Financial Planning: Balancing Post-Secondary Education and Retirement Savings

Financial Planning: Balancing Post-Secondary Education and Retirement Savings

It can be difficult to get a proper investment plan in place to help you save for some of your financial goals like your child’s post-secondary education or your retirement funds. But with some careful planning and a well-designed strategy, you can get your savings right on track. Let us show you how you can start balancing post-secondary education and retirement savings without breaking the bank!

Outline Your Goals

First things first – you should have an idea of how much you’ll need to save. If you want to save for your child’s education, you should research what the typical post-secondary education costs are today. The same goes for your retirement – what is the average amount of savings you will need to live comfortably after you retire? There are online calculators that can help you, but talking to a professional who has expertise and insight is always a wise decision in gaining a more accurate scope.

Look At Your Choices

Once you have a better understanding of the goals you’ll need to achieve; you can then begin putting a savings strategy into place. If you feel overwhelmed by the figures involved, reach out to your advisor. They can help you focus on what’s in front of you, so you can stay on track and determine what the best strategy is. Their job is to help you understand all the choices that are available to you to meet your education and retirement savings goals without putting a damper on your lifestyle.

Start Early

The earlier you start saving, the more funds you will have available when your child needs to enroll in post-secondary school and when you’re ready to retire. For example, if you begin saving $100 per month for your child’s education, you can save approximately $20,000 by the time they go off to college. If you wait too long, then the number starts to decline. The same goes with your retirement savings – start saving now for better returns.

Set And Stick To Priorities

Learning to identify your priorities is another important factor in achieving your financial goals. You will face many moments in your life where you’ll need to make hard decisions between your wants and your needs – is that in-ground pool really worth it or is it better to tuck that amount away into your savings instead? It’s all about setting your priorities and trade-offs straight before you land in some bad habits of putting your wants before your needs. By placing your retirement and education savings toward the top of your priority list, you’ll have a much better shot of reaching your goals.

Be As Frugal As Possible

There are lots of ways to save more money without limiting your lifestyle. You can save by shopping at a discount grocery store, buying items in bulk, by sticking with only one vehicle, taking staycations, and limiting your shopping habits. By sacrificing a little, you’d be surprised at just how much you can end up with.

When you need an advisor to help you balance post-secondary education and retirement savings, talk to us at The Beacon Group at Assante Wealth Management Ltd. Our team can help you organize your finances and help you achieve your financial goals.

 

Spreading Holiday Cheer to Your Team this Christmas

Spreading Holiday Cheer to Your Team this Christmas

If you’ve been feeling more like Scrooge than jolly ol’ Saint Nick lately, now is the perfect time to shake off your “Bah, humbug!” workplace stress and give thanks to your team by spreading some holiday cheer. Although it can be tricky to find the time to celebrate, remember that even small gestures can be meaningful in showing your appreciation for your team and all the hard work they’ve done over the past year.

So spread the holiday cheer to your team this Christmas with some of these simple holiday suggestions.

Thank You Gift

‘Tis the season of gift-giving, so why not offer some Thank You gifts to your team to show that you’re grateful for all of their efforts? Whether it’s a bonus, gift certificates, or something else, giving a Thank You gift to each of your team members will show your appreciation for all of their hard work that supports you and the company.

Team Celebration

There’s no better way to spread holiday cheer to your team this Christmas than by hosting a team celebration. You can rent out a hall, head to the bar for drinks on the company, or plan an activity that you can all do together. Taking the time to let loose, relax and have a laugh with everyone not only shows your appreciation, but it also allows you to bond, get to know each other better, and build great morale among the team.

Secret Santa

A classic holiday activity that is sure to liven up the weeks before Christmas is the Secret Santa game. Simple to play and lots of fun, it’s a wonderful way to get everyone into the gift-giving mood. All you need to do is set a budget and get everyone to choose a name from a hat. Then it’s up to that person to drop off secret gifts to their selected person throughout the week. It’s a simple and fun way to get everyone involved and boost up the camaraderie.

Decorate The Office

If your office is looking dull and depressing, spice it up with some holiday decorations! Adding splashes of decorations like trees, tinsel, twinkly lights and anything else, will help liven up the atmosphere in the office and holiday spirit. Encourage your team to get in on the decorating by adding any of their holiday favourites.

Team Holiday Photo

Get your ugly sweaters and elf hats on and gather the team up for a team Christmas photo to commemorate the holidays. It’s a fun way that will guarantee to have just about everyone smiling while lightening up the positive vibes during the season.

