Building a Positive Money Mindset – Your Blueprint for Financial Freedom
Introduction
Money, money, money—it’s everywhere, right? From paying for that morning latte to planning a dream vacation or even tackling student loans, money is a constant companion in our lives. Yet, how many of us stop and think about how we feel about it? Your relationship with money is just like any other relationship—it thrives when it’s healthy, positive, and intentional. Developing a positive money mindset isn’t just about thinking happy thoughts; it’s about shifting your perspective, taking control of your financial narrative, and embracing abundance over scarcity.
What is a Money Mindset Anyway?
Your money mindset is the set of beliefs and attitudes you hold about money. It influences how you earn, spend, save, and invest. Whether you realize it or not, your thoughts about money shape your financial behaviors.
Do you see money as a tool for freedom or as a source of stress?
Are you stuck in a scarcity mindset, constantly worrying there’s not enough?
Or are you open to opportunities, confident that money will flow to you in abundance?
Spoiler alert: a negative money mindset can hold you back from achieving your goals. But the good news? You have the power to change it.
Why Does Developing a Positive Money Mindset Matter?
Your mindset is more than just a buzzword—it’s the foundation for every financial decision you make. Here’s why cultivating a positive money mindset should top your to-do list:
It Reduces Stress: Let’s face it; money worries can keep you up at night. A healthy mindset helps you approach finances with clarity and calmness.
It Encourages Growth: Opportunities feel limitless when you believe in abundance.
It Builds Confidence: Knowing you’re in control of your financial story? Priceless.
It Inspires Action: A positive outlook motivates you to set goals, stick to them, and celebrate progress.
Steps to Develop a Positive Money Mindset
Ready to rewrite your financial narrative? Here’s your step-by-step guide:
1. Identify Your Money Story
Your money story is the narrative you’ve developed about finances over the years. It’s shaped by your upbringing, experiences, and even societal influences. Ask yourself:
What messages about money did I learn as a child?
How do I feel when I think about my finances—empowered or anxious?
Are there limiting beliefs (e.g., “I’ll never have enough” or “Rich people are greedy”) holding me back?
Jot down your answers in a journal. Awareness is the first step to change.
2. Challenge Limiting Beliefs
Once you’ve identified those pesky, negative thoughts, it’s time to replace them with empowering ones. For example:
Instead of “I’m bad with money,” say, “I’m learning to make better financial decisions.”
Swap “I can’t afford this” for “How can I make this happen?”
Pro tip: write these affirmations down and repeat them daily. It might feel a bit woo-woo at first, but trust me—it works.
3. Set Clear Financial Goals
A positive money mindset thrives when backed by clear, actionable goals. Break them down into short-term, medium-term, and long-term objectives:
Short-term: Paying off a credit card balance or saving $1,000 for an emergency fund.
Medium-term: Saving for a down payment on a home.
Long-term: Building a six-figure retirement account.
Make sure your goals are SMART: Specific, Measurable, Achievable, Relevant, and Time-bound.
4. Celebrate Small Wins
Every financial victory, no matter how small, deserves to be celebrated. Paid off a debt? Treat yourself to a fancy coffee. Hit your savings target? Share the news with a friend. Celebrating these milestones keeps you motivated and reinforces those positive vibes.
5. Surround Yourself with Financial Positivity
Ever heard the saying, “You’re the average of the five people you spend the most time with”? Apply that logic to your financial journey.
Follow Inspiring Accounts: Find financial influencers or thought leaders who align with your goals (like Laideen & Co.!).
Join Communities: Whether it’s a Facebook group or a local meetup, connect with people who are also on a money mindset journey.
Declutter Your Feed: Unfollow anyone or anything that triggers negative emotions about money.
6. Practice Gratitude
Gratitude is a game-changer. Instead of focusing on what you lack, appreciate what you already have. Start a money gratitude journal and jot down:
Three things you’re grateful for financially (e.g., “I’m grateful for my steady income”).
Wins from the week (even small ones like skipping takeout to save money).
7. Educate Yourself
Knowledge is power! Strengthen your mindset by learning how to manage your money effectively. Some ideas:
Read books like You Are a Badass at Making Money by Jen Sincero or The Psychology of Money by Morgan Housel.
Take online courses on budgeting, investing, or financial goal setting.
Listen to personal finance podcasts during your commute or workouts.
