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Wood cube block Abbreviation of ADHD on pink table. Attention Deficit Hyperactivity Disorder. ADHD concept.

Money can feel overwhelming for most people, but for women with ADHD, it can feel like climbing an entire mountain… in flip-flops.Between managing impulse spending, forgetting deadlines, and the pressure to “just be more disciplined,” many women with ADHD end up carrying not just financial stress — but also layers of shame. And here’s the truth: it’s not your fault.ADHD brains are wired differently. Traditional financial advice often assumes linear thinking, perfect consistency, and endless willpower — but if that’s not you, it doesn’t mean you can’t manage your money well. It just means you need systems designed to work with your brain, not against it.<h3>Common Money Challenges for Women with ADHD </h3>If any of these sound familiar, you’re not alone:<ul style="list-style-type: circle;" data-mce-style="list-style-type: circle;"><li>Impulse spending — that dopamine rush from clicking “add to cart” and/or using Buy Now, Pay Later Plans. </li><li>Missed bills &amp; deadlines — not because you don’t care, but because you’re juggling a million tabs (literally and mentally). </li><li>Overwhelm with budgeting — traditional spreadsheets feel rigid or impossible to keep up with. </li><li>Inconsistent income — whether from freelancing, career shifts, or burnout. </li><li>Avoidance — shutting down completely because facing your finances feels too heavy. Here’s the reframe: ADHD might make managing money different, but with the right support, system and tools- it can also make you creative, resourceful, and brilliant at finding unique solutions.</li></ul><h3>ADHD-Friendly Financial Strategies That Actually Work.</h3>The beauty of ADHD brains? Once you find a system that works, you go all in — fully committed, creative, and unstoppable. So we need to create a system and strategy that works for you. Focus on simplicity and automation.1. Automate Everything. Set up automatic bill payments, savings transfers, and even investment contributions. Think of it as “money management on autopilot” — less room for forgetting, less mental load. 2. Set Up Multiple Bank Accounts. I know this might seem counter-intuitive, as often with adhd less is more for simplicity. This strategy is not about more complexity, it’s about externalizing organization so your brain doesn’t have to hold it all. The trick is making those accounts simple, automated, and visual. Instead of one account where everything mixes together (which can feel overwhelming), give your money clear “homes” with separate bank accounts. This makes your financial life more visual and intentional and give your money PURPOSE:Daily Spending → groceries, eating out, bills. Savings Goals → vacation, emergency fund, down payment. Freedom Fund → long-term investments or wealth-building. 💡 Bonus tip: If your bank (like <a data-mce-href="http://www.wealthsimple.com/invite/VKNADA" href="http://www.wealthsimple.com/invite/VKNADA" target="_blank" rel="noopener">Wealthsimple</a>) lets you name accounts or use emojis, take advantage! Seeing 🌴 “Vacation Fund” or 🏡 “Future Home” makes your goals concrete and motivating.This way, instead of juggling mental math every time you check your balance, your money is already sorted for you — one less decision for your brain to make.3. Use An Intentional Plan/"Budget" Template. Instead of guessing, actually map out how much you can comfortably set aside for savings or investments monthly. This makes it less about restriction and more about clarity.If your income is inconsistent → plan quarterly. Instead of stressing about month-to-month fluctuations, try planning 90 days at a time. Look at your expected income, list out non-negotiables (rent, food, bills), then decide what’s safe to set aside. This bigger picture approach reduces the panic of “will I make it through the month?” 4.&nbsp; Choose 2-3 Value-Based Spending Buckets. Pick two-three areas you won’t compromise on — like travel, wellness, or dining with friends. Allow yourself to spend intentionally in these buckets for the next 60 days, but keep other categories on hold. It’s not about restriction, it’s about alignment and breaking the cycle of impulse spending. 5. Find Accountability Partners or a Financial Coach Money doesn’t have to be a solo journey. Partner with a friend, your significant other, or a financial community to check in on progress, share wins, and gently call each other out when impulse spending creeps in.<figure id="figure-a5yk6hij8fmesw1c14"><img id="a5yk6hij8fmesw1c14" src="https://media.gettyimages.com/id/2166325501/photo/happy-group-of-young-women-hugging-together-outside-cheerful-black-girl-smiling-at-camera.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=zqcSrHsDikkwRBHQtso4wjs57NOe7dC-XhbhRpOpsxw=" alt="Happy group of young women hugging together outside - Cheerful black girl smiling at camera outdoors - Friendship and female community concept with multicultural girls having fun hanging out together" title="Happy group of young women hugging together outside - Cheerful black girl smiling at camera outdoors - Friendship and female community concept with multicultural girls having fun hanging out together" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/2166325501/photo/happy-group-of-young-women-hugging-together-outside-cheerful-black-girl-smiling-at-camera.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=zqcSrHsDikkwRBHQtso4wjs57NOe7dC-XhbhRpOpsxw=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Shifting Your Money Mindset </h3>At the heart of ADHD-friendly finances is this reminder: discipline doesn’t mean perfection — it means creating systems that support your goals.Instead of shaming yourself for “bad habits,” start asking: What would make this easier for my brain? That question alone can change everything.Your strengths — creativity, resilience, big-picture thinking — are powerful tools in building wealth.<h3>Final Thoughts:</h3>Women with ADHD don’t need to force themselves into cookie-cutter financial strategies. The path to financial confidence isn’t about restriction, it’s about freedom — creating a system that feels natural and sustainable.So, here’s your challenge for the week: pick just ONE of these strategies to try. Maybe that’s opening a second savings account with a fun emoji name, or scheduling a 15-minute money date.Small steps compound! Not sure where to start? Feel free to <a data-mce-href="https://calendly.com/femfinancial/personal-finance-discovery-call?month=2025-08" href="https://calendly.com/femfinancial/personal-finance-discovery-call?month=2025-08" target="_blank" rel="noopener">book</a> a 20 Minute Free Discovery Call with me here or <a data-mce-href="https://femfinancial.mykajabi.com/femfinancial-newsletter" href="https://femfinancial.mykajabi.com/femfinancial-newsletter">join</a> our community.&nbsp;A community of ambitious women redefining what it means to be wealthy. Access our monthly newsletter, financial wellness workshops + an exclusive offer for early bird access to our membership- coming soon!

