Save It. Spend It. Leave It.
Save It. Spend It. Leave It. These three steps hold the key to effectively managing your money throughout your lifetime. However, many people experience emotional reactions like embarrassment, fear, and shame when it comes to handling money. Overcoming these limiting beliefs is the first step toward financial empowerment. Unraveling and reframing negative thoughts and feelings about money is an ongoing process, for being wealthy means having the resources for nurturing one’s mind, body, and soul.
To begin, it is beneficial to view money as a tool that can be mastered through practice and a willingness to learn. Developing skills in money management starts with crafting a plan. Engaging a financial advisor is akin to hiring a teacher or coach who can provide guidance and support while addressing your queries and concerns.
Save it. Many people are less educated in the advantages offered by Tax-Free Savings Accounts (TFSAs), missing out on the potential gains that are not taxable upon withdrawal. RRSPs continue to be a popular savings instrument for those with higher incomes, to reduce income taxes in the moment. You will pay tax on any amount withdrawn, unless activating the Home Buyers Plan or Life Long Learning Plan loans from your RRSP.
Spend it. Choosing how and where to spend your money is the most important lesson to learn. Some people balk at the word “budget,” feeling that, much like being on a diet, they are depriving themselves. A spending plan can be as individual as you are, the most important factor being to shine a light on where your money is going, tracking it, and making adjustments.
Leave it. Create a meaningful legacy for your loved ones, community, or favorite charity. While spending quality time with your loved ones is priceless, life insurance can provide a tax-free monetary legacy for future generations.
By embracing these three steps—Save It, Spend It, Leave It—you can gain control over your finances and pave the way for financial well-being. Remember, money is a tool that can be harnessed for personal growth, and seeking guidance from financial experts can empower you on your journey to financial success.
Melanie Cheek
Orchestrate Your Wealth
info@MelanieCheekFinancial.com | 780-604-3711
www.MelanieCheekFinancial.com