FAQs About Developing a Positive Money Mindset
Q: How long does it take to develop a positive money mindset?
A: There’s no one-size-fits-all answer. It’s an ongoing process that requires consistency and self-awareness. Start small, and over time, you’ll notice a significant shift in your perspective.
Q: Can I still have a positive money mindset if I’m in debt?
A: Absolutely! A positive mindset doesn’t mean you ignore challenges; it means you face them with courage and a plan. Focus on small steps like creating a budget and tackling debts strategically.
Q: What if I struggle with sticking to my financial goals?
A: Accountability is key. Share your goals with a trusted friend or financial advisor, and celebrate milestones to stay motivated.
Q: Are there apps that can help me stay on track?
A: Yes! Apps like Mint, YNAB (You Need A Budget), and PocketGuard can help you budget, track expenses, and monitor progress.
Conclusion
Developing a positive money mindset isn’t about ignoring financial realities; it’s about changing how you approach them. By shifting your perspective, challenging limiting beliefs, and setting intentional goals, you can transform the way you think about money—and ultimately, the way you handle it.
Remember, financial confidence is a journey, not a destination. So, take the first step today. Rewrite your money story, embrace abundance, and make those money moves like the empowered, unstoppable woman you are. 💪
Ready to start your journey?
Drop a ✨ in the comments and share your first step toward building a positive money mindset!
From Splurge to Savings: The Best Ways to Use Your Tax Refund
The tax filing deadline is just around the corner—April 30, 2025. If you’re expecting a tax refund this year, congratulations! It’s like a little financial bonus from the government, and it’s tempting to splurge it all on something fun. But before you hit “add to cart,” let’s talk about how you can strike the perfect balance between treating yourself and setting yourself up for long-term financial success.
Here are some smart ways to spend your tax refund in 2025.
1. Contribute to Your RRSP or FHSA
If you’re looking to stretch your dollars even further, consider contributing to your Registered Retirement Savings Plan (RRSP) or a First Home Savings Account (FHSA). These contributions not only help you build wealth over time but also reduce your taxable income, which could mean an even bigger refund next year.
RRSP: A great way to save for retirement while enjoying tax benefits.
FHSA: Perfect if you’re saving for your first home—tax-free growth and withdrawals for your dream home.
💡 Pro Tip: Allocate a portion of your refund to these accounts and watch your money work harder for you!
2. Boost Your Emergency Fund
Life is unpredictable, and an emergency fund is your financial safety net. Aim to have 3-6 months’ worth of living expenses saved. If your emergency fund is looking a little slim, use your tax refund to give it a boost. It’s peace of mind that you’ll thank yourself for later.
3. Invest in a Downturned Market
The market might be experiencing a downturn, but that’s actually an opportunity for savvy investors. Use your tax refund to buy into the market while prices are lower. Over time, your investments could yield significant returns as the market recovers.
Consider diversified managed funds or index ETFs to spread your risk.
If you’re unsure where to start, consult a financial advisor to align your investment strategy with your goals.
4. Pay Down High-Interest Debt
If you have high-interest debt like credit cards, your tax refund can help you save money in the long run by reducing interest payments. Start with the debt that has the highest interest rate and work your way down.
5. Treat Yourself (Responsibly!)
Yes, you read that right—you deserve to enjoy your hard-earned money, too! Set aside a portion of your refund for something fun, like a weekend getaway, a new gadget, or a spa day. Just make sure it’s within reason and doesn’t derail your financial progress.
💡 Pro Tip: Use the 80/20 rule—allocate 80% of your refund to wealth-building strategies and 20% to guilt-free fun.
6. Invest in Yourself
Your tax refund can also be an opportunity to invest in personal growth. Consider:
Taking a course to enhance your skills.
Joining a professional organization to expand your network.
Starting a side hustle or funding a passion project.
Investing in yourself is one of the best ways to create long-term value.
7. Support Your Community
If giving back is important to you, consider donating a portion of your refund to a cause you care about. Not only will you make a positive impact, but charitable donations can also provide tax benefits for next year.
Final Thoughts: Balance is Key
Your tax refund is a chance to make progress on your financial goals while still enjoying the fruits of your labor. By allocating your refund thoughtfully, you can create a balance between fun and financial security.
