How to Romance Your Finance
“I love me some me!” ~ Terrell Owens, former NFL football player
February is love month. Valentine’s Day in particular encourages us to express our love for another with flowers, cards, sometimes jewelery, and my favourite, chocolate. How do you show love for yourself? If the old adage is true, you can’t truly love another unless you first love yourself. So, what little things do you do for yourself?
From a financial standpoint, number one on the list should be to pay yourself first. At least ten percent of your take home pay should be tucked away in savings before the bills are paid. Don’t dip into the account except for emergencies, like job loss or unexpected illness…a shoe sale that you just can’t miss doesn’t count.
Invest your savings in a tax free savings account (TFSA) where it can grow and be withdrawn without any tax implications. Do this diligently and before you know it, you’ll have a healthy savings account that’ll protect you in case something unexpected happens. Being able to weather the storms and come out on the other side smiling is one of the best gifts of love that you can give to yourself.
Cynthia Hamlin, MBA Investors Group Financial Services, Inc.
Cynthia brings best in class financial planning services to women and women-owned businesses. On a mission to enable women to make sound decisions about building wealth and protecting their families, Cynthia’s goal is to ensure that her clients get the best personalized advice to address their individual financial concerns.