Keep drinking your caramel macchiato in peace.

Saving for your retirement latte

SMART goals will help you develop a personalised plan

If you’re like most people, saving and investing can be overwhelming. There are so many different options and decisions to make, it can seem easier to worry about it tomorrow and enjoy your extra hot grande caramel macchiato in peace, right? However, if you want to enjoy that macchiato 30 years from now, you want to keep reading!

First, take a deep breath. Saving is not nearly as scary as that spider lurking in your garage. According to Shaun Ludwar, Investment Advisor at Prospera Credit Union, it’s easy to get started. “The most important question to ask yourself is what you’re saving for,” says Ludwar. “Whether it’s a new car, a trip or retirement, knowing what you’re saving for is the first step to setting your goals.”

Ludwar recommends setting SMART goals to help you develop a personalised plan. SMART stands for specific, measurable, achievable, realistic and timely. If this seems daunting, an advisor like Ludwar can help you set SMART goals, and then work with you on how to achieve them.

One common goal is saving for retirement, which raises a big question – how much is enough? “There’s no magic number and it all comes back to your SMART goals. When you retire, do you want to eat Kraft Dinner everyday and never leave your house or do you want to explore the world with your granddaughter?” Ludwar asks. “Everyone has a different lifestyle goal and it’s important to save for your unique goals, not someone else’s.”

What if you already know what your goals are, but you’re living paycheque to paycheque? Ludwar suggests starting with everyone’s favourite word… budgeting. It may seem time consuming, overwhelming, or like something your grandparents did, but it’s quite simple once you get started. Knowing how much money is coming in versus how much is going out can be a real eye-opener. It can help clarify your basic needs and make sure they are met, while uncovering ways to tuck money aside each month.

You don’t need to figure it all out on your own, either. Financial Planners like Ludwar have the expertise to help you develop goals and set a plan to achieve them. Think of it like having someone in your corner every step of the way to help you reach your financial dreams.

Speak with a Prospera advisor today to keep enjoying that macchiato!

***

A credit union serving British Columbia for 75 years, Prospera is proud to serve its 63,000 members from locations in the Lower Mainland, Fraser Valley and Okanagan.

Comments are closed

Just Posted

Break-in at Brogan’s diner forces scramble on Remembrance Day

Musical instruments and karaoke machine stolen from the stage

Crash in Langley slows westbound traffic on Highway 1

Lanes have recently been cleared but cars are backed up past Bradner Road

VIDEO: Record turnout at Fort Langley Remembrance Day service

Estimated crowd of 6,500 packed the site

VIDEO: Attendance up at third annual Remembrance Day ceremony at Murrayville Cenotaph

Hundreds of families, air cadets, and scout troops, gathered for poems, songs, and silence

Langley veterans and families grateful for the gift

Recipients touched to receive Remembrance day tribute banners, more sought

VIDEO: Don Cherry says he was fired, not sorry for ‘Coach’s Corner’ poppy rant

Cherry denies he was singling out visible minorities with his comments

Report predicts drug resistance likely to kill 400,000 Canadians by 2050

This increase is expected to cost Canada 396,000 lives, $120 billion in hospital expenses

Sportsnet fires Don Cherry after negative comments about immigrants

Don Cherry had said immigrants don’t wear poppies like other Canadians do

Trudeau’s new cabinet: Gender parity because it’s 2019? Or due to competence?

Prime Minister Justin Trudeau will soon appoint his new cabinet

Coquihalla drivers urged to be careful amid freezing rain alert

Special weather statement in effect for highways between Hope, Merritt, Kamloops and Kelowna

Canada among three G20 countries least likely to hit emissions targets

It says Canada, South Korea and Australia are the farthest off

Conservatives’ Scheer wants Trudeau to open Parliament Nov. 25

That’s five days after Justin Trudeau is scheduled to swear in a new cabinet

14 SeaBus cancellations, free rides for veterans from TransLink on Remembrance Day

Free rides also available for current Armed Forces members, first responders

‘Your vehicle burns a lot of fuel:’ Victoria drivers wake up to angry notes

‘This handbill was left on your vehicle because your vehicle burns a lot of fuel,’ notes read

Most Read