Need help deciding the best way to use your refund? At Laideen & Co., we specialize in creating personalized strategies to help you build wealth and achieve your goals. Book a consultation today to start making money moves that matter.
How are you planning to spend your tax refund this year?
Drop a 💵 in the comments if you’re ready to make smart money moves!
Spring Clean Your Finances: A Fresh Start for Your Money Habits
Out with the old, in with the new! Learn how to spring clean your finances with practical tips for decluttering debt, boosting savings, and simplifying your money management this season.
Spring isn’t just for tidying up your home; it’s also the perfect time to give your finances a much-needed refresh. Just like a cluttered closet, your financial life can get a little messy if you don’t periodically review and reorganize. Whether you’ve set big financial goals or just want to feel more in control of your money, this is your chance to wipe the slate clean and make intentional money moves. Ready to spring clean your finances? Let’s dive in!
Why Spring Cleaning Your Finances Matters
Much like a deep-cleaned house feels lighter and more organized, giving your finances a thorough review can do wonders for your peace of mind. It’s about more than just numbers; it’s about clarity, control, and setting yourself up for long-term success.
Avoid Financial Clutter:
Old subscriptions, unused accounts, or outdated insurance policies can weigh you down.
Stay Aligned with Goals:
Life changes fast—so should your financial plan!
Catch Mistakes Early:
A quick review could uncover errors or opportunities you hadn’t noticed.
7 Simple Steps to Spring Clean Your Finances
1. Declutter Your Accounts
Start by reviewing all your financial accounts. Do you have bank accounts, credit cards, or memberships you rarely use? Consolidate where necessary. Keep it simple—fewer accounts mean fewer fees, less confusion, and easier tracking.
Close old bank accounts or credit cards you don’t need anymore.
Review your subscriptions—are you still paying for that streaming service or gym membership you never use? Cancel it!
Set up automatic payments for essential bills to avoid missing due dates.
2. Refresh Your Budget
Your budget is the blueprint for your financial success, but it needs regular updates. Have there been changes in your income, expenses, or financial goals? Spring is the perfect time to revisit and realign your budget.
Track your spending for the past three months to identify patterns.
Allocate more towards savings and investments.
Leave room for fun—life’s too short to skip the occasional treat.
3. Review Your Investments
Your investment portfolio deserves just as much attention as your budget. Are your investments aligned with your long-term goals?
Evaluate your portfolio’s performance over the past year.
Reassess your risk tolerance—does it match your current life stage?
Diversify! Ensure your investments are spread across sectors to mitigate risks.
Consider rebalancing if certain assets are overweight.
4. Spring Clean Your Debt
Debt can feel like a heavy winter coat in spring—time to lighten the load!
List all your debts, including balances, interest rates, and minimum payments.
Focus on high-interest debt first (credit cards, personal loans).
Consider refinancing or consolidating to lower your interest rates.
Automate debt payments to stay consistent.
5. Update Your Insurance Coverage
Life changes, and so should your insurance policies. Now’s the time to review your coverage and ensure it meets your needs.
Life Insurance: Do you have enough coverage to protect your loved ones? Review your beneficiaries to ensure they’re up to date (especially after major life events like marriage, divorce, or the birth of a child).
Disability & Critical Illness Insurance: Are you covered if the unexpected happens?
Will & Power of Attorney: Make sure your will is current and that you’ve appointed a trusted individual as your power of attorney. This step is crucial for protecting your assets and ensuring your wishes are honored.
6. Build or Boost Your Emergency Fund
If the past few years have taught us anything, it’s the importance of having a financial safety net. A solid emergency fund can cover unexpected expenses like medical bills, car repairs, or job loss.
Aim for 3-6 months’ worth of essential expenses.
If you already have one, use spring as an opportunity to give it a little boost.
7. Set Financial Goals for the Year
Finally, take a moment to dream big. What do you want to achieve financially this year?
Buying a home?
Funding your retirement?
Saving for your child’s education?
Write down your goals and break them into actionable steps. Then track your progress monthly to stay motivated.
FAQs About Spring Cleaning Your Finances
1. How often should I review my finances?
At least once a year! Spring is a great time for a deep dive, but quick check-ins every quarter are also helpful for staying on track.
2. What’s the best way to manage multiple financial goals?
Prioritize them by deadline and importance. For example, saving for retirement should take precedence over funding a vacation. Automating contributions can also help you tackle several goals at once.