The ADHD-Friendly Guide To Managing Your Money

Spoiler: it’s not as intimidating as it sounds.<h2>Let's start simple: The Basket </h2>Before we dive into the technical stuff, let’s break it down simply:Imagine you're at a farmer’s market. You could buy one apple, one orange, and one banana separately — or you could grab a pre-made fruit basket that gives you a little bit of everything in one go. That’s basically what an ETF is — a basket of investments (like stocks, bonds, or other assets) that you can buy all at once.<h3>So, What Is an ETF?</h3>ETF stands for Exchange-Traded Fund — and it's basically a bundle of investments (like stocks, bonds, or other assets) wrapped up into one neat package you can buy or sell on the stock market.But wait — isn’t that kind of like a mutual fund?Yes — but here’s the key difference:ETF -Trades like a stock on an exchange (price changes throughout the day) -Usually passively managed (tracks an index = lower fees) -Lower minimum investment- can buy 1 share or even a fractional shareMutual Fund -Bought/sold at the end of the day at a fixed price&nbsp; -Often actively managed (higher fees for the manager's time) -May require a higher minimum to investTL;DR: Both are baskets of investments, but ETFs give you more flexibility, lower fees, and real-time trading. Think of ETFs as the cool, low-maintenance cousin of the mutual fund.<figure id="figure-h118d4wistm9f5fuih"><img id="h118d4wistm9f5fuih" src="https://media.gettyimages.com/id/2157099707/photo/finance-and-savings-concept-financial-3d-symbols-green-colored-with-gold-color-in-accents-on.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=qche8c0qrMCdIHKS00FwRuJBk-0yW3-GdCWm2LHZjUg=" alt="Finance and savings concept. Financial 3d symbols green colored with gold color in accents on the three-level podium" title="Finance and savings concept. Financial 3d symbols green colored with gold color in accents on the three-level podium" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/2157099707/photo/finance-and-savings-concept-financial-3d-symbols-green-colored-with-gold-color-in-accents-on.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=qche8c0qrMCdIHKS00FwRuJBk-0yW3-GdCWm2LHZjUg=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>How Do ETFs Work?</h2>- When you invest in an ETF, you're buying a small slice of all the investments inside that basket. &nbsp;-ETFs are managed either passively (tracking an index like the S&amp;P 500) or actively (with a portfolio manager trying to outperform the market). &nbsp;- They trade on exchanges, so their price fluctuates throughout the day based on supply and demand.<h3>Advantages of Investing in ETF's</h3>✅ Instant diversification: One purchase = exposure to dozens or even hundreds of companies. ✅ Lower fees: Especially for passively managed ETFs (many have significantly lower fees than mutual funds). ✅ Liquidity: You can buy/sell ETFs any time the market is open. ✅ Transparency: You usually know exactly what’s inside the ETF. ✅ Accessibility: You don’t need a ton of money to get started.<img id="40dx9wkvbm9f5fyix" src="https://cdn.durable.co/getty/6phONlEPJCGMzYDRqX378CToWil91nmCBGmgnKjfEuVh1iTzi2RdiLhDEbdVsi9d.jpeg" alt="investment types" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg selected" data-mce-src="https://cdn.durable.co/getty/6phONlEPJCGMzYDRqX378CToWil91nmCBGmgnKjfEuVh1iTzi2RdiLhDEbdVsi9d.jpeg" data-mce-style="aspect-ratio: 16/9;" style="aspect-ratio: 16 / 9;" data-mce-selected="1"><h2>Most Common ETFs </h2>There are plenty of different ETF's available to trade tracking different sectors, markets and geographical regions.&nbsp; Here’s a quick and beginner-friendly rundown of the most common ETFs in Canada, with a mix of broad-market exposure, low fees, and diversification — perfect for anyone starting out 🇨🇦 <table style="border-collapse: collapse; width: 100%;" border="1" data-mce-style="border-collapse: collapse; width: 100%;"><tbody><tr><td style="width: 50%;" data-mce-style="width: 50%;">ETF</td><td style="width: 25%;" data-mce-style="width: 25%;">What it tracks</td><td style="width: 25%;" data-mce-style="width: 25%;">Why It’s Popular </td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">VFV- Vanguard S&amp;P 500 Index ETF </td><td style="width: 25%;" data-mce-style="width: 25%;">U.S. S&amp;P 500 (but in