Pay Yourself First
One of the best strategies for young families is understanding the value of having a disciplined savings plan and starting early. A “Pay yourself first” strategy through a regular PAC ( Pre-Authorized Chequing Account) to take advantage of dollar cost averaging works well to help to make sure that savings are a priority. Harness the magic of compound interest and time.
You want your child to have choices when it comes to planning for your children’s post-secondary education. A RESP is an excellent way to save for your child’s future while taking advantage of the Government’s Canada Education Savings Grant.
TFSA-Tax Free Savings Accounts
If you are 18 and over, you can invest a TFSA just like any regular investment (not just a high interest savings account) and you do not pay any tax on the growth!
Cash Flow Planning:
Becoming aware of and adjusting your personal spending. Creating a plan that takes in to account your income, expenses, proximity to retirement (or other major goals), assets and liabilities and recommending how much you can spend on the things he/she can control to achieve these goals
Personal Financial Education
Since personal finance is usually not taught in school, you owe it to yourself to become educated in personal finance. There are many opportunities to find groups or webinars to get this information.