3. Should I work with a financial planner?
If you’re feeling overwhelmed or need personalized advice, a financial planner can help you create a tailored strategy for your goals, assets, and risk tolerance.
4. Why is reviewing life insurance so important?
Life insurance ensures your family is financially secure if the unexpected happens. Regular reviews ensure your coverage is adequate and that your beneficiaries are up to date.
Conclusion
Spring cleaning isn’t just for closets and garages—it’s for your finances too! By taking the time to declutter accounts, refresh budgets, review investments, and update insurance, you’ll feel more confident and in control of your money. Remember, small steps can lead to big changes. So grab your financial broom, ladies, and make some money moves!
Spring clean your finances today and set the tone for a successful, stress-free year ahead. You’ve got this! 💪 🌸
7 Wealth-Building Habits of Successful Women: How to Laugh Your Way to the Bank!
Discover the seven wealth-building habits of successful women and learn how to transform your financial life with humor and grace. Dive into 10 engaging sections filled with actionable tips and a sprinkle of laughter!
Ready to Laugh All the Way to the Bank?
Hello, fabulous readers! Are you ready to become the financially savvy woman of your dreams? Well, grab a cup of coffee—or a glass of wine, we won’t judge—and settle in. Today, we're diving into the seven wealth-building habits that successful women swear by.
Spoiler alert: it involves more than just wearing a power suit and pointing at pie charts. And yes, there will be laughter along the way because who said wealth-building had to be boring?
1. Embrace the Financial Funnies
Money talk can be as dry as a toast sandwich. But successful women know how to add a pinch of laughter to their financial conversations. Humor helps them keep perspective, reduces stress, and makes even the grimmest budget meetings a little more bearable.
First, they start with a joke—or several. Who doesn’t love a good pun about currency? It's like a rich blend of comedy and economics that keeps everyone on their toes. Sharing a laugh breaks the ice and opens up communication channels, making the discussion less daunting and more approachable.
Moreover, these women often infuse humor into their personal finance management. They might name their savings accounts something quirky like "Paris Dreams" or "Emergency Chocolate Fund." This creative twist keeps their financial goals front and center while adding a personal touch.
2. Setting Goals: Dream Big, Start Small
Every successful woman knows that wealth-building starts with setting goals. But here's the secret sauce: they make it fun! Think of it like drafting a wish list for Santa, but with less red velvet and more green paper.
First, successful women dream big. They visualize their ideal lifestyle, complete with the dream house, car, vacations, and yes, even the perfect pair of shoes. They don't hold back because, in the realm of dreams, anything is possible.
Then, they break those big dreams into small, achievable goals. It's like turning a mountain into a series of enjoyable hikes. They set milestones that keep them motivated and allow them to celebrate each step towards the grand vision. And trust me, each celebration includes a little dance party.
3. Budgeting: The Art of the Financial Pizza
Budgeting might sound as exciting as watching paint dry. But successful women have turned it into an art form. Picture this: a financial pizza, where each slice represents a portion of their budget. Yes, it's cheesy, but it works!
They slice their income into categories like savings, expenses, investments, and fun money. Just like a pizza, every slice is essential, and it all comes together to create a deliciously balanced financial life.
Moreover, these women know when to splurge on extra toppings. They allocate a portion of their budget to guilt-free spending, ensuring that they can indulge in life's little pleasures without derailing their financial goals. It's all about balance and enjoying the journey as much as the destination.
4. Invest Like a Boss: Stocks, Bonds, and Beyond
Successful women don’t shy away from the investment game; they dive in headfirst like they're playing a high-stakes poker match. They know that investing is one of the best ways to build wealth and achieve financial freedom.
First, they educate themselves. They attend seminars, read books, and listen to podcasts until they can discuss stocks and bonds with the best of them. Knowledge is power, and these women wield it like a mighty sword.
Then, they diversify their investments. They don’t put all their eggs in one basket. Instead, they spread their wealth across various asset classes, minimizing risk while maximizing potential returns. It's like having a financial buffet where you get to try a little bit of everything.
5. Networking: How to Make Money and Friends
Successful women understand that networking is more than just exchanging business cards. It's about building relationships that can lead to collaboration, mentorship, and even new opportunities. Plus, it's way more fun with a glass of wine in hand!
