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Wooden scale balancing with one big ball and one small ball. Harmony and balance concept. 3D illustration rendering

<h3>Mel, I want to invest, but I don't know how or where?!</h3><p>This is the question I most often get asked by friends or strangers.<br><br>And once you start researching you can easily end up down the rabbit hole where suddenly it all starts to get overwhelming and complicated so you leave it for another day.</p><p>I am here to provide you with a guideline designed to keep it simple and break it down so you don't need to leave it for another day.&nbsp;</p><p>The hardest part of investing - making the time to actually set up your account and keeping it simple.&nbsp;</p><h2>1. Financially &amp; Mentally Prepare.</h2><p>Before you start investing, you need to make sure you are financially and mentally prepared. Here is a checklist to ensure you are ready:</p><p>- You have paid off high interest debt (anything over 8%)<br>- You have an emergency savings fund in place for unexpected expenses<br>- You are NOT seeking instant gratification<br>- You are patient &amp; understand investments take time to grow</p><p>If you have checked all these boxes, you are ready to start investing!</p><figure id="figure-zi88voqtzalz7px94x"><img id="zi88voqtzalz7px94x" src="https://media.gettyimages.com/id/1545309846/photo/hand-business-with-rocket-launch-icon-fast-start-up-business-checklist-step-to-goal-and.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=TBZ6TxCl55IyXXIbqXd57ZSsdFggqW5J-tbs_ghEM-Q=" alt="Hand Business with rocket launch icon, Fast start up business checklist step to goal and success objective target and solution concept." title="Hand Business with rocket launch icon, Fast start up business checklist step to goal and success objective target and solution 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/1545309846/photo/hand-business-with-rocket-launch-icon-fast-start-up-business-checklist-step-to-goal-and.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=TBZ6TxCl55IyXXIbqXd57ZSsdFggqW5J-tbs_ghEM-Q=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>2. Open a Brokerage Account</h2><p>A brokerage account is an investment account from which you can purchase investments such as stocks, bonds, index funds &amp; ETF's.<br><br>For those in Canada, I recommend Wealthsimple. It takes 5 minutes to open up online, is free to use, and allows you to set up automated re-occuring investsments which I encourage!</p><h2>3. Select a Tax Advantaged Account</h2><p>Identify what you want to achieve with your investments. Are you planning to invest for retirement, a house in the future, or your children's education? Your goals will influence the types of investments you choose and the type of tax advantaged account you select.</p><p>Placing your investments in a Tax Advantaged Account (in Canada RRSP, TFSA, FHSA &amp; RESP) is key to avoid paying taxes on income earned from your investments and compouding growth.</p><p>You can open more than one account if you have more than one goal you are actively working towards!</p><figure id="figure-fgvieduohglz90cu2o"><img id="fgvieduohglz90cu2o" src="https://media.gettyimages.com/id/1935762217/photo/fhsa-vs-rrsp-vs-tfsa-wood-blocks.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=-7porZWEUsZsTW-y6OxRVqGgbrv4xPtk-2FpE3uQJUg=" alt="FHSA vs RRSP vs TFSA Wood Blocks" title="FHSA vs RRSP vs TFSA Wood Blocks" 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/1935762217/photo/fhsa-vs-rrsp-vs-tfsa-wood-blocks.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=-7porZWEUsZsTW-y6OxRVqGgbrv4xPtk-2FpE3uQJUg=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>4. Choose Index Funds or ETF's that align with your goals</h2><p>Take some time to learn about the different types of investments available. Index Funds and ETF's are a cost effective and a simple way for you to diversify without needing to do the work yourself!&nbsp;<br><br>My blog post <a data-mce-href="https://femfinancial.ca/blog/wtf-is-an-etf" href="https://femfinancial.ca/blog/wtf-is-an-etf">WTF is an ETF </a>breaks down what you need to know about Exchange Traded Funds and provides a list of some of the most common ETF's for Canadians.<br></p><h2>5. Start Small and Automate your investment.</h2><p>If you're new to investing, start with a small amount of money. This allows you to learn, gain experience and easily get started. As you become more comfortable or start earning more, you can increase your investments!</p><p>I encourage setting up a regular contribution to the investment selected on a bi-weekly or monthly basis to take advantage of Dollar Cost Averaging. Choose an amount that you can comfortably afford.</p><figure id="figure-6jidxjn5llz7pxidm"><img id="6jidxjn5llz7pxidm" src="https://media.gettyimages.com/id/666249040/photo/endless-road-under-a-dramatic-sky.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=VuhY17Q1Y5_r4su6yGWMctWFs38CP_CXOwv0m0n1D7o=" alt="Endless Road under a dramatic sky" title="Endless Road under a dramatic sky" 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/666249040/photo/endless-road-under-a-dramatic-sky.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=VuhY17Q1Y5_r4su6yGWMctWFs38CP_CXOwv0m0n1D7o=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>6. Set It &amp; Forget It.</h2><p>Don't obsess- set it &amp; forget it.&nbsp;</p><p>The market will fluctuate, don't obsess and continuously try to time the market or get emotionally attached to the ups &amp; downs.&nbsp;</p><p>By following these steps, you can start investing with confidence. Remember, investing is a long-term journey.&nbsp;</p>

