thoughts can suck the energy right out of you, but positivism can blossom new ideas and improve your potential for acquiring financial gains.

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If you do follow just a few of these tips you’ll see how much better you’ll feel. Too many Canadians live day to day, boggled down by money worry and fear of the future when they don’t have to. Establish the proper goals through financial planning and you’ll be taking the right steps to a healthier, happier more wholesome life!

 

What Money Lessons Have You Learned From Dear Old Dad?

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Father’s Day is right around the corner so it only made sense to talk about the impact father’s have had in their children’s lives, specifically in how they have learned to manage money.  Now, fact, we learn a great deal from our parents and those closet to us, some good, some practical and some not so much. When it comes to finances, dad is often the key character most young adults have paid the closest attention to. Why?  Because father’s are the central providers of a family and carrying on that kind of ability really does mean something for today’s young adults.

We do feel it only fair to say many money lessons most of us have learned have stemmed from both mom and dad’s blunders and successes, right? Yes that is probably a fair analogy–but with Father’s Day approaching, it’s just nice to point to dear Dad to give him some rightful praise. Now, the majority of Canadian parents are more than aware that financial education is sorely lacking in the educational system, which is why many take it upon themselves to teach their kids the value of money.

Now, for those good old fathers who are from the Great Depression–you’ve probably had a great deal to teach your children, and hopefully it has paid off!  Let’s take a look now at some treasured and timeless financial tips passed on from generation to generation to ensure financial stability for a lifetime!

Financial Learning Tips From Fathers Who Lived Through The Great Depression

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Yes, you’re one of the lucky ones if you’ve been raised by a father who lived through this era.  Managing money was certainly critical day to day then, and it is just as critical now.  You’ll be amazed at how some of these tips really make practical sense and aren’t difficult to follow either.  So, let’s get started:

  1. Don’t waste or throw away good money–So, what does this really mean?  Exactly what it says.  You do get what you pay for.  If you buy cheap, or invest in something too good to be true, then you’re throwing away good money and it just isn’t practical.  Invest in something with value for the long-term, not just because it’s on sale.  The same philosophy applies to stocks and other investments.
  2. Become more self-reliant and think practical–Yes, being self-taught on a number of things can help you save money for the long-term.  From cleaning your own gutters to changing your car’s oil, to building your own home porch–it’s all about self reliance.  You can become empowered and stay ahead!
  3. Remember those little expenses add up–It might not seem like a big deal to get that Starbucks latte a couple times a week, or that artisan deli sandwich, but these little things add up quickly. If you’re constantly wondering where your money is going, it’s time to plug those holes. Even extra visits to the convenience store for gum or other non-essentials can suck money from your wallet.
  4. Saving and maximizing income are both important–There is too much thought that goes into making more money versus saving more money.  Both are extremely important. However, more need to plan for their future and start that nest egg for retirement.
  5. Keep a penny cent collection–Saving your change is a great way of getting in the habit to save. You’ll be amazed at what you might have put away at the end of a month. This doesn’t mean take out the coins either, but continue adding to them. At the end of the year you might have a record savings, something you never thought you might do, but under good old dad’s advisement–you’ll find you can!
  6. An income increase should not mean you spend more–Forget about keeping up with the Jones’s. This is the problem in this country. Don’t let you income increase give you an excuse to spend more than before. Save that extra money from that raise like your dad before you did and you’ll see how much easier getting what you want really becomes–without going into debt!

We hope Father’s everywhere enjoy today’s celebration and remember what they’ve been taught by their Father’s before them. You can achieve financial freedom and have life security when you follow timeless tips that work! It might seem hard, but adaption is natural. Happy Father’s Day!

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