They attend networking events with a positive attitude and an open mind. They engage in genuine conversations, eager to learn from others and share their own experiences. It's like speed dating for your career—without the awkward silences or cheesy pick-up lines.
Moreover, these women maintain their networks by staying in touch. They send personalized messages, congratulate their contacts on achievements, and offer assistance whenever possible. It's a two-way street, and they drive it like a pro.
6. Continuous Learning: Stay Curious, Stay Rich
Successful women are lifelong learners. They understand that knowledge is the key to staying ahead in the ever-evolving financial landscape. And they make learning fun, like a treasure hunt for the mind.
They read books, take online courses, and attend workshops to expand their horizons. They seek out mentors and experts who can offer guidance and insight. It's like assembling an all-star team of financial superheroes.
Furthermore, they maintain a curious mindset. They ask questions, explore new ideas, and embrace change. They know that the world never stops moving, and they're determined to move with it, one delightful discovery at a time.
7. Self-Care: Because You Can't Pour from an Empty Wallet
Last but certainly not least, successful women prioritize self-care. They know that wealth is about more than just money; it's about living a fulfilling and balanced life. And they do it with style and grace.
They take time to recharge their batteries, whether that means a facial, a massage, or a Netflix binge session. They understand that they can't give their best if they're running on empty, so they make self-care a non-negotiable part of their routine.
Moreover, they practice gratitude. They take a moment each day to reflect on their blessings and achievements, big and small. This positive mindset attracts more abundance into their lives, like a magnet for wealth and happiness.
Conclusion: Laugh Your Way to Wealth
So there you have it, the seven wealth-building habits of successful women. These habits aren't just about accumulating dollars; they're about creating a life filled with laughter, dreams, and endless possibilities. Remember, wealth isn't just a destination; it's a journey. So, embrace the financial funnies, dream big, and dance your way to success. Because when you're laughing all the way to the bank, life is one fabulous adventure.
Cheers to your prosperous future!
Smart Money Moves for 2025: Your Financial Success Guide
Setting financial goals is like planning a fabulous road trip with your best friend. You've got your destination, some great snack options, and a playlist that keeps you grooving all the way. As we edge closer to 2025, let's channel that same energy into planning your financial journey. Whether you're shaking off debt, saving for that dream retirement, or building a safety net, having a solid plan is your GPS. And guess what? We're doing this together, side by side!
“Every great dream begins with a dreamer. Always remember, you have within you the strength, the patience, and the passion to reach for the stars to change the world.”
These timeless words from one of history's most courageous leaders remind us that every financial journey begins with a vision. As we step into 2025, your dreams of financial independence and wealth building are not just possibilities – they're attainable goals waiting to be realized.
Setting the Stage for Financial Success
Before diving into specifics, let's chat about why setting financial goals is essential. Think of them as your travel itinerary. Without a plan, you might find yourself wandering aimlessly, unsure if you're headed in the right direction. Here's why they're crucial:
Direction and Focus: Goals give you a clear path, much like a GPS guiding you home.
Motivation: They keep you motivated, cheering you on during those tougher times.
Measurement: Goals allow you to track progress and celebrate those small wins along the way.
Prioritization: They help you decide what's important and where to focus your spending and saving.
How to Define Your Financial Goals for 2025
Setting financial goals for 2025 requires a mix of reflection, aspiration, and practicality. Here's how to get started:
Reflect on Your Current Situation: Take a good look at your financial landscape. What's your income, debt, savings, and investment status? Knowing where you stand is empowering.
Dream Big, but Stay Realistic: Dream big, but make sure your goals are achievable. Consider both short-term and long-term objectives that align with your life's vision.
Break It Down: Divide your goals into bite-sized steps. This makes them less daunting and more achievable.
Prioritize: Decide which goals matter most. Maybe it's crushing that student loan debt or building up your emergency fund—your financial priorities should resonate with your heart.
Set a Timeline: Give each goal a deadline. It’s the difference between "someday" and "by December 2025."
Financial Goals 2025: Key Areas to Focus On
When it comes to financial goals, it's helpful to categorize them. Here are some key areas to focus on:
1. Debt Management
Debt can feel like a ball and chain, but with a strategic plan, you can break free. Here’s how:
List Your Debts: Write down all your debts, including interest rates and minimum payments. Knowledge is power, and you're in control.
