Headlines today are consistently reminding us that more than ever before, Canadians are struggling to save their money. Day-to-day expenses win over
long-term budgets and debt stress takes over, forcing savings to suffer as a result. Many Canadians fail to recognize that a financial plan can be the key
to help you balance your savings and debt.
The first step to achieve your goals is to work with a professional, and put
together a comprehensive plan. Then you need to take the next step and work with your Financial Planner to actually put that plan into action. According to
TD Bank Group research, 61% of Canadians don’t have a financial plan, and of those, 50% said they know that they should have one, but just haven’t gotten
around to it yet. If you have been procrastinating, here are some tips on how you may benefit:
•Achieve your goals – By creating a financial roadmap, you’ll be able to identify how to realistically reach your short, medium and long-term goals.
•Maintain your desired lifestyle – A financial plan can help you budget to sustain your current lifestyle, including saving for family getaways, funding your child’s education and spending your discretionary income.
•Make informed decisions – When you’re in control of your money, you have the knowledge and understanding to help you make better purchase choices and choose appropriate investments.
•Be prepared for unexpected circumstances – Accidents and illnesses often have financial implications; a financial plan can help you be better equipped to manage them.
•Stay on track – You may not think about your financial plan every moment of every day, but by simply having one, you’re more likely to stay on track to achieving your financial goals.
Another important tip: Keep it current! It’s important to incorporate big changes such as marriage, children, or going back to school into your plan.