Resolutions you can take to bank

There’s a resolution revolution a-comin’! A few days from now, as the old year gives way to the new, Canadians everywhere will be making promises to themselves. Big promises (I resolve to quit smoking.) and not-so-big-promises (I resolve to call my aunt more often.). But here’s one promise you should make and never break: “I resolve to be financially secure.” And here are 10 simple ways to make that happen:

There’s a resolution revolution a-comin’! A few days from now, as the old year gives way to the new, Canadians everywhere will be making promises to themselves. Big promises (I resolve to quit smoking.) and not-so-big-promises (I resolve to call my aunt more often.). But here’s one promise you should make and never break: “I resolve to be financially secure.” And here are 10 simple ways to make that happen:

1. Budget better Look carefully at your income and expenses — then set a realistic budget that includes savings.

2. Defeat debt Keep that high-interest credit card in your pocket – or better yet, cut it into little pieces. Credit card debt is very expensive.

3. Set goals Make sure your lifestyle expectations match – and don’t exceed – your income. Be sure to set aside enough regularly to reach your goals.

4. Register yourself Investments held within a Tax-Free Savings Account (TFSA) allows for tax-free income and an RRSP is a terrific tax-deferred savings builder. Start early, make your maximum yearly contributions and you’ll save on tax and enjoy years of taxfree growth in a TFSA and tax-sheltered compound growth in a RRSP.

5. Trim taxes There are lots of tax deductions and tax credits – be sure you take full advantage of every one that applies to you.

6. Invest efficiently Interest income is taxed significantly higher than dividends or capital gains – so it’s usually better to hold investments earning interest income in a TFSA or a tax-deferred RRSP and those that earn dividends or attract capital gains in your nonregistered portfolio.

7. Invest in your child’s future A post-secondary education is expensive but necessary.

Help your kids pay for it by starting a tax-deferred, compound growth Registered Education Savings Plan (RESP) eligible investments now!

8. Insure change Your life is always changing in one way or another – that means your need for income protection and estate planning are changing, too.

9. Assist your assets Good asset allocation is vital to good long-term investment growth.

Get steadier returns over time with the right balance of assets from the three asset categories – cash, fixed-income investments and equities.

10. Wrap it all in a plan The tenth step to financial security is to wrap the other nine steps in a comprehensive financial plan that will get you where you want to go.

Achieving financial security – now, that is a resolution you can take to the bank. Your professional advisor can help you get there.

J. Kevin Dobbelsteyn is a certified financial planner with Investors Group Financial Services Inc. His column appears Wednesdays.

Just Posted

Renowned Valley sasquatch researcher passes away

A renowned biologist and leading Canadian sasquatch researcher who called the Comox… Continue reading

Arrest made in sex toy theft

An arrest has been made for the recent theft of a rubber… Continue reading

Community Health Network coming to the Comox Valley

The wheels are in motion to establish a Community Health Network in… Continue reading

Walk Off The Earth returning to Vancouver Island MusicFest

Juno award-winning group to headline Friday lineup at Comox Valley Exhibition Grounds

Comox hockey player nominated for Hobey Baker Award

Myles Powell is a forward at Rochester Institute of Technology

Parksville MakerSpace members ride the rails

New room added for model train enthusiasts; workshop set for Jan. 21

World’s fastest log car made in B.C. sells for $350,000 US

Cedar Rocket auctioned off three times at Barrett-Jackson Co., netting $350,000 US for veterans

Bad timing: Shutdown spoils Trump’s one-year festivities

Trump spends day trying to hash out a deal with Senate Minority Leader Chuck Schumer

Woman in Nanaimo buys $70 worth of ice cream with allegedly stolen debit card

Purchase said to have occurred on Jan. 11 at 2 a.m. at Nicol General Store

RCMP nail sex toy thief

Shop owner plays a role in arrest

Ice-cream-eating bear draws controversy

An Alberta Wildlife Park posted a video this week of one of their bears going through a Dairy Queen drive-through

CVRD begins five-year financial planning process

On Tuesday night, the Comox Valley Regional District (CVRD) board officially kicked… Continue reading

Fernie, RCMP go to court over city log books in fatal ammonia leak probe

Log books center stage in clashing of investigations between the city and RCMP

Renowned Comox Valley sasquatch researcher passes away

A renowned biologist and leading Canadian sasquatch researcher who called the Comox… Continue reading

Most Read