Choose a Strategy: Whether it's the avalanche (paying off high-interest debt first) or snowball (starting with the smallest debt), pick a method that resonates with you.
Automate Payments: Set up automatic payments to ensure you never miss a due date.
2. Building Savings
A solid savings plan is foundational to financial stability. Here’s how to bolster your savings:
Emergency Fund: Aim for at least three to six months' worth of living expenses. It's your financial cushion.
Retirement Savings: Maximize contributions to retirement accounts like 401(k)s or IRAs. Every little bit counts toward a serene future.
Short-term Savings: Save for upcoming expenses like a vacation or home renovation. Enjoy the present while planning for the future.
3. Investing for the Future
Investing is key to growing your wealth over time. Consider the following:
Diversify: Spread your investments across different asset classes to reduce risk.
Educate Yourself: Understand the basics of stocks, bonds, and mutual funds.
Seek Advice: Consult with a financial advisor if needed. A helping hand can make all the difference.
4. Retirement Planning
Retirement might seem far off, but it's never too early to start planning:
Estimate Needs: Calculate how much you'll need to retire comfortably. Picture your dream retirement and plan accordingly.
Increase Contributions: If possible, increase your retirement contributions annually.
Consider Inflation: Account for inflation in your retirement planning.
Tools and Resources to Achieve Financial Goals 2025
Achieving your financial goals requires the right tools and resources. Here are some that can help:
Budgeting Apps: Use apps like Mint or YNAB to track spending and manage budgets.
Financial Planners and Journals: Consider tools for structured financial planning.
Blogs and Podcasts: Following key financial blogs like Clever Girl Finance and My Fab Finance can provide a steady stream of valuable information.
Online Courses: Educate yourself with courses on personal finance and investing.
FAQs
Q: How often should I review my financial goals?
A: It's wise to review your goals at least annually. However, significant life changes may require more frequent adjustments.
Q: What if I don't achieve my financial goals by 2025?
A: Don’t sweat it. Reassess your goals, adjust your strategies, and keep moving forward. Progress over perfection!
Q: How can I stay motivated to achieve my financial goals?
A: Set milestones and celebrate when you achieve them. Visual reminders, like a vision board, can also keep you motivated.
Q: Should I work with a financial advisor?
A: If you're unsure about managing your finances, a financial advisor can provide valuable guidance and expertise.
Cheers to 2025…
Financial goals for 2025 are your roadmap to a secure and prosperous future. By setting clear objectives, prioritizing them, and using the right tools, you can transform your financial dreams into reality. Remember, it's a journey, not a sprint. Stay focused, be patient, and watch as your financial landscape transforms. Here's to a future where your financial goals are not just aspirations but achievements. And remember, you're not alone—every step of the way, we're here to support you.
Balancing Career Success and Smart Money Management: A Woman's Guide
Hello beautiful minds!
As a Canadian advisor working with ambitious women every day, I've noticed something that deeply concerns me: while I'm seeing more and more women earning impressive incomes ($150K+), this isn't always translating into actual wealth building. It's a pattern that keeps me up at night - watching brilliant, successful women excel in their careers but not seeing that same growth in their net worth.
This disconnect between high income and wealth generation isn't your fault. Our traditional financial system wasn't built with professional women in mind, and let's be honest - making great money doesn't automatically mean you know how to make that money work for you. That's why I want to have an honest conversation about balancing career growth while building meaningful wealth. And yes, we're diving into the Canadian specifics - TFSAs, RRSPs, and everything in between!
The Reality of Where We Stand
Let me share some insights that might resonate with you:
Only 62% of Canadians are utilizing TFSAs (down from 66% last year)
The average TFSA balance is $41,510
At retirement, the average Canadian woman has approximately $129,000 in their RRSP
Half of Canadian women have less than $5,000 in savings (together, we can change this!)
These numbers tell a story, but what keeps me passionate about my work is what I see in my practice every day. I meet brilliant women who are absolutely crushing it in their careers - landing promotions, breaking into six figures, and shattering glass ceilings. Yet, there's often a gap between earning well and building wealth. Think about it: you can be making $200K a year, but if you're not strategically managing that income, you might have less wealth built than someone making half that amount.
This is why I'm such a firm believer in what I call "The Power Pair" - career success AND money management. They're like the dynamic duo of financial freedom. Your career brings in the income (the fuel), but your money management skills determine how effectively you use that fuel to build lasting wealth (the engine). One without the other is like trying to drive a luxury car with no gas - or having a tank full of gas but no vehicle to put it in!
