I’m Scared Of My Accountant

How to fire your accountant

This article was written by Jen at Dollar Divas and offered to us to use. Be sure to visit her page!

One of my favourite “ah ha” moments at Dollar Divas came a few years ago during a discussion group. We had been chatting about hiring the right professionals and how to find them. When a woman who had been pretty quiet all evening finally joined the conversation.  

“I dread going to my accountant every year,” she said.  

Saira and I looked at each other and said simply, “Then get a new accountant.”

Slowly the realization sunk in that she could fire her accountant and move her business to a different account. It was like a huge weight was being lifted off her shoulders. This Diva felt loyal to someone she hated simply because she had used him for many years. 

This is not an uncommon issue. 

Many women stick with professionals who are the wrong fit simply because they don’t want to rock the boat—and it needs to stop. 

Here are some tips to help you fire your accountant (or other professional) without feeling the guilt.  

  • Speak up: If your professional is not serving you to your satisfaction, you are not required to continue accepting poor service. Speak up! Most professionals will continue with the status quo unless you voice your concerns. A good professional will change their actions when their clients voice an issue. If you have already taken this step and nothing has changed, then it is probably time to start shopping elsewhere.
  • I like me best: Something I witnessed over and over again is a woman staying in a professional relationship that was not serving her simply because she was afraid of hurting someone’s feelings. Many women have told me that ending a professional relationship is like parting ways with a boyfriend. If this is you, something to keep in mind is, “I like me best.” While putting others above yourself is noble, it is not always in your best interests and there are better ways in which to do this. If you have already tried to talk to your professional and nothing has changed then it’s time to find someone new who can serve you better.
  • Have someone else do it: Ending a long-term relationship with a professional can be difficult for some people. The good news is, a lot of times, you don’t actually have to have that super uncomfortable conversation. Once you have found a new person to work with, they can usually have that conversation for you. In the case of a financial advisor, it is as easy as having them request a transfer from your old institution. No ugly confrontation required. If you get a bitter and angry phone call or email, that will confirm that you have made the right choice by changing.

I can’t speak for all women, but a lot of the women I know are wired to be people pleasers.

While this may serve them well in their personal lives, it is not necessarily conducive to healthy professional relationships. 

Personally speaking, this quality has landed me in more than one uncomfortable situation. Where I was not being served well, but I was too afraid to make a change thanks to some bizarre sense of loyalty. Learning that I can make a change has not only been liberating, it has been lucrative. 

At the end of the day, you need to look out for you, and if you’re not happy, then something has to change. 

Surviving Coronavirus in Canada

Coronavirus in Canada

Feeling uneasy or maybe a bit scared by what you’re hearing in the news right now? They’re talking about market free falls, a disease that has people quarantined and likely all of your upcoming events have been canceled. People are panicking and bulk buying, and you’re trying to keep your cool while wondering what you can do to survive the Coronavirus in Canada. Knowledge is power, so let’s talk about what you have control over.

The virus is affecting our World way beyond health. 

It’s hitting our communities, lifestyles, and economy drastically. But don’t fret! There are things you can do about it. Right now, it’s important to take care of our communities and make sure that we’re prepared.

How can we support people?

Community is so important in times like these. Sharing resources is the perfect place to start. Whether you have food or coveted toilet paper, sharing is caring. Our local heroes are helping people who don’t have access to their medications and other necessities right now.
Let’s not forget those suffering in silence from their mental health, too. Those with an anxiety disorder that’s being perpetuated and domestic abuse victims who are quarantined in dangerous situations are part of that group.

Reach out to your friends and family. You may not know what they’re struggling with behind closed doors. That human connection and support are so important right now.

Buy local.

You’ll hear us talk about that a lot at Iron & Pearl. Shopping locally can make a big difference, especially right now. These businesses often don’t have online stores or second locations that they can make an income from. It’s a family behind the scenes who relies on the income that their business brings in. Buying local is critical to curbing this financial crisis.

Stock what’s necessary.

At this point, we’ve been instructed to stay home if at all possible. It’s always a good idea to have a couple of weeks’ worth of food on hand in case of an emergency. Surviving the Coronavirus is no different. It’s important to have what your family needs but it’s not necessary to buy stores out of their stock. When we do that, it takes away resources from those who haven’t been able to leave the house – mothers of young children, the elderly, and those fighting on the front lines. Look out for your neighbours.

Keep an eye on your emergency fund.