With Christmas just around the corner, why not show everyone how much you appreciate their hard work by spreading holiday cheer to your team with some of these simple suggestions? Remember, having a team that feels happy and appreciated is guaranteed to feel more motivated to support you and the company in the future.

 

Financial Planning for the New Year

Financial Planning for the New Year

Most people don’t really commit to their financial resolutions each New Year. Sometimes the goals are just too ambitious, and other times it’s simply because they weren’t held accountable to stick with them. Nevertheless, you’ll get another crack at it this year, and with these following tips you can get back on track with your financial planning for the New Year and keep it going over the long-term.

Determine What You Really Want

If you don’t know exactly what goals you are working towards, then you won’t achieve them. Take the time to write out all the financial goals you would like to complete this year. Then create a few milestones that you will need to accomplish and give these items a deadline. By knowing what you really want to attain and having a clear plan for succeeding, you will be starting off on the right foot.

Review Your Portfolio

There’s no better time to review your financial portfolios than now. Make it one of your resolutions to check which areas overperformed and underperformed, and rebalance your portfolio as necessary.

Revisit Your Retirement Savings

Every New Year, you should evaluate how much you have saved so far for your retirement. Then you need to create a financial plan for your current savings and see if you have the opportunity to contribute even further.

Update Your Debt Reduction Goal

As an important part of your financial planning for the New Year, don’t forget to review your current outstanding debts. If it is available to you to pay down some extra principal towards your mortgage or credit card payments, create a plan to do so. Determine how much you can realistically afford to pay off during the new year. For optimal results, avoid adding anything further to your credit card and talk to an advisor about getting a consolidated line of credit.

Plan to Save More

Make this new year the one where you form a new habit of putting more into your savings account. To resist spending what you should be putting away, set up an automatic payment plan. That way any money you need to be placed aside goes instantly into your savings account, making it much easier to save since you don’t even have to think about it.

Review Your Insurance

Take some time to think through how much protection you need and if you are on the right track to having the necessary amount of coverage. Talking to a professional can help you get a better handle on the options available to you.

Getting a head start on financial planning for the new year is always a smart step for creating a good plan that you can stick to. Take this opportunity to set realistic financial resolutions and keep track of how you are doing throughout the year. For help and guidance on how to set organize your financial future, talk to a financial advisor at The Beacon Group at Assante Wealth Management Ltd. today to review your goals and help you set achievable objectives.

 

6 Great Date Ideas This Holiday Season

6 Great Date Ideas for this Holiday Season

Looking for some great date ideas for this holiday season? As corny as this time of year may be, the festive spirit is what makes it so much fun. And with all of the magic and beauty of the holidays sprinkled everywhere you go, there’s no shortage of ways to embrace the romantic and sultry atmosphere. To take full advantage, here are some fun, romantic, and festive date night ideas to consider.

Binge on Your Favourite Holiday Movies

When it’s cold and snowy outside, binge-watching some old Christmas classics is the best! You can cozy up in your PJs, make some popcorn and hot chocolate, grab your date and dim the lights to enjoy a night full of holiday nostalgia.

Check Out the Christmas Lights Display Downtown

No matter where you live, there’s always a core of the downtown area that boasts some impressive light shows and entertainment. Bundle up, get some hot chocolate, and keep each other warm as you take in the festive displays and enjoy the entertainment of the holiday season.

Make Some Gingerbread Houses

Why not feel like a kid again by making some gingerbread houses together? You can make an evening of it, decorating one together or individually and then munching on them as you dive into a holiday movie.

Roast Some S’Mores

If you have an outdoor fire pit, roasting up some S’Mores is the perfect way to stay warm. You get to enjoy the beauty of the winter night while enjoying something delicious. You can make it a double or triple date by inviting your friends over to join in on the fire and good times.

Go Skating

Skating is another great date idea for the holiday season. You can head to a local rink on a more secluded spot that you may know of, or you can opt for a lively atmosphere downtown with the bright lights and music to skate along to with your date. It’s a fun and romantic way to spend some quality time with your beau.

Late Night Tobogganing

Who doesn’t love tobogganing? If you’re looking for something that’s a little spontaneous, heading out for a late night ride down the hills gives you some time away from the screaming children and more time alone with your date. You can have fun flying down the hills together and then head to a late café for some hot chocolate to warm up.

The holiday season offers so many different, simple ways for you to create fun and romantic moments with your date. So if you’ve been struggling to pinpoint what to do, consider these to get you inspired.