As an advisor who specifically works with professional women, I've seen firsthand how mastering both elements can transform not just your bank account, but your entire relationship with money. So let's dive into how you can excel in both areas...
Elevating Your Career Success
Professional Growth Strategies
Here's what I share with my clients about standing out:
Document your achievements consistently (yes, even the ones that feel small!)
Build meaningful professional connections
Seek mentorship from someone who understands your industry
Stay informed about industry trends (our market is unique and ever-evolving)
Workplace Navigation
Important reminders for Canadian professional women:
Know and advocate for your worth (with confidence and grace)
Embrace performance reviews as opportunities for growth
Cultivate strategic relationships at work
Set clear, healthy boundaries (it's not just okay - it's essential!)
Smart Canadian Money Management
Building Your Financial Foundation
Here's what I recommend to my clients:
Establish that emergency fund (6-12 months of expenses, including those Canadian winters!)
Optimize your TFSA strategy (tax-free growth is a beautiful thing)
Maximize RRSP benefits (let's make those tax refunds work for you)
Automate your savings (consistency is key)
Consider the First Home Savings Account if homeownership is in your future
Investment Strategy
Let's make your money work intentionally:
Diversify across the TSX and global markets
Implement tax-efficient investment strategies (Canadian dividends deserve special attention)
Create a balanced TFSA and RRSP approach
Plan beyond CPP (while appreciating its role in your retirement)
Practical Balance Tips (From My Experience)
Effective Time Management
Schedule regular money check-ins
Prioritize tasks with intention
Create space for financial planning
Professional Development
Invest in your growth (bonus: it's often tax-deductible!)
Network with purpose
Stay current with market trends
Financial Wellness
Partner with professionals who understand your goals
Maintain regular financial reviews
Stay informed about Canadian tax updates and benefits
Your Action Plan
I encourage you to take these steps this week:
Review your TFSA contribution room
Check your RRSP deduction limit
Implement automatic savings
Choose one career focus area
Begin building sustainable money habits
Remember, this journey isn't about perfection - it's about progress. Some days will flow seamlessly, while others might feel more challenging. What matters is maintaining forward momentum.
Moving Forward Together
Your financial journey is unique, and it deserves thoughtful attention and care. Whether you're just starting or well on your way, each step forward matters. I'm here to support you in creating a financial strategy that aligns with both your career ambitions and personal goals.
Would you like to explore any of these topics further? Need guidance on your TFSA vs RRSP strategy? I'm here to help you navigate these decisions with clarity and confidence.
Here's to building wealth with purpose! ✨
It’s Mother’s Day… Time for a Financial Wellness Check!
As Mother's Day approaches, I decided to dedicate this post to all the mothers out there. As a mother to four precious children - well, three children and one grown young man - I know all too well that when it comes to finances we can put ourselves on the back burner. Below I have outlined some pointers on how to make sure you are taking care of “you” when it comes to your money.
Make that money hunny!
Oftentimes when we think about generating income we think about the responsibility that comes along with it. How much do we need to contribute to the household for things to run smoothly? How do we work and still balance taking care of our families? Honestly, when it comes to making money we tend to sacrifice our happiness. The truth is, however, that our income needs to be generated in a meaningful way that is in line with our passions, gifts, and purpose in this world. I find that the more in tune you are with the genius that resides in you, the more joy, fulfillment and achievement you experience as a whole. This Mother’s Day, take the time to reflect on how you earn your income. Are there ways that you can generate money that are more aligned with your purpose? Try to incorporate more of these aspects into your workflow so the joy it creates can be ushered into all areas of your life.
Put “You” in the budget
Did you notice that when you became a mother your children began to dominate the budget? From a bigger residence and clothes, to activities and tutoring? Our children’s needs and wants tend to take the lion’s share. When speaking with my clients I often advise that it is so important to carve out a piece of the budget for you. Whether it is taking a new course to upgrade your skills, or “celebration money” to congratulate yourself on any successes you achieve, make sure YOU are a line item in your budget.
Define Your Retirement
As a parent, one of the most important financial goals you can set for yourself is a comprehensive retirement plan. Making sure that your retirement is taken care of gives you the satisfaction of knowing that you will not have to depend on your children for stability in your later years. With all the hustle and bustle of raising your children, this element of your financial plan can often get overlooked, but remember the earlier you start - the easier it is to achieve your goals.
