financial strategies

Saving Up For The Adolescent Years

Saving Up For The Adolescent Years

Have you considered putting aside extra funds for the teenage years?

If you have not thought about this, then you may want to if you have a child that is quickly headed towards the adolescent years. This can be a turbulent time, not just with the emotion and drama it can bring, but also with all of the associated expenses that it can add to the family budget.

When you think of your family financial strategy, you need to consider each and every phase of life. To their detriment, many families do not consider just how expensive the adolescent years can be.

It Doesn't Pay to Procrastinate

It Doesn't Pay to Procrastinate

Many people have no idea. Some people have a vague idea. A few people, a very few, have it all worked out. When it comes to retirement planning, many people do not take action until forced to by a mid-life event (career change, death of loved one) or by hearing about seniors running out of money. It is strange that people find it so difficult to plan for their retirement.

The Either / Or Financial Decision

When it comes to making financial decisions most people focus on either\or scenarios; that is making a tactical decision that may or may not reflect a larger financial strategy or wealth accumulation context.

We often see these types of isolated, one-off decision choices in media articles that pose dilemmas such as: Is it better to invest in an RRSP or pay down your mortgage? Should you take your tax refund and invest in an RRSP or go on Vacation? Are TFSA’s better than RRSPs? Should you pay off your credit card balance or invest in an RRSP? You get the picture.

Basics For a Wise Financial Strategy

Before a sky scraper can reach for the clouds, it needs a very strong foundation. Once the building is complete, the foundation is virtually unseen. The same goes for our financial strategies. Following are the basics of a strong financial foundation:

Budget - Governments and businesses use budgets to properly allocate resources. It's known as good business. A budget can help you figure out where your hard earned income is going and to identify ways to cut spending or increase savings.

Financial Strategies for the "University Years"

Many parents wrestle with the dilemma of how much financial support to provide their children attending post-secondary programs. The costs today are much greater than what the parents paid for similar schooling some thirty or more years ago.

Tuition costs alone have risen at least tenfold since the 1970's for a basic humanities degree, never mind the enormous cost increases for professional programs such as engineering, business, law and medical school.

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