Create a financial roadmap to achieve your dreams and plan for a stable future.
There’s a reason all big projects start with a plan. From building a home to starting a business to cooking a meal, you need a blueprint to succeed. The same is true in personal finance. Without a big-picture plan that reminds you of your priorities, you may make financial decisions that don’t line up with your short- and long-term financial goals. Follow these three steps to help develop a financial plan that works for you:
- Improve your financial understanding
According to the Financial Consumer Agency of Canada (FCAC), fewer than half of Canadians (47%) describe themselves as financially knowledgeable.1 If you count yourself in the “need to learn” category, seek out resources that will help you better understand the basics of budgeting, managing credit, saving, insurance and investing.
Organizations like the FCAC have toolkits that can help you learn online. It’s also a good idea to partner with a professional – like a Co-operators financial representative. Their job is to help clients make personalized plans that fit their lifestyles. When you know better, you do better.
- Set financial goals
Whether we define them or not, we all have money goals. Over your lifetime, you might want to travel, buy a home, enjoy the latest technology, earn a specialized degree or diploma or retire comfortably by a certain age.
To fund your lifestyle and your dreams, you need to set financial goals. First, identify how much money you will need to achieve each of them. (Don’t forget to take into consideration any debt you are managing and ensure you have an emergency fund.) Then, you can think about how long it will take you to reach your goals based on your current income and ability to save.
Your income and your desires may change over time, so it’s important to revisit your financial goals every year to track your progress and adjust based on any new developments, including market trends.
- Create a financial roadmap
A financial roadmap that considers factors like your income and the time horizon for each of your goals will help you allocate an appropriate amount of money to investment or savings products that will help get you there. These might include:
- RRSPs, TFSAs and RESPs
- Property
- Life and health insurance
A roadmap can prove helpful in times of economic uncertainty, when it’s tempting to make rash investing decisions. Having a clear vision – including specific milestones – can help you focus on the end goals.
Co-operators is here to help
Our financial representatives are trained to help you build a roadmap that aligns to your goals. We work one-on-one with clients to understand their needs and develop a personalized plan. Reach out to Andrew Smith, Financial Advisor/Owner, at andrew_smith@cooperators.ca or by calling 613-744-7190 today. We’re here to help you achieve financial success.
Legal disclaimer:
1Source: Government of Canada – Canadians’ Financial Well-being: Summary of FCAC survey findings
Mutual funds are offered through Co-operators Financial Investment Services Inc. to Canadian residents except those in Québec and the territories. Segregated funds and annuities are administered by Co-operators Life Insurance Company. Terms and conditions apply. Please visit cooperators.ca/mutualfunddisclosure for details. Co-operators Financial Investment Services Inc. is committed to protecting the privacy, confidentiality, accuracy and security of the personal information that we collect, use, retain and disclose in the course of conducting our business. Please visit www.cooperators.ca/en /PublicPages/Privacy.aspx for more information. www.cooperators.ca / 1-800-454-8061 Co-operators® is a registered trademark of The Co-operators Group Limited. © 2023 Co-operators Financial Investment Services Inc. © 2023 Co-operators Life Insurance Company
