Laura and Maxime would rather fold 10,000 fitted sheets than update their finances.
Like a lot of people, Laura and Maxim tend to push discussions about money down the road. Between children, home and the stresses of daily life, the last thing they want to think about is their finances. However, Laura has just received a salary increase, making this an ideal time to review their plans… and think about retirement.
One evening, after putting the kids to bed, Laura suggests they go over their budget. She’s heard that the AMF website offers practical tools for this, like budget tables. They sit at the kitchen table and write down their income and expenses. Then, using the SimulR 
This link will open in a new window simulator, they estimate the amount they would need to save to preserve 70% of their income during retirement.
Laura and Maxime determine their investor profile to help them pick investments that align with their situation. They decide to start by having a modest sum automatically transferred to an RRSP each month. While it’s not a large amount, by beginning early and making regular payments, they will able to leverage the effect of compound interest to grow their savings.
Their goal is simple: start slowly and ramp up gradually.
They decide to block off a specific day each year to review their financial situation—a simple habit that will allow them to track their situation without becoming overloaded.
They realize that using a recognized professional and the right tools for this can help them make decisions that are aligned with their long-term goals.
Taking care of your finances
With a few adjustments and a clear plan, Laura and Maxime have made managing their finances part of their lives by incorporating a few simple but effective actions into their still-busy routine. The lesson? Looking after your finances is less complicated than you think.
Getting good advice is in your best interest!
Professionals like financial planners This link will open in a new window can help you assess your retirement needs or chose the right financial products. Financial planners are required to be registered with the AMF unless they are regulated exclusively by a professional order.
Financial planners who offer you products like insurance or investments must also hold the required rights to practise.
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