Your family has told you for years that you need to have an emergency fund. Do you have one? Many people don’t have much of an emergency fund. Either from not seeing the importance of it or because money was tight before any of this happened.

We’re hoping that you see how imperative an emergency fund can be at this point. Check out our blog post on “how to save money without making more” to read more.

Keep an eye on what you’re spending as well. As much as spending would help our economy, spending unnecessary money right now may hurt you later.

Stop looking at your investment statements.

You know they’re not looking good and so do we. Our advice still stands – don’t sell. Have you ever heard the sage advice buy low, sell high? That’s exactly what we should be remembering right now. Unless a professional who knows your specific case has told you to sell now, just hang tight.

“That’s it, we’re done.”

Don’t let yourself get to that point with your finances. There’s no doubt that some people will be hit hard financially by this market free fall. But, there have been measures put in place already. If you’ve been quarantined or laid off, look into EI benefits. They’ve made some big changes to ensure you’ll have at least some income right now.  BC Hydro and the big mortgage lenders are offering for those in a tight financial spot to defer their payments for up to 6 months. Keep in mind, you will still have to honor those payments. But, if you’re genuinely struggling to make ends meet, take hold of this opportunity.

Filling out an insurance application?

It’s going to take longer. If you’ve recently traveled, you will have to be in quarantine for 2 weeks before they can consider your application. Companies have stopped issuing travel insurance and medical tests have been suspended until further notice – making it more difficult to get many types of personal insurance. “Business as usual” may not really be. Insurers have people working from home or locked-down offices so that your questions can be answered, but buying yourself a policy will be more tricky.

Put your phone down.

We’d prefer it if you finished reading this article first 😉 but try not to stay right on top of the news. There are scary videos coming out on social media, headlines that’ll turn your stomach, and helpful Government plans that make you feel nervous about how long this will last.

Keeping yourself up to date may seem helpful, but it can also be anxiety-inducing. If you’re feeling overwhelmed or uneasy about this situation, stay home and put your phone down. At this point, helpful information may actually be harmful to you. Having Coronavirus in Canada is going to be all about preparation and education.

This is a scary time for the World. Building community and leaning on each other might just be the silver lining in all of this.

We won’t be staying quiet in our offices as this goes on! Follow us on Instagram or Facebook for consistent updates on the financial support that Canada is offering and other options available to you.

As always, reach out to us through our contact page and we’ll do our best to help.

Canada's March 18 Covid-19 Economic Response Plan

Why Mom-preneurs Need Life Insurance the Most

why mom-preneurs need life insurance the most

As a busy business owner, do you feel like you’re running around like a chicken with its head cut off? Holding client meetings, being a parent taxi in between, meal planning, running the house and being the glue that holds everything together. Who would do all of that if you couldn’t? That’s exactly why mom-preneurs need life insurance the most.

If working from home allows you to chauffeur your kids, run errands, do chores or be a homemaker, your family would be lost if you weren’t there.

Even if you don’t work from home, hired help and put systems in place so that certain things can run smoothly without you there, your family will still be scrambling to do those little things that often get overlooked. Not to mention how much they’d miss you.

Your business may also be an asset.

Having a plan to cover your business expenses until it can be sold would be a tremendous help to your family. Or, maybe your kids are a bit older and one of them would like to run your business. Giving them or your business (if it’s incorporated) a set portion of your life insurance benefit would afford them what they need to transition your company.

For example:

  • Cost of closing your business
  • Covering outstanding debts
  • Capital Gains
  • Ensuring your employees/subcontractors are paid for their work
  • Legal fees
  • Taxes
  • Financial obligations, especially if you personally guaranteed your debts against your home/investments/etc.

Of course, that’s not an exhaustive list – just a starting point. Talk to your Financial Planner/Accountant and Lawyer to determine exactly what you need.

Especially if you’re a sole proprietor, consider your personal taxes as well.

We want to prevent your family from getting any unexpected, large bills. Sitting down with your Insurance Broker or Financial Advisor is the first step in ensuring your personal and business finances are in order if anything does happen.

Mom-preneurs need life insurance the most because they often juggle two important roles – a business and a home.

You have a very important role and play a detrimental part in caring for both your business and your family. Having a life insurance policy and talking about a plan with your partner can ensure that they’ll be taken care of, even if you’re not there.

Remember, you’re in control of your financial future.

It takes time and effort to put plans like this in place, but it’s worth it to know that your family is taken care of.