CAD)</td><td style="width: 25%;" data-mce-style="width: 25%;">Invest in top U.S. companies without currency conversion &nbsp;</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">VCN – Vanguard FTSE Canada All Cap Index ETF</td><td style="width: 25%;" data-mce-style="width: 25%;">Broad Canadian stock market (large, mid, and small-cap companies)</td><td style="width: 25%;" data-mce-style="width: 25%;">Broad exposure to the Canadian economy &nbsp;</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">XIC – iShares Core S&amp;P/TSX Capped Composite Index ETF</td><td style="width: 25%;" data-mce-style="width: 25%;">TSX (Toronto Stock Exchange) Composite (top Canadian companies)</td><td style="width: 25%;" data-mce-style="width: 25%;">A solid, diversified option for Canadian stocks &nbsp;</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">VEQT – Vanguard All-Equity ETF Portfolio</td><td style="width: 25%;" data-mce-style="width: 25%;">Global stocks (U.S., Canada, international, emerging)</td><td style="width: 25%;" data-mce-style="width: 25%;">One-ticket solution for long-term, aggressive growth &nbsp;</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">VGRO – Vanguard Growth ETF Portfolio</td><td style="width: 25%;" data-mce-style="width: 25%;">~80% stocks / ~20% bonds</td><td style="width: 25%;" data-mce-style="width: 25%;">Growth-focused with a touch of risk management &nbsp;</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">XBAL – iShares Core Balanced ETF Portfolio</td><td style="width: 25%;" data-mce-style="width: 25%;">~60% stocks / ~40% bonds (global exposure)</td><td style="width: 25%;" data-mce-style="width: 25%;">A balanced, globally diversified portfolio in a single ETF &nbsp;</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">XAW – iShares Core MSCI All Country World ex Canada</td><td style="width: 25%;" data-mce-style="width: 25%;">Global stocks (excludes Canada)</td><td style="width: 25%;" data-mce-style="width: 25%;">Great for global diversification beyond the Canadian market &nbsp;</td></tr><tr><td style="width: 50%;" data-mce-style="width: 50%;">ZAG – BMO Aggregate Bond Index ETF</td><td style="width: 25%;" data-mce-style="width: 25%;">Canadian bonds</td><td style="width: 25%;" data-mce-style="width: 25%;">Adds income and stability to a portfolio, great for risk-averse investors</td></tr></tbody></table><figure id="figure-u65ub362yrm9f5g0yh"><img id="u65ub362yrm9f5g0yh" src="https://media.gettyimages.com/id/2159175035/photo/asian-woman-enjoy-with-working-online-using-laptop-sitting-at-home-office.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=eEq-6M60ddYn274ER17CX7aSyOCahMvWO3H0KUIMJHU=" alt="Asian woman enjoy with working online using laptop sitting at home office." title="Asian woman enjoy with working online using laptop sitting at home office." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/2159175035/photo/asian-woman-enjoy-with-working-online-using-laptop-sitting-at-home-office.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=eEq-6M60ddYn274ER17CX7aSyOCahMvWO3H0KUIMJHU=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>How to Choose the Right ETF for You &nbsp;</h2>Instead of jumping straight into the “best ETF,” start by getting clear on you — your goals, preferences, and comfort level.1. What am I investing for and what is my timeline? &nbsp;Knowing your time horizon helps determine whether ETFs are a good fit and what level of risk you can afford to take on.2. How involved do I want to be? Your level of interest (and time) will shape whether an all-in-one ETF makes sense or if you’d prefer to build a custom mix.3. What’s my risk comfort level? Your risk tolerance can help you lean toward more equity-heavy ETFs or a balanced approach with bonds.4. How do I want my money to grow? &nbsp;Do you want global diversification? Canadian dividend income? U.S. market exposure? Your desired outcomes and values can help guide your ETF selections — it’s not one-size-fits-all.<h3> No matter which ETF you choose — consistency is key.</h3>Wealth isn’t built by picking the “perfect” investment — it’s built by showing up regularly, even when the market feels uncertain.The sooner you start, the longer your money has to grow. Stay the course. Let compound growth do its thing. Time in the market &gt; Timing the market.

