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More than retirement: your financial strategy

When developing a financial strategy, consider all the pieces to the puzzle, not just retirement, so that you're prepared to meet all the expenses in your financial notebook.

Here are some tips that can help. A Desjardins Mutual Funds Representative can also assist you in developing a plan that will help you get to where you want to be.

Establish a budget

Establishing a budget, investing early and regularly, and saving for a child's post-secondary education should be part of your strategy.

Use a budget planning tool to record all income and expenses. By writing down how much money is earned and spent each month, it's easy to see where the money is going. This makes prioritizing expenses and needs easier. Any money left over can be used for saving and investing. Even a small amount of money invested regularly can help.

Invest early and regularly, even small amounts

The best reason to start a regular investment program early is to give the money set aside as much time as possible to grow.

If you haven't started investing yet, it's best to start now and get in the habit. Remember, the amounts invested do not have to be large, especially if the money is taken directly through Pre-Authorized Chequing (PAC).You'll be surprised how little you miss money you don't see.

If you're already investing every month, look for ways to contribute more through bonuses and monetary gifts.

Save for post-secondary education

Preparing for post-secondary education for children or grandchildren is important, especially when tuition costs rise every year. Your plan might include investing in a Registered Education Savings Plan (RESP), which allows money to grow tax deferred. By contributing to an RESP, you may be eligible for government grants such as the Canada Education Savings Grant (CESG). Under this program, the government pays 20% on annual eligible contributions made to all RESPs, up to a maximum of $500 per child, with a lifetime maximum of $7,200.

The Canada Learning Bond (CLB) is another grant the government offers to lower income families. To learn more about this grant and the CESG, visit the Canada Revenue Agency website.

Think about estate planning

Estate planning is a strategic approach to coordinating the distribution of everything you own before and after you die.

You may think you don't have enough money to worry about an estate plan, but if you don't create a plan, the government will decide what to do with your assets.

Think big picture

Estate planning is an ongoing process that involves the creation, conservation and distribution of property. The plan could be as simple as having a will, or could require the use of life insurance, trusts, business continuation plans or charitable arrangements. You'll want to contact a tax advisor and get legal advice regarding your personal situation.

Need Help?

When developing a financial strategy, consider all the pieces to the puzzle, not just retirement, so that you're prepared to meet all the expenses in your financial notebook.

Your Desjardins Mutual Funds Representative can assist you in developing that plan. Simply contact us or stop by your Desjardins Agent’s office to be better prepared for your financial future.

Mutual Funds are not insurance products and are distributed through representatives of Desjardins Financial Security Investments Inc.

Please read the applicable Fund Facts before investing. Commissions, trailing commissions, management fees and expenses may be associated with mutual fund investments.

Mutual Funds are not guaranteed, their values change frequently and past performance may not be repeated. Mutual fund securities are not covered by the Canada Deposit Insurance Corporation or by any other government deposit insurer.

Neither Desjardins Insurance nor its agents provide tax or legal advice. Please consult your tax, legal or investment advisor regarding your specific circumstances


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