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

Abbotsford schools get health and safety award for third year running

District gets recognition for training in crisis intervention, new violent incident reporting system

Rainstorm drenches Lower Mainland as snow falls on the Sea-to-Sky

Heavy rains, snow expected till Friday morning

Abbotsford schools shift consent policy for McCreary health study

School board votes unanimously in favour of stricter parental consent policy for survey participation

Your daily commute and weather forecast: Dec. 13, 2018

Heavy congestion in Abbotsford, Langley, Surrey and past the Port Mann. Rainfall warning in effect

UFV students raise money to keep ‘nicest’ person in Abbotsford

Foreign student struggles to pay for schooling after Trump withdrawal from Iran deal

Cannabis gift ideas for this holiday season

Put the green in happy holidays, now that cannabis is legal in Canada

‘I thought I was dead as soon as I saw the gun’

Keremeos gas station attendant tells story about man with gun coming to store

5 to start your day

Torched-SUV victim from Surrey ‘had the purest heart,’ TransLink will bring free WiFi to buses, SkyTrain and Seabus by 2020 and more

‘People talk about deep sadness:’ Scientists study climate change grief

Some call it environmental grief, some call it solastalgia — a word coined for a feeling of homesickness when home changes around you.

As protectors abandon Trump, investigation draws closer

Cohen was sentenced Wednesday to three years in prison for an array of crimes.

Senate delays start of sittings in new home, delaying start of broadcasts

The Senate and House of Commons are moving into temporary homes for the next decade as a result of long-planned and badly needed renovations to the Centre Block.

UK leader seeks EU lifeline after surviving confidence vote

EU leaders gather for a two-day summit, beginning Thursday, which will center on the Brexit negotiations.

Snowfall warning for Coquihalla, B.C. highways

It’s another wintry day for B.C. highways

Man climbs tree to evade police after Surrey RCMP called to domestic dispute

The man was 60 feet up the tree for hours, according to a Black Press freelancer at the scene

Most Read