WTF is an ETF?

<h2>What is a F**** You Fund?</h2>It's more than just a safety net. It's more than just an emergency fund. It gives you the power to put yourself first and make bold change.&nbsp; Having money set aisde in what I like to call a F*** You Fund gives you the financial buffer and freedom to support yourself. To say yes to what excites you or walk away from something that no longer serves you.&nbsp;In today's unpredictable economic climate, having a financial safety net AND F*** You Fund is more important than ever. Your emergency savings account serves as a crucial buffer and offers peace of mind when unexpected expenses arise. Your F*** You Fund is an opportunity fund which gives you options, choices, freedom &amp; flexibility.&nbsp;<figure id="figure-fbgjkzz58em9cy2h8z"><img id="fbgjkzz58em9cy2h8z" src="https://media.gettyimages.com/id/527053412/photo/this-is-what-freedom-feels-like.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=J6r6apygIpJs-J2CaI87Dwki3k7BBxtppNHPmvvdbqU=" alt="This is what freedom feels like" title="This is what freedom feels like" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/527053412/photo/this-is-what-freedom-feels-like.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=J6r6apygIpJs-J2CaI87Dwki3k7BBxtppNHPmvvdbqU=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>5 Underrated reasons for a F*** You Fund</h3>Life is full of surprises- some of them are not so pleasant and others are bold invitations to do things differently. A F*** You Fund allows you to be prepared no matter which curveball may come your way.&nbsp; A F*** You Fund is not to be confused with an emergengy savings fund. An emergency fund is there to be used for unexpected home repairs, medical emergencies, car troubles or any other unexpected emergency that may arise. A F*** You Fund on the other hand is for opportunies. Here are 5 underrated reasons to start building your F*** You Fund:1. To be able to say YES when your best friend asks you to go on a trip 2. To walk away from an unhealthy or abusive relationship 3.To purse your passions or start your own business&nbsp; 4. To leave a toxic work environment or a job that no longer serves you 5. To explore an opportunity in a new city. Or quit your job and travel the world. These are just a few of my personal favourtes- but the options are endless.<h2>How to build a F*** You Fund</h2>You may be thinking, I'm already putting money aside in an emergency savings accout, trying to invest for my future retirement, paying off debt or saving for a home- how am I supposed to put more money aside? Well before you go knocking down this idea, I encourage a quick financial audit (15 minutes to review your spending from last month). When I help my clients run a quick financial audit, they are almost always surpised to find they are spending more money than they thought on streaming services, subscriptions they may not even be using, and the biggest financial "leak": uber eats and food delivery. Run the audit and see if you can start by redirecting a small portion of your hard earned money to your yourself first.&nbsp; Additonally, here are a few other options you can conisder to start building your F*** You Fund: -start a side hustle and put the money that you earn aside in a seperate account -explore ways to increase your income: ask for a raise, work towards changing your role, or find a flexible part time gig. Don't be afraid to try something new! - If you earn bonuses or comissions, dedicate a portion of these funds to go directly into your F*** You Fund.&nbsp; Who's going to give you the world? Your damn self, girl.<figure id="figure-zrurclnuinm9cy2lp6"><img id="zrurclnuinm9cy2lp6" src="https://media.gettyimages.com/id/1191856385/photo/let-the-music-flow-through-you.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=GJKVkgLYlshFHB7f5XyXPqIdNXA_ntNjIakkJ120eak=" alt="Let the music flow through you" title="Let the music flow through you" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1191856385/photo/let-the-music-flow-through-you.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=GJKVkgLYlshFHB7f5XyXPqIdNXA_ntNjIakkJ120eak=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Where should I keep my F*** You Fund?</h3>A seperate savings account.&nbsp; Not your chequing account. Not an investment. Not crypto. Not under your bed.&nbsp; You need the money to be liquid as it is impossible to predict when the opportunity will arise to take advtanage of these funds, so I encourage keeping the money in a High Interest Savings Account.&nbsp; For my Canadian readers, I encourage opening up a seperate savings account with Wealthsimple. The accounts are free, they offer competitive interest rates, and it takes under 2 mintues to open the account online.&nbsp; I assure you keeping the account in a seperate savings account helps with visualizing, feeling more in control of your finances and most importantly building momentum. When you watch the account start to grow, you are more likely to commit and keep adding money to the account.&nbsp;<figure id="figure-i1lxrxv2kxlm9cy2pxx"><img id="i1lxrxv2kxlm9cy2pxx" src="https://media.gettyimages.com/id/889461006/photo/shes-a-fast-typer.jpg?b=1&s=2048x2048&w=0&k=20&c=VpuYbk-sAew-Qsh5Vpc7VLBjnJ10iILR4Cz1yIwAjNY=" alt="She's a fast typer" title="She's a fast typer" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="null" data-positionY="null" data-fullWidth="false"/></figure><h3>Celebrate the small wins. And Automate.</h3>Set small milestones and be proud of yourself. Every dollar that you put aside in this account is a declaration to your financial indepence and freedom.&nbsp; Celebrate your first $100, $500 and $1000 saved. If you start putting aside money today, $20 a week will give you $1040 a year from now.&nbsp;If $20 feels easy to commit to, log-in to your account and automate this. Not later, not tomorrow, but today. Right now.&nbsp; You can always add more throghout the year, but automating a small amount is the easiest way to ensure you stay committed.&nbsp;<h2>The choice is yours.</h2>It's more than a savings account- it's choice, freedom &amp; power. How you choose to spend the money once you build it- well the choice is yours.&nbsp; It's your F*** You Fund and you can spend it any which way you want.&nbsp; Put yourself first &amp; start building yours today.&nbsp;&nbsp;

