Friends, I’ve got a plan.
The last time we chatted, I expressed fear over being able to adequately balance my short-term financial obligations with my long-term savings goals. Of course, never one to simply lament and move on, I created an action plan with one clear objective in mind: meet with a financial advisor.
(Of course! Leave it up to the experts!)
Recently, I had the opportunity to chat with Simpreet Sivia, Senior Financial Advisor at Scotiabank. And I’ll be honest – discussing my financial triumphs (few) and shortcomings (many) with a stranger is not easy. However, I attended the meeting with an open mind, and by the time we were through:
– I had a better understanding of my current financial situation
– I had a path to help attain my long-term savings goals
– I was better prepared for unexpected life events
– I learned how to work toward the things I’ve always dreamed of
Most importantly, I learned I can continue to save for retirement – I’d just have to adjust from an aggressive to a more balanced saver. Saving less means that my retirement goals may not be met in the timeline I had hoped for; however, the purchase of a new home is a hefty long-term investment in itself, and a good one. So I’m still ahead! I’m happy Simpreet helped me to see that.
With the RRSP deadline just around the corner, you may have questions about how to meet your retirement savings goals, too. This is what I want you to do.
Visit your local Scotiabank. Take one hour to sit down with a financial advisor and discuss your financial goals. If you come prepared with a budget and 1-3 previous credit card and/or banking statements, that’s even better.
Of course, some of your questions may have already been answered by Neil MacDonald, Managing Director of Scotia Asset Management in our recent Facebook Live Chat. Check it out to learn more.
So, how has my savings strategy changed since creating a financial plan? For one, I’ve decided that for the short term, I’ll prioritize making savings deposits to my TFSA. I’ll need access to money next year when my home is ready, so I like that I can withdraw from my TFSA at any time without penalty.
I feel good about my road to retirement. I hope you do, too. And if you’re unclear, remember, there’s help. Visit Scotiabank today.
This post is sponsored by Scotiabank. The opinions on this blog, as always, are my own. This post is for general information purposes only and is not intended to be specific financial or tax advice.
I really need to start thinking about my future. Unfortunately, I admit to constantly putting this subject on the back burner.
It is so hard to think long term when there are so many immediate expenses. I’m working on it though! :)
It’s never too late!
I’ve taken out TFSA’s too and I love the flexibility of them and that I can get at that money whenever I may need to!
Really something we need to focus more on, have had a lot of financial challenges due to health issues so we haven’t had a lot to save.
We both have health issues and that’s where most of our money goes but we really need to start cutting down on other expenses,we have been talking about selling our home and getting something smaller since our kids are adults and on their own now.
Thank you for covering such an important subject!
It is so hard to think long term when you were lay off and haven’t find a new job. I was on the right path until I loss my job due to cut back.
I have paid into a health insurance plan since I retired and so glad I did. I save way more than I pay into it now, the cost of meds can be outrageous
I always say i am gonna start saving for the future , but never do , its time to put my foot down and start , thanks for sharing :)
I feel good that I at least have RESP’s started for my kids. But I should really think about my own future… I have a pension but I dont know all that much about it!
I’m glad i read this post because it certainly got my DH and i talking about our retirement
Debbie White Beattie
It’s so important to think and plan for the future. I saw a financial planner to help get me prepared for saving money and for my future.
I took the first step today I made an appointment!