If you could use weekly reminders about taking a holistic approach to caring for your finances, join our newsletter!

What Is Disability Insurance?

what's disability insurance

There is a type of insurance that’s painfully underrated. I’ve never understood why. It can save your life – or at least your lifestyle. It’s Disability Insurance. What is Disability Insurance? Well, we’re going to cover that in the short video below!

Disability Insurance replaces a portion of your income if you’re too hurt or sick to work.

It gives you the ability to keep paying your bills so you can focus on your recovery. Maybe you’re able to use WorkSafe or Employment Insurance. Just remember, they only pay in certain circumstances and/or for certain periods of time. If you’re self-employed or working a side hustle and not sure what you qualify for, read these 2 blog posts: What If I Get Hurt At My Side Hustle? | Government Benefits for Self-Employed Canadians

EI Insurable Earnings

With a plan like the one we walked through in the video above, Sam was able to fully recover and didn’t have to stress about paying her bills or have increased debt. Having an emergency fund to supplement her Employment Insurance and extending her personal disability insurance waiting period, so that the benefit starts later, made the insurance premium much more affordable.

Disability Insurance is a very flexible product. You can customize when it starts paying you, for how long, and how much.

You can also choose whether you’re covered for accidents, sicknesses or both.

Accident coverage is a simple concept – it will pay you if you can’t work because of an accident. Sickness coverage, on the other hand, is more robust.

Sickness coverage can replace your income from serious illnesses like cancer or other internal pains like muscle wear-and-tear.

Getting both accident and sickness coverage can cover you from *almost all angles.

What Disability Insurance doesn’t cover is medical expenses and long-term care. Those are 2 separate types of insurance.

The benefits of disability insurance shouldn’t be underestimated.

Here’s an example:

Let’s say Sam is 30 years old and makes $50,000 a year as a bookkeeper. The accident was much worse than a concussion and Sam will never be able to work again.

We’re going to make this fair and compare her after-tax income of $39,586.

Assuming Sam works the same job until she’s 65 years old and never gets a raise:

$39,586  X  35 years  =  $1,385,510

If Sam qualified for the CPP Disability benefit (permanently disabled or likely to die from the condition) and received the average $1001.15 per month benefit:

$1001.15  X  12 months  =  $12,013.80    X  35 years  =  $420,483

Let’s minus her CPP benefit from the income she’s missing out on:

$1,385,510 lost wages    $420,483 CPP Benefit = $965,027.00

That means that in the BEST CASE SCENARIO, Sam would lose $965,027.00 in income. And that’s if she never made more than she does right now.

If Sam doesn’t qualify for CPP disability and again, never gets a raise, she’ll lose out on

0
CAD $

But Sam still needs to pay for her living expenses and might need to pay for medications or disability support now, too.

That’s why we believe that disability insurance is painfully underrated.

Remember, you are in control of your financial future. Plans like this can play a crucial role in securing your family’s lifestyle.

It takes time and effort to put in plans like this, but it’s worth it to know your family will be taken care of.

*Each policy is different. There are exclusions in all insurance policies.

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What are My Life and Health Insurance Options?

Trying to figure out what your life and health insurance options are? You have so many choices when it comes to insurance, so this question can spark some confusion. But you’re not alone!

It’s not uncommon to sit down with a new client and they tell us they’re not sure what kind of insurance they need. They just know what they want to prevent.

You can get just about anything covered by insurance nowadays. Kylie Minogue even has her tooshie covered for an easy $3M.

Getting your THINGS covered is fairly straight forward but it gets a bit more tricky when we talk about covering your PERSON.

There’s an endless list of situations you’ll want to cover but only 6 types of insurance. 

your insurance options

Life Insurance

Pick your benefit amount (within reason) and this plan will pay a sum of money to your loved ones when you pass away. That includes Mortgage Insurance, Term Life Insurance, Whole Life and Universal Life Insurance.

If you have debt or a growing family, this is a must!

Disability Insurance

It replaces your income if you can’t work while recovering from an accident or illness. Without an income, how would you pay your bills?

48% of Canadians have disability insurance and almost all of those people are covered through employee benefits, not because they bought it themselves. The other 52% only has E.I. to financially help in this situation – and that stops after 15 weeks – that’s a scary statistic!