Why You Need a F*** You Fund (& How to Build It)

<h2>Understanding RRSPs and TFSAs</h2>
Registered Retirement Savings Plans (RRSPs) and Tax-Free Savings Accounts (TFSAs) are two of the most popular investment vehicles in Canada. Despite their widespread use, many misconceptions surround these financial tools. This article aims to debunk some of these myths and provide accurate information about RRSPs and TFSAs, helping Canadians make informed decisions about their savings.

<figure id="figure-q0nxpp0xbm6kym1f4"><img id="q0nxpp0xbm6kym1f4" src="https://media.gettyimages.com/id/2162618050/photo/2025-new-year-and-piggy-bank-on-the-table.jpg?b=1&s=2048x2048&w=0&k=20&c=sjTiZUGTLG3_KXjlJRKkoY5Ii04nmQbqSVKCpQwjAfw=" alt="savings account" class="object-cover bg-gray-100" style="aspect-ratio: 16/9"></figure>

<h3>Myth: Contributions to a TFSA Are Tax-Deductible</h3>
A common misconception is that contributions to a TFSA are tax-deductible. This is not true. Unlike RRSP contributions, which can be deducted from your taxable income, TFSA contributions do not offer any immediate tax deduction. However, the interest, dividends, and capital gains earned within a TFSA are not subject to tax, making it a powerful tool for tax-free growth over time.

<h3>Fact: RRSP Contributions Can Lower Your Taxable Income</h3>
One of the main advantages of an RRSP is that contributions can be used to reduce your taxable income for the year, potentially placing you in a lower tax bracket. This can lead to a significant tax refund, which many Canadians use to reinvest or pay down debt. It's important to note that while this is a valuable benefit, withdrawals from an RRSP are taxed as income.

<figure id="figure-z5e4s272rom6kym1f4"><img id="z5e4s272rom6kym1f4" src="https://media.gettyimages.com/id/1541988626/photo/close-up-woman-hands-calculates-on-calculator-for-personal-finance-paysckeck-paper-receipt.jpg?b=1&s=2048x2048&w=0&k=20&c=wM8QPA7euZyeFZvhPE0uJ9bOho5yln5eFGwFcjt0ewY=" alt="financial planning" class="object-cover bg-gray-100" style="aspect-ratio: 16/9"></figure>

<h3>Myth: You Can Only Have One RRSP or TFSA</h3>
Some people believe they are limited to having just one RRSP or TFSA account. In reality, you can hold multiple accounts with different financial institutions. This flexibility allows you to diversify your investments and take advantage of various financial products offered by different providers. However, it's crucial to keep track of your contribution limits across all accounts to avoid penalties.

<h3>Fact: Contribution Limits Are Important</h3>
Both RRSPs and TFSAs have annual contribution limits set by the Canadian government. For the 2023 tax year, the TFSA contribution limit is $6,500, while the RRSP limit is 18% of your previous year's earned income, up to a maximum of $30,780. Unused contribution room from previous years can be carried forward, allowing for flexibility in your saving strategy.

<figure id="figure-6k70yxbovgm6kym1f4"><img id="6k70yxbovgm6kym1f4" src="https://media.gettyimages.com/id/961308742/photo/securing-finance-for-their-future-dreams.jpg?b=1&s=2048x2048&w=0&k=20&c=fOx3dfhvhYnGxy2z1heTH43EWxOU9HV1HPtKV9PVIPs=" alt="investment strategy" class="object-cover bg-gray-100" style="aspect-ratio: 16/9"></figure>

<h3>Myth: TFSAs Are Only for Short-Term Savings</h3>
While TFSAs are often used for short-term savings goals due to their flexibility and tax-free withdrawals, they can also be an excellent option for long-term investment growth. Their tax-free nature makes them ideal for holding investments that may generate significant returns over time, such as stocks or mutual funds.

