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.