Critical Illness

Pick your benefit amount and this plan would pay you a sum of money if you survive a critical illness like cancer, heart attack, etc. If you need to make changes around your home because your abilities have changed, this plan is a lifesaver. Use it to replace your income while you take time off work or celebrate the fact that you survived!

Health Insurance

Health Insurance can help or cover the cost of prescription drugs, dentist visits, physiotherapy and more. Getting hurt or sick can be more than losing your income; there are expenses that come with it. This coverage, as with all insurance, must be purchased before you need to use it.

There are a couple of health insurance options if you know you’ll need to use the plan immediately. But, those plans cost more and cover a lot less.

Travel Insurance

Canadians are pretty lucky to have the health coverage that we do. But, once we’re outside the border, we’re on our own! Make sure you’re covered wherever you go with travel insurance.

From surprise dental surgery to changing your flights last minute, travel insurance is super affordable for how much it can save you.

Business Insurance

Your life and health insurance options can be set up so that your small business gets the benefit. Having your business as the beneficiary will allow it to keep operating, even if you can’t. Make sure your business is covered! 

From covering the financial loss of your right-hand-worker has to take a leave to offering employee benefits, you have a lot of options!

Remember, YOU’RE in control of your financial future.

It takes time and effort to put plans like this in place but it’s worth it to know that your family is taken care of.

Have some follow up questions? Book a Quick Call with us! We’re here to help 💪

How to Save Money Without Making More

how to save money without making more

Half of Canadians live paycheque to paycheque. That’s a staggering statistic. But, with how expensive some of our main cities have become – I’m looking at you, Vancouver and Toronto – it’s not so surprising. So, how does one save money when struggling to make enough as it is? Here are a few ways you can save money without making more.

Blog post on saving in bite-sized-chunks: https://ironandpearlfinancial.ca/3easysavingtips/

First, you absolutely need to know how much money you make and how much you spend.

This is non-negotiable. There’s no way around it – I’ve tried 😆 There are many options and apps that can help. I gave myself a month to track everything, which gave me a light at the end of the tunnel for the tedious work of data entry. Track what you make and go through every penny you spend on your debit and credit cards and keep receipts for all cash purchases.

You’re right, it’s a pain to do, but saving your receipts for a few weeks and entering information is worth it for how much this pays off!

I entered everything into a blank excel spreadsheet. Here are the categories I put each expense under:

  • Insurance
  • Food
  • Entertainment
  • Gas/Transportation (including car/bike repairs)
  • Gifts/Clothing
  • Medical expenses
  • Phones/Internet/Cable
  • Membership (Netflix, kids’ programs, Amazon Prime, etc.)
  • Work expenses (tools, dues, uniform, etc.)
  • Debt repayment
  • Savings/Investment contribution

You may have miscellaneous expenses to create categories for. The only way to do this wrong, is to not do it! I can almost guarantee you’ll have an unexpected or emergency expense. Do not toss it thinking it was a fluke. There will always be emergency expenses that need to be accounted for.

Once you know how much you bring in vs. how much you spend, you’ll have an idea of where the problems are.

Save the extra.

Now that you know how much you should have leftover each month, you’ll know if there’s any money left to put in a savings account. I’ve been putting $25 a week into a side account (with compounding interest) for a few years now and it’s been a lifesaver.  Learn more here. Sometimes you just need to save in bite sized chunks when you want to save money without making more.

A few years after starting our own bite sized savings plan, I came across the “latte factor”. If you’re new to that concept, here’s a quick video.

What resources do you already have?

Many people are already working multiple jobs or have other reasons why it’s hard to make ends meet (let alone save), simply saying “you need to make more or spend less”, doesn’t work.

What resources are at your fingertips that you might not be using? Here are a few ideas to get you started:

  • Credit Card Benefits – credit cards often offer little ways to save you money. Like free travel insurance if you pay with your card, bonus dollars if you spend a certain amount,  cash back, warranty extensions/coverage, etc.
  • Employee Benefits – Do you understand your plan? These plans can cover an a lot of health expenses and might offer other benefits. Some companies also offer investments opportunities – don’t risk missing out because you didn’t want to ask a silly question. Someone in your office (probably HR) is responsible for this plan and can help you understand it.
  • Other Member Benefits – The other week, my phone company paid for me to take a friend to the movies just because I’m their customer. We get discounts at certain stores because of my Partner’s company affiliations. Some of my networking groups give me discounts at stores or free first visits. Look at the groups/organizations/companies that you’re a part of and do a dive into what they offer their members!

