By Adam Prittie, CIM, CFP, BCOM, Associate Portfolio Manager, Financial Advisor
It’s time for a Financial Goals Check-Up: Are You on Track? Today, let’s focus on the importance of regularly reviewing your financial goals. Whether you’re aiming to save for retirement, purchase a new home, or build an emergency fund, it’s crucial to assess your progress periodically. By doing so, you can ensure you’re on the right path and make necessary adjustments. Let’s delve into how we can evaluate your current financial situation, tweak your strategy if needed, and set achievable milestones to keep your financial journey on track.
The Importance of Regular Financial Check-Ups
Life is full of changes, and these changes can significantly impact your financial landscape. A new job, a promotion, a new family member, or even changes in the economy can influence your financial goals and strategies. Regular financial check-ups allow you to adapt to these changes, ensuring your financial plan remains relevant and effective.
By periodically reviewing your financial situation, you can:
• Identify any discrepancies between your goals and your current progress
• Adjust your financial strategies to reflect changes in your life
• Take advantage of new financial opportunities
• Mitigate risks that could derail your financial plans
Evaluating Your Current Financial Situation
The first step in a financial check-up is a thorough evaluation of your current financial situation:
1. Income and Expenses
2. Savings
3. Investments
4. Debts
Adjusting Your Strategy
After evaluating your current situation, it’s time to adjust your financial strategy steps if necessary:
• Reassess Your Goals
• Revise Your Budget
• Enhance Your Savings and Investments
• Refinance or Consolidate Debt
Setting Achievable Milestones
Breaking down your larger financial goals into smaller, manageable milestones can help you stay motivated and track your progress effectively. Here’s how you can do it:
• Short-Term Goals: These are goals you aim to achieve within the next year, such as building an emergency fund or paying off a credit card.
• Medium-Term Goals: These goals typically span one to five years and might include saving for a down payment on a house or buying a new car.
• Long-Term Goals: These are goals that take more than five years to achieve, such as saving for your children’s education or planning for retirement.
Partnering with a Financial Advisor
Navigating your financial journey can be complex, but you don’t have to do it alone. Partnering with a financial advisor can provide you with the expertise and support needed to stay on track. A financial advisor can help you:
• Clarify your financial goals
• Create a detailed financial plan
• Monitor your progress and adjust your strategy as needed
• Stay accountable and motivated
Take the Next Step
Regular financial check-ups are vital for maintaining a healthy financial life. By evaluating your current situation, adjusting your strategy, and setting achievable milestones, you can ensure you’re on track to meet your financial goals. If you need assistance, don’t hesitate to contact me for a financial goals check-up. Together, we can secure your financial future and help you achieve your dreams. Contact me today to schedule your financial goals check-up. Let’s work together to keep your financial journey on track and ensure you reach your financial goals.
CONTACT US TO LEARN MORE
Adam Prittie CIM, CFP, BCom
Associate Portfolio Manager, Financial Advisor
Visit prittieprivatewealth.com, email aprittie@mandevillepc.com or call (613) 728-0101
Mandeville Private Client Inc. is a member of the Canadian Investment Regulatory Organization (CIRO) and the Canadian Investor Protection Fund (“CIPF”). Commissions, trailing commissions, management fees and expenses may be associated with investments. Products are not guaranteed; their values change frequently and past performance may not be repeated. Please read the offering documents before investing.
