A working woman’s guide to financial wellness

(NC) Do you sometimes feel like you’re doing it all: building your career, caring for family and friends, budgeting finances and managing your household? With so much on the go, a woman’s life can be a juggling act. To help create a little more balance, it’s worth taking the time to build a financial plan that helps you achieve financial well-being. Here are three easy steps to get you started:

1. Consider your goals and priorities
   Start by thinking about what you want out of life and consider different savings plans that will help you get there. For example, if you want to save for your first home, a tax-free First Home Savings Account (FHSA) may be right for you. Or if someone in your family wants to pursue a post-secondary education, consider growing your savings in a tax-deferred Registered Education Savings Plan (RESP). It’s important to design your savings plan to reflect your priorities.
2. Keep your money safe
   It’s essential to make sure your savings are protected as you grow them. There are many online resources available to help you learn more about how to protect your finances, like the Canada Deposit Insurance Corporation’s (CDIC) online calculator. This organization protects eligible deposits in the unlikely event of bank failure. There are several coverage categories, including FHSAs and RESPs, and deposits are protected up to $100,000 for each category and member institution.  
3. Keep maintenance easy and convenient
   Shorten your to-do list by finding easy ways to organize your finances and track your progress. Consider automatic transfers to simplify saving, as well as paying bills. One way to stay on track is by using a tool to help manage your budget more easily. For example, the Financial Consumer Agency of Canada’s financial goal calculator and budget planner can help track your financial progress and ensure your money is only going where you want it to.

Taking the time now to budget and ensure your finances are protected can bring you a financially confident future and greater peace of mind. 

Find more information on deposit protection or how to calculate your coverage at cdic.ca.