What’s the interest rate on your savings account?

If you leave your money in a savings account that promises to grow by 0.5% each year (your interest rate) and you leave it in there for 10 years, you’re losing money – thanks to inflation.

Inflation is 2% on average. So, if you’re savings account is only making 0.5% interest, it’s not keeping up!

You’ll hate this next idea but I’m bringing it up because IT WORKS.

Anytime I’ve been in a tight financial spot, I switch to cash. There’s no more of a determining answer on whether you can get take-out than having $1.00 to use.

I take out cash once a week and make envelopes for each category. I chose to do it every week because it’s easier to not spend money when there’s less at your fingertips. Here’s what my envelope system looks like:

Envelope 1: Food $200.00/week
Cat food, cleaning supplies, and other household items are in this budget.

Envelope 2: Entertainment $40.00/week
It’s tempting to leave out when things are really tight, but at some point you’ll be out for an impromptu coffee or want a 6-pack and you don’t want to be tempted to put it on the credit card!

Envelope 3: Gas $60.00/week

Envelope 4: Clothing and gifts $20.00/week
This one typically sits for a little bit until an expense comes up. It feels really good to be prepared!

Envelope 5: Clothing & Gifts $20.00/week

Then, I make sure there’s enough in the account for auto with-drawls – strata fees, car insurance, etc. – and we strictly live off the cash in these envelopes. Some weeks I’m surprised to find there’s money left over! 

Now, I do it even when things aren’t tough because it makes me spend more consciously so I can strive towards the bigger things I want.

Remember, you’re in control of your spending. It takes time and effort to take control of your financial future and say a temporary no to things you really do want. You’ll get from this what you give to it.

Keep your focus in clear sight and I promise, you can start to save money without making a penny more.

 

Your Christmas Budget Cheat Sheet

Did you know that 42% of Canadians don’t have a budget for Christmas? CPA Canada’s study says most of us PLAN to spend less but only about half will actually budget. Hmmmmm. On the flip side, 1 in 5 admit they’re gonna blow whatever budget they didn’t create . In response to that, I’ve created your Christmas budget cheat sheet!

Now, if you’re celebrating the Holidays, Kwanzaa, Hanukkah or a really expensive Wendesday, that’s great too! Use this cheat sheet as you see fit.

Christmas is busy and budgeting isn’t fun. But, and especially if lowering stress and self-care is going to be a New Year’s Resolution, it’s a necessity.

What can you do about it? Well, I’m glad you asked! 😉

Scroll to the BOTTOM of the page and grab a worksheet freebie!

When it comes to budgeting, making a plan is the best route! There are 10 tips in your Christmas budget cheat sheet. You’ll find a few of them have helpful links – be sure to click on those!

Grab your freebie below!

1. Think back to last year:

How much did you spend? Did it seem worth it?

2. Pick a number: 

BEFORE you get to the store, decide how much you’ll spend on each person and keep track of that number.

3. Shop for deals: 

We all have a little computer stashed in our pocket (your smart phone!). Before you hand your card over, do a quick search online and see if another store has a sale on that item.

4. Send an e-card:

If you like to send a Holiday card each year, why not send an e-card? It’s MUCH cheaper (FREE most often) and so much better for the environment.

5. Know why you’re giving the gift: 

Think of that one person (or group of people) that you “have to buy a gift for.” Just in case you need it, here’s your permission to NOT buy them anything. It doesn’t make you cheap or a scrooge. You’re not obliged to buy Christmas presents! That’s an idea that’s been SOLD to you.

6. How many leftovers do you want?:

In our family, we joke about ‘pawning off’ the leftovers so the cook doesn’t have to eat half a turkey 😆 But think about how silly that is! If you find you have a tonne of leftovers each year, try cooking a little less. Now that’s a win-win! Another option is that, after dinner, you bring a warm tupperware and a fork downtown for a homeless neighbour.

7. Pick a name: 

The last few years, our family has been drawing names using this program. (not an affiliate link) It’s made Christmas so much easier! We each pick one name and have a spending limit. It’s really helped our budget and we all leave with things we actually wanted; no ‘filler presents’.

8. Try a more needs based approach to buying for kids:

One thing they want, one thing they need, one thing to wear, one thing to readand one thing for the family.