How to Start Investing Today: A 6-Step Guide

<h2><br></h2><h3>Start simple and start by taking the first step, literally.</h3><h2>01- Start with Daily Movement + walking.</h2><p>Before you can start dealing with your finances you need to make sure your nervous system is regulated and you have mental clarity.&nbsp; Movement helps with this and gives you time to start thinking about your money goals and your triggers. It also helps with setting good habits and staying consistent. Don't jump right to the numbers, start by putting one foot in front of the other.<br><br>My best goal setting happens on my morning walks.</p><figure id="figure-xmgppt15wdlz0ek4fg"><img id="xmgppt15wdlz0ek4fg" src="https://media.gettyimages.com/id/1468279835/photo/view-of-feet-of-sporty-woman-walking-copy-space-unfocused-view.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=FQrXTAfPsHVP8iaaHn2NJ9ld3MJaPwocxOMimbUDSUU=" alt="view of feet of sporty woman walking, copy space, unfocused view" title="view of feet of sporty woman walking, copy space, unfocused view" 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/1468279835/photo/view-of-feet-of-sporty-woman-walking-copy-space-unfocused-view.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=FQrXTAfPsHVP8iaaHn2NJ9ld3MJaPwocxOMimbUDSUU=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>02- Get clear with your values &amp; your why.</h2><p>More money is not the goal. Money has no value in and of itself. Money is only useful insofar as it can be traded for other things. In other words, money is a means to an end but can never be an end itself.<br>&nbsp;</p><p>Seperating the idea that money is a tool, not the end goal will help you break the viscious cycle of the endless pursuit of more and it will also help you make more intentional financial decisions. </p><p>Money is a tool to live a live aligned with your values- therefore it is important for you to get clear on your values and your why. Ask yourself:<br><br>What are the top 3 things that I value?<br>What are the reasons I want to have money?<br>What is important for me to have in my life?<br>Where can I cut spending that is not aligned with my values?</p><p><img id="e8bt1mja4alz0ek5ip" src="https://images.unsplash.com/photo-1488190211105-8b0e65b80b4e?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyOHx8YnVkZ2V0JTIwcGxhbm5pbmd8ZW58MHx8fHwxNzIxNzgwMjk5fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="budget planning" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1488190211105-8b0e65b80b4e?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHwyOHx8YnVkZ2V0JTIwcGxhbm5pbmd8ZW58MHx8fHwxNzIxNzgwMjk5fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></p><h2>03- write out what is coming in vs what is going out.</h2><p>aka, budget. Trying to control your finances without knowing your monthly expenses vs income is like walking around with a blindfold on.</p><p>A budget is a powerful tool for managing your money. It helps you track your income and expenses, ensuring that you live within your means.&nbsp;</p><p>Start by categorizing your expenses into fixed and variable costs. Fixed costs are regular monthly expenses like rent and utilities, while variable costs can change, such as groceries and entertainment. Look at your previous months statements and actually write out what you spent, don't estimate!&nbsp;</p><figure id="figure-c4lyt827gmlz0ek6rl"><img id="c4lyt827gmlz0ek6rl" src="https://media.gettyimages.com/id/1471924294/photo/top-view-of-a-work-desk-on-which-a-woman-keeps-a-budget-using-a-calculator.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=ug9zlp-oTB0MAl9INMwg6voj_cUmXgIlCrbfxiHnCCY=" alt="Top view of a work desk on which a woman keeps a budget using a calculator." title="Top view of a work desk on which a woman keeps a budget using a calculator." 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/1471924294/photo/top-view-of-a-work-desk-on-which-a-woman-keeps-a-budget-using-a-calculator.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=ug9zlp-oTB0MAl9INMwg6voj_cUmXgIlCrbfxiHnCCY=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>04- pay yourself first + automate it.</h2><h3>Emergency Savings 1o1.</h3><p>Now that you are clear on your spend vs income, decide on an amount to pay yourself first every pay cheque. Automate an amount to go into a savings or investment account.&nbsp;</p><p>If you don't have an emergency savings account, this should be the first account you open and start automating savings too. The aim should be to have 3-6 months worth of living expenses in your emergency fund. This is foundational to financial wellness and the piece of mind it provides is priceless.</p><figure id="figure-i56vg8ishlz0fsv86"><img id="i56vg8ishlz0fsv86" src="https://media.gettyimages.com/id/505872010/photo/economy-investment-and-saving-concept.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=gHlg_LZm2b0Xun5hHfyysmoUpa_ZcyauZMRU4JVv8jc=" alt="Economy, Investment And Saving Concept" title="Economy, Investment And Saving Concept" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: undefined undefined;" 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/505872010/photo/economy-investment-and-saving-concept.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=gHlg_LZm2b0Xun5hHfyysmoUpa_ZcyauZMRU4JVv8jc=" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;"></figure><h2>05- Read the Pyschology of Money.</h2><p>Financial wellness is an ongoing journey. There is no quick fix method to maintaining a healthy lifestyle &amp; healthy finances.</p><p>The Pyschology of Money is an amazing read that helps you think about wealth &amp; wellness and adopt a long term mindset.</p><p>Stay informed about personal finance by reading books, attending workshops, and following reputable financial blogs. The more you know, the better decisions you can make.</p>

