{"id":5618,"date":"2018-02-20T18:28:13","date_gmt":"2018-02-20T23:28:13","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=5618"},"modified":"2021-09-30T10:58:37","modified_gmt":"2021-09-30T14:58:37","slug":"what-to-do-now-so-youre-not-broke-in-the-future","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/what-to-do-now-so-youre-not-broke-in-the-future\/","title":{"rendered":"What to Do Now So You\u2019re Not Broke In The Future"},"content":{"rendered":"

\"\"<\/p>\n

We\u2019re all about living in the moment and enjoying your life for what it is today. However, one of the biggest things that people do is spend too much time living in the moment that they forget about their future. Whether it\u2019s wanting to go to university, wanting a new car, having kids, getting married, or whatever your long-term goals are in life, it\u2019s important to plan for your future <\/span>now<\/span><\/i> so you can not just make your short-term goals come to life, but also your long-term ones.<\/span><\/p>\n

So how can you strike a balance between the two? Here is some advice: <\/span><\/p>\n

Know what you\u2019re saving for <\/b><\/h3>\n

This is a big one. It can be hard to know exactly where your path is going to take you, but <\/span>knowing what your money is being saved for<\/span><\/a> helps. For example, a long-term goal may be that you want to reach financial independence at age 60 so you no longer need to work to live and enjoy life. In that case, you may want to look at starting an <\/span>RRSP<\/span><\/a> and figuring out how much you can contribute now, and how much you need to contribute to reach your desired retirement amount. <\/span><\/p>\n

This can seem daunting, especially when you\u2019re young, so that\u2019s why it\u2019s important to also have short-term goals too. This can be anything from paying off your student loans or debt, buying a new car or home, going on your dream trip to Africa, the list goes on. Once you have these, write them down, and figure out how much you\u2019ll need to make those goals happen, and how you\u2019re going to get there step-by-step. <\/span><\/p>\n

Create a budget <\/b><\/h3>\n

Having a <\/span>budget<\/span><\/a> and understanding your cash flow is going to be one of the most important things to help you determine your financial future. If you want more money to spend now or down the line, you\u2019re going to need to understand where your current money is going to and coming from. Do this by tracking how much you are spending weekly and what you\u2019re spending it on. Apps like <\/span>Mint<\/span><\/a> can really help make this process easy.<\/span><\/p>\n

As you begin to track and take a hard look at your spendings and savings, you\u2019ll soon realize where you are overspending. This will help you prioritize what\u2019s important to you and have more control over your money, both in the short and long-term. <\/span><\/p>\n

Start a savings account<\/b>
\n<\/span><\/h3>\n

When you\u2019re putting all your money into one account, it can be easy to spend it on whatever, whenever. However, if your \u201csavings\u201d are sitting in that same account, it\u2019s hard to know what you are saving, versus what you should be spending. That\u2019s why it\u2019s important to keep your savings separate. <\/span>
\n<\/span>
\n<\/span>There are different types of accounts out there that you can open to help you save money. <\/span>Tax-free savings accounts <\/span><\/a>(TFSA) is a way for people to set money aside tax-free throughout your life. Meaning that contributions to this account are not deductible and any amount contributed, as well as income earned in the account (like from investments for example), is generally tax-free. <\/span>Registered retirement savings plans<\/span><\/a> (RRSP) are great for saving for retirement or bigger purchases in your life like a house, since taking money in and out of this account isn\u2019t always the easiest. Contributions to these accounts can also be claimed on your income tax and can help reduce the amount of tax you owe during tax season!<\/span><\/p>\n

Figuring out how and what to save for your future can be daunting, but if you have goals you want to achieve in your life that involve having money, you\u2019re going to need to take a hard look on how you\u2019re going to get yourself there. Even though saving for retirement doesn\u2019t seem like the most exciting way to spend your money when you\u2019re 40-50 years away from it, it\u2019s something that you aren\u2019t going to regret having as a cushion when you decide it\u2019s time to retire. And remember, even if you can only afford to save a little bit of cash each paycheque, a little bit can go a long way! <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"

We\u2019re all about living in the moment and enjoying your life for what it is today. However, one of the biggest things that people do is spend too much time living in the moment that they forget about their future. Whether it\u2019s wanting to go to university, wanting a new car, having kids, getting married, […]<\/p>\n","protected":false},"author":3,"featured_media":5659,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mi_skip_tracking":false},"categories":[10,11],"tags":[794,809,1148,1592],"yoast_head":"\r\nWhat to Do Now So You\u2019re Not Broke In The Future<\/title>\r\n<meta name=\"description\" content=\"What should you be considering now when it comes to your finances to ensure you're not broke in the future? 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