<h3>Fact: Both Accounts Have Unique Benefits</h3>
RRSPs and TFSAs serve different purposes and offer unique advantages. RRSPs are designed primarily for retirement savings and provide immediate tax relief, making them suitable for high-income earners looking to reduce taxable income. TFSAs, on the other hand, offer more flexibility with tax-free growth and withdrawals, making them suitable for both short-term savings and long-term investments.

<h2>Choosing the Right Account for You</h2>
The decision between contributing to an RRSP or a TFSA depends on individual financial goals and circumstances. If your priority is reducing taxable income while saving for retirement, an RRSP might be more beneficial. If you seek flexibility with tax-free growth potential for various savings goals, consider maximizing your TFSA contributions.

Ultimately, understanding the myths and facts about RRSPs and TFSAs will empower Canadians to make strategic financial decisions that align with their personal objectives. By leveraging both types of accounts wisely, you can optimize your savings and achieve greater financial security.

Myths and Facts about RRSPs and TFSAs: What Every Canadian Should Know

Cozy Window Nook with Open Journal And Coffee

Self-care isn’t all bubble baths, manicures, Netflix in bed or treating yourself to something nice: that’s self-soothing.The two terms have become interchangeable in popular culture, and although they’re both necessary for your overall wellbeing, they’re not the same.Self soothing is treating yourself with things that feel better in the moment. Often this is a tool we turn to when we need to take a break, create some space or re-balance ourselves.Self care is doing the hard things- The habits that must be repeated consistently over time that help us to feel good and make positive change. I am sure you know what physical and mental self care looks like: things like going to bed at the same time every night, drinking enough water, moving your body (even when you don’t feel like it), eating a balanced diet, setting boundaries with yourself and others... but what does financial self care look like?<h2>Understanding Financial Self-Care</h2>Financial self-care is an essential part of maintaining both mental and financial well-being. It involves taking active steps to manage your financial health, much like how you would take care of your physical or emotional health. One effective way to practice financial self-care is by scheduling regular money dates with yourself. This dedicated time allows you to focus on understanding &amp; improving your financial situation. One run, or one healthy meal won't change our lives, but showing up consistently will. Our finances are no different. But how exactly do you go about setting up a money date?<h3>What is a Money Date?</h3>A money date is a set period you dedicate to reviewing and managing your finances. It's an opportunity to reflect on your spending habits, set financial goals, celebrate progress and make informed decisions about your money. Think of it as a regular check-up, but for your finances. The key to a successful money date is consistency and intention.<figure id="figure-gneg8kf1dvm4r8dimo"><img id="gneg8kf1dvm4r8dimo" src="https://media.gettyimages.com/id/1696646597/photo/advisor-financial-business-analytics-woman-team-analyzing-data-charts-graphs-and-a-dashboard.jpg?b=1&s=2048x2048&w=0&k=20&c=YxJGKcVtTQpjMTdwIYUQb5Vc6HodhmdEnHfhjxdUdhU=" alt="Advisor financial business analytics woman team analyzing data charts, graphs, and a dashboard on laptop screen. Data analysis concept" title="Advisor financial business analytics woman team analyzing data charts, graphs, and a dashboard on laptop screen. Data analysis concept" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="null" data-positionY="null" data-fullWidth="false"/></figure><h3>Setting Up Your Money Date</h3>Start by choosing a regular time and place that suits your schedule and makes you feel comfortable. Whether it's weekly or monthly, consistency is crucial. You might prefer a quiet Sunday morning or a relaxed evening after work. Make sure it's a time when you're not rushed and can focus fully on your finances. 15- 30 minutes is all you need!Next, prepare for your money date by having an agenda.<h3>Creating a Money Date Agenda</h3>To keep your money date productive, it's helpful to have an agenda. Here are some tasks you might include:<ul><li>Review and update your monthly <a data-mce-href="https://femfinancial.kit.com/15a102fd92" href="https://femfinancial.kit.com/15a102fd92">budget</a>- check out my intentional spending &amp; saving tracker if you don't have your own.</li><li>Review your spending habits from the previous month and look for trends</li><li>Set or reassess financial goals.</li><li>Plan for upcoming expenses.</li><li>Check on savings and investment accounts.</li><li>See if you have any leftover income to contirbute towards an extra debt payment</li><li>Set some money or career intentions for the next 6-12 months</li><li>Cancel unused subscriptions</li></ul><figure id="figure-p5o1smybasm4r8dnip"><img id="p5o1smybasm4r8dnip" src="https://media.gettyimages.com/id/1791203312/photo/young-african-american-woman-writing-in-notebook-at-home-with-sun-rays.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=Rmpr0gyqDHvNczQb8-EJu6H3sX7TvH1Tr5aj_pLWbuk=" alt="Young African American woman writing in notebook at home with sun rays" title="Young African American woman writing in notebook at home with sun rays" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1791203312/photo/young-african-american-woman-writing-in-notebook-at-home-with-sun-rays.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=Rmpr0gyqDHvNczQb8-EJu6H3sX7TvH1Tr5aj_pLWbuk=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Staying Focused and Positive</h3>During your money date, it's easy to become overwhelmed by numbers and financial jargon. However, remember that this is an opportunity to take control of your financial future. Stay focused on the positive changes you've made and the goals you're working towards. If you encounter issues, take them as learning opportunities rather than setbacks.Use this time to reflect on what financial self-care means to you personally. Are there areas where you can improve? Are there financial habits you’re proud of? Acknowledging both successes and challenges can help maintain a balanced perspective.<figure id="figure-ifltws697gm4r8dzbf"><img id="ifltws697gm4r8dzbf" src="https://cdn.durable.co/getty/e7VqOaoOpVIM3gqFNj48umUd5A4oOmUWF4YhikgLCLTSD2q6m0RmmjPB37ghjSHT.jpeg" alt="personal finance" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://cdn.durable.co/getty/e7VqOaoOpVIM3gqFNj48umUd5A4oOmUWF4YhikgLCLTSD2q6m0RmmjPB37ghjSHT.jpeg" data-mce-style="aspect-ratio: 16/9;"></figure><h2>The Benefits of Regular Money Dates</h2>Regular money dates can lead to significant improvements in your financial health. By staying organized and proactive, you can avoid unnecessary stress and make informed decisions that align with your long-term goals. Furthermore, understanding your finances can boost your confidence and help you develop a healthier relationship with money.Ultimately, practicing financial self-care through money dates is about creating a sustainable routine that supports your overall well-being. As you continue to make these dates a habit, you'll find managing your finances becomes less daunting and more empowering.

