couple sitting on couch, looking at a computer

10 ways to take control of your finances

A New Year means resolutions and often times have a financial component to them. Here are 10 ways you can take control of your finances this coming year.


New Year. New financial you.

It’s hard to believe the New Year has already begun. With a New Year often comes resolutions – creating a plan for the future using lessons from the past – and many times have a financial component to them.

Here are 10 ways you can take control of your finances this coming year.

1. Set goals

We all have dreams of what we want to do and what we want to achieve. Make these dreams a reality by setting goals to achieve them. Organize your goals by priority and be sure they’re realistic and achievable. Tip: Start small. Small goals are easier to reach and help train your brain into believing you can achieve it, increasing your chance for success of future goals. Get started by checking out our Goal Setting Blog.

2. Take action

It’s one thing to say you’re going to do something and actually doing it. Put action to your words by creating an action plan setting dates you want to achieve parts/milestones of your goal by. Hold yourself accountable and reward yourself when achieving each milestone helping you to keep motivated.

3. Create a budget

A budget helps you manage your money, showing you how much you’re bringing in each month and where you plan on spending your money. It can help you not spend above your means and focus on what’s important to you. To make budgeting easier for you, we recommend using our online Budget Calculator.

4. Track your spending

By tracking every nickel you spend, you’re able to get an accurate picture of your spending habits – sometimes it can be very shocking how quickly or how much your purchases add up. Tracking your spending will also help you create a more precise budget based on your spending habits and allow you to identify areas where you may need to change your spending behaviours.

5. No-spend challenges

Each month challenge yourself to a spending freeze for a day, weekend or even the full month for all non-essential items. Or pick a different non-essential category to not spend on such as ‘No Eating Out March’.

We recommend challenging yourself for a day or weekend if doing for the first time. Check out our No-Spend Weekend Challenge Blog helping you succeed in taking an entire weekend off from spending.

6. Save for an emergency

Life can sometimes throw us a curveball, threatening our financial well-being and causing us stress. Set money aside each month into an emergency savings fund for those unexpected life events. Having a fund ensures if your car breaks down or your furnace goes in the middle of winter that you’re prepared and gives you peace-of-mind knowing you won’t need to stress trying to find money to cover these unexpected expenses.

7. Prepare for retirement

We all dream of the day we’ll retire – no more alarm clock, being able to take a nap whenever we’d like and playing that golf game on a Wednesday afternoon. Being able to retire the way we want though requires some planning in advance. Start preparing now by checking out our blog, Retirement: will you have enough?

8. Save your extra money

Throughout the year we come across extra money such as an income tax return or a cheque from our Grandma for our birthday. Though we may be tempted to treat ourselves, consider putting any extra, unexpected money you come across into savings – you’ll thank yourself at the end of the year when you have extra savings in the bank!

9. Invest in a TFSA

A tax-free savings account (TFSA) is a great way to save for just about anything, whether it be a short-term or long-term goal. What you save is not tax deductible nor are you taxed when you withdraw your earnings. As well, in 2019 contribution maximums have increased to $6,000. Learn more here.

10. Plan/review your estate

We often think that planning our estates is something we do when we’re older but in fact, everyone young or old should have an estate plan in place in case something unexpected were to happen to us. Having an estate plan helps our loved ones understand our wishes and how to carry them out if we were to pass. This can include naming guardians for children, instructions for your burial/cremation and how you’d like your property divided up and should be updated at each life event such as marriage, children, divorce, retirement, etc. Start your plan by speaking with a local estate planner or lawyer today.

A New Year symbolizes a fresh start and new beginnings. Hopefully, these quick tips help you feel more prepared to take on the new year and take control of your finances. For more financial advice, we encourage you to check out some of our other blogs or contact us today to set up an appointment with a financial advisor.

retired couple hiking in field

Retirement: will you have enough?

Retirement – whether far away or just around the corner, it will require some planning in advance. Are you prepared?


We all dream of the day we’ll retire. No more alarm clock and having to get up early to go to work. Being able to take a nap whenever we like. And doing the things we want, whenever we want – a golf game at 2 p.m. on a Wednesday afternoon, why not?

Being able to do all the things we want when we retire though will require some planning in advance. It’s recommended to start early and if you haven’t started yet, it’s not too late. When planning for your retirement, here are a few things you should consider.

How much money will I need?

The amount of money you’ll need to retire will depend on what you plan on doing and the expenses you’ll incur. Ask yourself the following questions:

  • At what age do I want to retire?
  • What types of expenses will I have when I retire such as housing, bills, etc.?
  • What type of health insurance will I need? Will I need extra coverage as I get older?
  • What types of activities/hobbies do I plan on doing such as traveling, etc.?
  • Will I move into a senior’s complex and what expenses will I have?
  • Do I want to leave an inheritance for my family?

Considering all factors, what yearly income would you need and feel comfortable living off of? Take this amount and divide by 12 to get your monthly income. Is this still an amount you’re comfortable with? If not, you may need to relook at the things you may want to do or think about increasing your yearly income to make an amount that you’re happy with.

I know how much money I’ll need, but now what?

Now that you have an amount in mind that you want to retire with, you need to put together a plan on how to start saving money to reach this goal. Starting early is key as it allows you to save more over a longer period of time. Starting later is still possible, but you may have to put more money away in a shorter amount of time to reach your goals.

A retirement calculator helps you figure out the amount of savings you’ll need each year to meet your retirement needs. It takes into account any money you’ve already saved, retirement income you may receive from the government or an employer and rate of returns. It also helps show if you’re on track and provides advice on adjusting your savings if you have a shortfall.

Through the calculator, you’ll be able to see what yearly contributions you should be making. To find a monthly amount, take the yearly contributions and divide by 12. Does this amount fit your budget? If not, consider adjusting your retirement goal or putting away smaller amounts that fit your budget now with a plan to reevaluate and increase contributions over the next several years.

When creating a plan, it’s great to have an understanding of what your goals are and what is needed from you now in order to reach your long-term goals. It’s also important to know that things change in life and you may need to adjust your plan along the way. This is why it’s also important to speak with a financial advisor when creating a plan as they can provide guidance and advice based on your needs and things that may change over time. A financial advisor can also help determine what products would be in your best interest and help reach your goals.

Where should I invest my money?

Everyone’s situation and goals are unique as should be the products to best meet your goals and needs.  There are many different ways you can save and invest money for retirement such as RRSPs, TFSAs, etc. Talking with a financial advisor will help determine what products work best for you. Prior to discussing, become familiar with the different options available and jot down any questions you may have.  Your financial advisor can help answer these questions and set you up with any products identified in your personalized plan.

When planning your retirement, there are many factors to consider and starting as early as possible is key. First, understand what you want when you retire and factor in all related expenses. Talk to a financial advisor to help determine where you want to be and how to get there. And then start investing today. Putting as little as $20 every couple of weeks now can make a big difference later on. There’s no better investment than in yourself and your future… so what are you waiting for?