9. Limit your decor: 

I have a deal with myself to not get more than the 1 bin I have for Christmas decorations (not including the tree). Now, that might be unrealistic to you, especially if you have kids. Maybe it’s 3 or 4 bins. Whatever it is, limit yourself to what fits in the space you’ve allowed. Remember, you’re paying for those items, the bin, AND the storage space they’re in – think storage lockers and extra sqft in your home. If you find a piece you LOVE, something else has to go!

10. Don’t be afraid of change: 

I’m a huge fan of traditions. Especially holiday traditions! But if they’re not serving you anymore, consider making a change. For example, if you always open a few presents on Christmas Eve (which means you have to buy ‘enough’ for Christmas Day too), try switching it up! A family game and a movie might be even more memorable.

I hope these Christmas budget tips come in handy this season! 

Remember, when the lights are taken down, the credit card still has to be paid! It’s worth planning a little now to save yourself from money stress in the New Year.

What’s YOUR favorite tradition during the Holidays? Comment below!

Download Link: Your Christmas Budget Cheat Sheet

P.S. Have you heard of ‘conscious consumerism”? I’d encourage you to look into that. Check out this video on the social responsibility. 

Would this blog have been helpful to find just a few weeks before Christmas? Sign up for our newsletter to get helpful tools like this right when you need them!

3 Easy Savings Plan Tips for Beginners

Today, we’re going to talk about savings plans for beginners!

We all need to be putting money aside for emergencies…maybe there’s a trip you want to take. Our family likes to save for tattoos 😉 These 3 savings plan tips for beginners are easy to use!

Whatever it is, this info is perfect for those of us just starting out. Jake and I have been using these since we moved in together. It’s helped us out of some really tight spots, and got us on a 3 week vacation to Australia. Look at that beach!

It’s worked so well for us, I thought I’d share it with you. Here are 3 Savings Plan tips for beginners!

The first tip is: SAVE ONCE A WEEK, NOT ONCE A MONTH.

The reason I’m suggesting so often is because bite sized chunks are a lot more manageable. Let’s use $100 as an example. What I’m suggesting is that, rather than putting aside $100 a month, put aside $25 a week. It’s a small enough amount of money that you likely won’t notice it leaving your account, but still adds up to your ultimate goal. Ideally, you’ll be putting aside a lot more than that, but $100 is a good place to start!

The second tip is: AUTOMATE IT!

Unless you’re a total Type A Superstar, you’re not going to remember to log into your banking app once a week and transfer that money over! Let’s just automate it and get the banking app to do it for you. Have that amount set to go at the same time/same day every single week.

If you know what your goal is – maybe you’re saving for a big trip that you know will cost $5,000, here’s where you’ll figure out exactly how long it’ll take you to save up enough. 

If you’re saving $100 a month, it would take you just shy of 4 years to save up for that trip. Now, set that expectation for yourself and be dedicated to putting the $25 a week aside with your automatic transfers set to go for the next 4 years. Option 2 is taking another look at your budget to see if you could bump up the amount you’re saving, even if it’s just by a bit! But it helps to know how long it’ll take up front, so you don’t get discouraged when it’s not happened as fast as you thought.

The third and final tip is: KEEP IT OFF YOUR CARD.

DO NOT make your savings account accessible by debit (or any other) card. It’s way too easy to see something shiny or put a couple small expenses on that account. But we’ve all been to Costco and know how quickly $20 here and there can add up! So, make it easier on yourself and don’t have easy access to the account.

We’ve found a Tax Free Savings Account (TFSA) worked best for us.

It doesn’t offer you a card to make deposits or withdrawals by and is not the type of account to use if you’re planning on putting a bit of money in and taking a bit out. It is, however, fantastic for saving for goals or emergencies! You also don’t get taxed on the interest you make by keeping your money in the account – that’s where the Tax Free part comes into play. In a TFSA, you would earn more interest as compared to a savings account over the long term, and the tax-free nature of the TFSA earnings means you’ll keep more in your pocket. Click here to learn more about a TFSA!

It’s been a great option for us and may be for you too. Please make sure you sit down with a Financial Planner or representative from your bank to see if a TFSA would be a good option for you and to learn about the rules that come with that type of account.

The information in this post is based off of my personal experience and opinions. It is for general information only, so do contact a professional who is able to look at and advise your specific needs before making any decisions. 

Those are the 3 tips that we’ve been using for our own savings plan! We started about 5 years ago and having an emergency plan/savings fund that wasn’t stressful to contribute to has made a big difference for us. These beginner tips have worked great for us and I really hope they work for you as well!