Practicing Financial Self-Care: How to Schedule a Money Date with Yourself

Ideas vs coins on scales, weights with light bulbs, and dollar coins.

<h2>Understanding the reality of reaching our goals</h2>When it comes to money and our dreams we would all like the easy way out- visualize, dream it, manifest it, wait for someone to make it happen. You know, like have the goals come true without having to do the tough work and implement best practices.&nbsp;I believe in the power of our mindset, in fact, I believe we can't take control of our finances without taking control of our mindset first,&nbsp;but there are 3 Tough Money Mindset Truths that are important to hear and acknowledge.<figure id="figure-61492elo15m4d4x7yw"><img id="61492elo15m4d4x7yw" src="https://media.gettyimages.com/id/1459538299/photo/woman-hands-or-lotus-pose-meditation-on-sunset-beach-ocean-or-sea-in-mental-health-mind.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=7ot_2v5_9dUySfXTD7EglzJH8iHP3N9J5BpBz7YBxW0=" alt="Woman, hands or lotus pose meditation on sunset beach, ocean or sea in mental health, mind training or chakra balance. Zoom, peace or zen yogi in calm mudra, relax yoga wellness or sunrise gratitude" title="Woman, hands or lotus pose meditation on sunset beach, ocean or sea in mental health, mind training or chakra balance. Zoom, peace or zen yogi in calm mudra, relax yoga wellness or sunrise gratitude" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1459538299/photo/woman-hands-or-lotus-pose-meditation-on-sunset-beach-ocean-or-sea-in-mental-health-mind.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=7ot_2v5_9dUySfXTD7EglzJH8iHP3N9J5BpBz7YBxW0=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>01- A goal without a plan is just a wish.</h2>Sure you can set goals, manifest and have all the intention in the world of making them come true and opening yourself up to the world- but if you don’t have a plan for your goals, it doesn’t matter how much you WANT them.The first step towards making change is definetly dreaming big and setting a goal. I am the first person to encourage you to dream big, believe that you are capable and worthy of abundance and reaching your goal. Once you have a goal in mind it is time to make an actionable plan to actually reach that goal. Pro tip on goal setting: the goal needs to be specific, not some open ended unclear goal like: I want to be rich or I want to live in a million dollar home, or I want to be debt free.No, lets get specific. What does rich or financial freedom look like for you? How much money would you like to save for your dream house? How much debt do you need to pay off to be debt free? There are no judgements, but make sure you are getting clear and concise on your goals.&nbsp; Once you have a specfic goal, you can start to make a timeline, break it down into smaller goals and create an actionable plan.&nbsp; Let's stop wishing &amp; start doing.&nbsp;<figure id="figure-56oiuc23bwm4d4xbby"><img id="56oiuc23bwm4d4xbby" src="https://media.gettyimages.com/id/1650635552/photo/blue-sky-with-clouds-and-country-road-with-white-arrow.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=FGPuqG6NzW5rgdYnmkgfRY-A4yGP_XA-1l_zSYU9b18=" alt="Blue sky with clouds and country road with white arrow" title="Blue sky with clouds and country road with white arrow" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1650635552/photo/blue-sky-with-clouds-and-country-road-with-white-arrow.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=FGPuqG6NzW5rgdYnmkgfRY-A4yGP_XA-1l_zSYU9b18=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>02- It won't get better unless you do something about it.&nbsp;</h3>There is no money fairy, or magic button, or manifestation that will handle our finances, make anything "better" or make things go away. It can’t get better unless you take responsibility or do something about it- no one is coming to save you.&nbsp;If you are having anxiety about past financial mistakes and that is preventing you from taking action, just remember, EVERYONE has made financial mistakes, if anyone tells you otherwise, they're lying.