Setting financial goals for 2009
By Amy Brown Bowers • Bankrate.com
And while you may think you have no money to spare, monitoring your cash flow may change that.
"If you don't know where your money is going, how are you ever going to find enough to save?" asks Marc Lamontagne, a CFP with Ryan Lamontagne Inc. in Ottawa. "Having a handle on your cash flow has been a proven method of financial success."
30 to 50: Build a plan
As you enter your peak earnings years, it's important to establish a plan to help you reach your goals. "It's just like having a road map in a strange city -- if I do this, then I'm going to get there," says MacKenzie, adding that this stage of life is among the most stressful and that having a plan is the best way to reduce stress around money worries. A good plan shows where you are, where you want to go and includes systematic and concrete steps that will get you there.
No matter what your circumstances and no matter how tangled your financial situation, getting help from a qualified expert to build a plan is always a good idea.
"In this age group, most seem to have the startling
realization that they only have a few more years in which to save
for retirement," says Kathryn Jankowski, a Toronto-based wealth
consultant and divorce finances specialist with T.E. Wealth. "If
you retire at age 65 and live to age 90, then you have 25 years
of income replacement to think about. When the kids are gone and
your job is more established, this is the best time to aggressively
save for your retirement years."
50 to 65: Double-check your plan
Now is the time to double- and triple-check that you're set for retirement by eliminating debt and maximizing contributions.
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