Even small changes to your lifestyle could help you save more for the future.
We all know how important it is to take care of our physical health – it keeps us strong and helps ensure we’ll be around for years to come.
But what about looking after our financial health? It’s just as important but often doesn’t receive the attention it deserves.
Even if it seems like you don’t have enough money to invest or buy insurance, it doesn’t take much. If you cut down on extra lattes or meals out, you could set yourself up with a plan for a successful financial future.
Build your personal road map
When it comes to financial security planning, it pays to start small. If you change your spending habits, even just a little bit, the long-term results could be big.
For example, let’s say you made your morning coffee at home instead of picking it up on the way to work. It may not seem like much but the amount you save could be enough for a $500,000 life insurance policy.Footnote 1
If you cut down on your dining-out expenses by even $20 a week and invested that money, it could grow to almost $37,000 over a 20-year period.Footnote 2
No matter what you’re saving for, you’re on the road to achieve your future goals.
If you cut down on your dining-out expenses by even $20 a week and invested that money, it could grow to almost $37,000 over a 20-year period.Opens a new website in a new window
Other savings ideas:
- Leave the car at home, carpool, use public transit or ride your bike
- Shop around for better auto and home insurance rates
- Install LED light bulbs to reduce energy costs
- Go to the movies on "cheap Tuesdays"
- Clip coupons for groceries or buy in bulk
- Cook at home instead of dining out
With those savings each month, you could:
Invest and watch it grow
A small but regular contribution into something like a tax-free savings account (TFSA) or registered retirement savings plan (RRSP) could grow substantially, if it’s invested wisely and given enough time to grow. Use this money to help fund your retirement or perhaps go on the dream vacation you’ve always wanted.
Protect your family
What would your family do if something happened to you? Insurance is a flexible and cost-effective way to protect yourself and your loved ones financially. It can help pay down your mortgage, cover outstanding debt or fund education or retirement plans.
How we can help
Spending money feels good, but knowing you’re not only protecting yourself and loved ones – but unlocking future potential – feels even better.
A Freedom 55 Financial security advisor can help you build a customized financial security plan to help you achieve your goals.
The information provided is based on current laws, regulations and other rules applicable to Canadian residents. It is accurate to the best of our knowledge as of the date of publication. Rules and their interpretation may change, affecting the accuracy of the information. The information provided is general in nature, and should not be relied upon as a substitute for advice in any specific situation. For specific situations, advice should be obtained from the appropriate legal, accounting, tax or other professional advisors.