Give Yourself The Gift of Peace
It may be a morbid conversation, but understanding what will happen to your children when you pass away is like wrapping up the idea of peace and giving it to yourself with a bow on top. Life Insurance, a will, and knowing that your loved ones will be taken care of provides a sense of comfort that is unexplainable. Get rid of the nagging feeling that comes with uncertainty and book that appointment with your advisor and estate lawyer to get things in order.
Now that we’ve gotten all the finance stuff out of the way, I am wishing all the wonderful mamas out there an amazing Mother’s Day! This is your day… and you deserve it!
5 Things Covid-19 Taught Us About Our Finances
As we all navigate our way through a global pandemic we have been forced to develop new habits and learn new ways to exist. Social distancing has not only forced us to slow down, but has also allowed us to explore new ways of doing things. From developing new skills to honing our natural talents, we can all agree that Covid-19 has had its positive points - and with finances its no different… Check out the five ways that this global pandemic has helped us get our money right.
We Need An Emergency Fund
One of the major things we all realized as a result of Covid-19 is that anything can happen. When we are used to the status quo - going to work everyday and receiving our income - we can fall into the trap of thinking that our routine is guaranteed. This pandemic has taught us otherwise. Our income is not guaranteed… and Covid-19 has been a huge social wake up call. The truth is, our income can be effected at any time by a number of different things so having three to six months worth of living expenses saved is always a good idea. The alternative to an emergency fund is, well, credit cards and who wants to lose their income and rack up debt at the same time? Not the best plan.
2. Cooking At Home Is A Lot Less Expensive (and can be fun too)!
Before Covid-19, like many others, I spent a lot of money per month on dining out. As social distancing became mandatory many of my favourite restaurants either closed down or modified their hours. Heading to the grocery store became a more frequent occurrence and before you knew it… I was experimenting with cooking, spending more time in the kitchen with the kids, saving money and eating more nutritiously. On average, a home cooked meal saves $16 per serving when compared to dining out - meaning that dinner for a family of four could have savings of up to $64 if cooked at home. Considering that groceries and restaurants are the categories that most individuals overspend - we can safely say that being forced to social-distance has definitely had its benefits.
3. Maybe We Don’t Need All That Stuff After All
Nails, lashes, facials, waxing, random trips to the mall to buy clothes we absolutely do not need - all of that was forced to a screeching halt when non-essential services shut their doors in an effort to minimize the spread of Covid-19. What did that mean for our purses? We got to actually see what we truly spend on non-essential nice-to-haves. Now I’m not suggesting that we cut the things that actually bring us a little piece of sunshine, but it is worth an evaluation to see if our savings could be better allocated to reaching our financial goals a bit faster.
4. How Not To Panic During a Market Downturn
Seeing your investments drastically plummet in a matter of days is not for the faint of heart. Covid-19 swiftly altered every sector, and negatively impacted all production across the globe. The result was a huge decline in, literally, every market. As I received numerous calls from clients and investors wanting to pull their investments I had to constantly give the reminder that we have seen this happen before, and the market usually corrects itself. Going through market ups and downs develops resilience and a stronger ability to withstand the anxiety that usually accompanies the thought that you can be losing money. The key to staying calm? Remain focused on why you started investing in the first place… What was your initial financial goal? Was it to purchase that property? your child’s education? Retirement? Whatever the goal, your risk tolerance should have determined the correct investment mix to achieve it. So why panic when things go wrong in the short term?… It’s only a temporary setback.
5. Spending Time With Loved Ones Doesn’t Have To Cost Money
From virtual celebrations on Zoom to drive-by birthday parties, Covid-19 has been a season filled with creative ways to stay connected. One thing is for sure, we have proven that even though we have to keep our distance we are connecting in so many more ways than before… and the benefits to these new hang out options have left us with more cash in our wallets. A simple phone call or video chat was not the norm for a baby shower, but on the up side you get to say a simple congrats and skip the present purchasing (not to mention all the costs that go into hosting an event like this). No concert tickets, no BYOB, no buying a new outfit to look your best - with all that savings, cancellations may not be a bad thing after all. But the main lesson learned is that love and support has nothing to do with distance… or spending.