Start Saving Like You Mean It
Is there such a thing as being too early, or too late, to start saving for your future? Absolutely not! No matter what stage in life you’re in, saving money now is the best way to make those financial dreams of yours a reality. The current economy, along with high interest rates and inflation, may have you wondering how to get started, or worried that you don’t have enough money right now to bother putting a savings plan together. But worry not, it is easier than you think to get started, and saving money now can make a BIG impact on your returns. Any age, any stage: Make the most of your money and start saving like you mean it.
In your 20’s
Your 20’s are for finding yourself and thinking about those future goals – its never to early to get prepared. Whether you’re a student or have entered the workforce, this is a great time to start looking at your ‘big picture’ and get a financial plan together. Budgeting is an important way to help you stay on track while building your savings. What do you want to achieve in the next decade – do you hope to buy a home or car? Further your education? Travel and see the world? By knowing your goals and establishing a budget, you can start setting aside any leftover funds to help you get there. Remember, every little bit helps.
In your 30’s
If you haven’t started already, your 30’s are a great time to start saving for your retirement (it comes quicker than you think!). We all know that interest compounds over time, meaning the longer you save for, the greater the payout at the end. So don’t wait, even if you feel that you can only make small contributions at this busy time in your life. Speak with a representative about setting up an RRSP, the earlier the better. Your future self will thank you!
In your 40’s and 50’s
Taking care of yourself and your family means saving for a healthy future for all. Take advantage of financial checkups with a Tandia representative to make sure you are on the right path. Whether saving for a child’s education, home renovations or travel, working with a financial advisor can help you stay on top of your (many!) savings goals so you can make memories now and build towards your bright future.
In your 60’s and beyond
The ‘Golden Years’ can look different for everyone, and it is always a wise choice to save for your future and that of your loved ones. It’s still a great time to grow your savings - whether you’re planning a rockin’ retirement, travelling to Italy, paying off your mortgage or finally buying that dream sportscar, you’ve got goals to reach! Be sure to identify all sources of retirement income, and plan for any unexpected expenses, such as those due to inflation. Keeping those regular meetings with a financial advisor is an important way to keep you on track to where you need to be.
Remember that you aren’t alone on your financial journey, and Tandia has expert advice to guide you towards wise choices. Let us help you get those plans together, and you’ll be saving big in no time!