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

Skier dies at Revelstoke Mountain Resort

Cause of death has not been released

Readers weigh in: Should shock collars on dogs be banned?

We asked and you had a lot to say. Here’s some of what

CPR training in Vernon saves lives

Sign up this weekend at Vernon

Arrest made in Kamloops kidnapping case

Robert James Rennie was located and arrested Feb. 21 by the Penticton RCMP

Fashion Fridays: Must have wardrobe basics

Kim XO, helps to keep you looking good on Fashion Fridays on the Black Press Media Network

Seatbelts on school buses would come with safety, cost concerns

Retrofitting belts would cost approximately $240,000 for 24 buses

Skier dies at Revelstoke Mountain Resort

Cause of death has not been released

National Energy Board approves Trans Mountain pipeline again

Next step includes cabinet voting on the controversial expansion

Highway 1 intersections collision hotspots in the Shuswap

ICBC data shows Salmon Arm motor-vehicle collisions from 2013 to 2017

Regulator’s report, coming today, unlikely to settle Trans Mountain pipeline battle

The Trans Mountain pipeline will remain a controversial topic both in the political ring and out

Kelowna council to consider order to fix dangerous slope

An unstable slope below Loseth Road is threatening homes

‘There is no market for it,’ Kelowna apartment recycling takes a hit

Waste Connection of Canada’s is no longer picking up certain materials in the Central Okanagan

Most Read