&nbsp;Everyone makes financial mistakes, but the important part is learning from them. Whether it's a poor investment choice or overspending, these experiences offer valuable lessons. Acknowledging and analyzing your mistakes can help you avoid repeating them in the future and improve your financial decision-making skills.It's essential to forgive yourself for past missteps and use them as stepping stones towards taking responsibility and action for a better financial future.&nbsp;And to the women out there who are looking for Prince Charming to come save them and handle the finances, read my post about <a data-mce-href="https://femfinancial.ca/blog/5-reasons-why-your-man-should-not-be-your-financial-plan" href="https://femfinancial.ca/blog/5-reasons-why-your-man-should-not-be-your-financial-plan">Why Your Many Should not be your Financial Plan </a>before you finish reading this blog.<figure id="figure-nkoex7zjhqm4d4xf1q"><img id="nkoex7zjhqm4d4xf1q" src="https://media.gettyimages.com/id/1365137385/photo/place-of-work-in-office-calculator-laptop-computer-glasses-at-office-desk.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=6u9qvmSaemM1ZH4Pb1NHu9Q1ao4Py6rWqbhB53KrKsY=" alt="Place of work in office, calculator, laptop computer, glasses at office desk" title="Place of work in office, calculator, laptop computer, glasses at office desk" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1365137385/photo/place-of-work-in-office-calculator-laptop-computer-glasses-at-office-desk.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=6u9qvmSaemM1ZH4Pb1NHu9Q1ao4Py6rWqbhB53KrKsY=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>03- Your physical, mental, emotional &amp; spiritual health all affect your financial health and wellbeing.</h2>Money is not just about numbers; it also involves emotions. Recognizing the emotional aspect of finances is another challenging truth to confront. Stress, anxiety, and fear can significantly impact your financial decisions. It's crucial to develop a healthy relationship with money by understanding your emotional triggers and learning how to manage them.Practicing mindfulness and self-reflection can help you gain clarity on your emotional responses to financial situations. This awareness will enable you to make more rational and informed decisions, leading to better financial outcomes.In order to make positive changes with our financial decision making and build good habits, we need to have a positive mindset, mental clarity and increased focus which stems from our physical, mental &amp; emotional wellbeing.&nbsp; You'll notice in my <a data-mce-href="https://femfinancial.ca/blog/5-steps-to-kickstart-your-financial-wellness-journey" href="https://femfinancial.ca/blog/5-steps-to-kickstart-your-financial-wellness-journey">5 Step Guide to Kickstart your Financial Wellness Journey</a>, the first step has nothing to do with finances. I encourage everyone to start simple by literally taking the first step. Daily walking &amp; movement.&nbsp;** Bonus** when you treat yourself well, you are much more likely to attract more abundance in your life.<figure id="figure-0zidv77tqom4d4xigq"><img id="0zidv77tqom4d4xigq" src="https://media.gettyimages.com/id/1312681358/photo/stacking-coins-and-many-gold-bar-money-bag-of-tree-with-growing-put-on-the-wood-on-the.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=GtyakoUAOzRiBKTC11mlv2g4WNhwLBeXzl43lZ6TA2Y=" alt="Stacking coins and many gold bar money bag of tree with growing put on the wood on the morning sunlight in public park, Saving money and loan for business investment concept." title="Stacking coins and many gold bar money bag of tree with growing put on the wood on the morning sunlight in public park, Saving money and loan for business investment concept." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1312681358/photo/stacking-coins-and-many-gold-bar-money-bag-of-tree-with-growing-put-on-the-wood-on-the.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=GtyakoUAOzRiBKTC11mlv2g4WNhwLBeXzl43lZ6TA2Y=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure>Confronting these tough money mindset truths may be challenging, but doing so will empower you to take control of your financial future. Remember that building wealth is a journey that requires a positive abundance mindset COUPLED with simple &amp; effective actionable strategies. Dream big, you deserve it- but you also have to be ready to put in the work.

FemFinancial

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