5 Steps to Kickstart Your Financial Wellness Journey

Young woman in sportswear doing yoga exercise with raised leg outdoors, having workout on sea beach at sunset, side view

<p>Yoga and investing might seem like two different worlds. However, they share many principles. Here are 5 valuable lessons that we can take from the mat to our portfolio.</p><h2>1. The hardest part is getting started &amp; showing up.</h2><p>We have all heard our yoga teachers say, the hardest part of your yoga practice is to show up on your mat.</p><p>Investing is no different. Investing is not actually the hard part. The hardest part is actually taking the time to get yourself started and actually <strong>opening up the account.</strong></p><figure id="figure-om8qn0473lz0qlxuw"><img id="om8qn0473lz0qlxuw" src="https://media.gettyimages.com/id/1152625691/photo/unrolled-yoga-mat-on-wooden-floor-in-yoga-studio.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=vbZDO78UZ6hbVxSnf-aZw3UHyMaymDxA2kwWYFwDdGk=" alt="Unrolled yoga mat on wooden floor in yoga studio" title="Unrolled yoga mat on wooden floor in yoga studio" 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/1152625691/photo/unrolled-yoga-mat-on-wooden-floor-in-yoga-studio.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=vbZDO78UZ6hbVxSnf-aZw3UHyMaymDxA2kwWYFwDdGk=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p><br></p><h2>2. Setting an intention, provides direction.</h2><p>Intentions allow us to lean into our values and give us purpose and direction.</p><p>Setting intentions will help you to to clarify your values and your investment goals in order to give you&nbsp; direction and choose a strategy that is aligned for you.&nbsp;</p><figure id="figure-fi5qadhf65lz0qlzsy"><img id="fi5qadhf65lz0qlzsy" src="https://media.gettyimages.com/id/1415703640/photo/chinese-adult-woman-person-standing-with-ideas-in-shadow-contemplation-mindfulness-in-urban.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=0NjZLciI_KQxpZ_JdjzDLW-2_mdUo72jDMoZUkKFJWA=" alt="Chinese adult woman person standing with ideas in shadow contemplation mindfulness in urban Hong Kong city reflection with nature trees, waist up, rear view, behind, multi-layered effect, composite image," title="Chinese adult woman person standing with ideas in shadow contemplation mindfulness in urban Hong Kong city reflection with nature trees, waist up, rear view, behind, multi-layered effect, composite image," 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/1415703640/photo/chinese-adult-woman-person-standing-with-ideas-in-shadow-contemplation-mindfulness-in-urban.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=0NjZLciI_KQxpZ_JdjzDLW-2_mdUo72jDMoZUkKFJWA=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p><br></p><h2>3. Balance is key.</h2><p>At the heart of yoga is balance both physically &amp; mentally.</p><p>At the heart of investing is a balanced portfolio with different assets and investments to ensure you are mitigating your risk and not putting your eggs all in one basket.</p><figure id="figure-089ltbqyudlz0rkmx5"><img id="089ltbqyudlz0rkmx5" src="https://media.gettyimages.com/id/1403168959/photo/wooden-scale-balancing-with-one-big-ball-and-one-small-ball-harmony-and-balance-concept-3d.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=xxUqh4ooN_r0NmFD46Ov2I3voxpjj9oUUom5y2tF2cI=" alt="Wooden scale balancing with one big ball and one small ball. Harmony and balance concept. 3D illustration rendering" title="Wooden scale balancing with one big ball and one small ball. Harmony and balance concept. 3D illustration rendering" 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/1403168959/photo/wooden-scale-balancing-with-one-big-ball-and-one-small-ball-harmony-and-balance-concept-3d.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=xxUqh4ooN_r0NmFD46Ov2I3voxpjj9oUUom5y2tF2cI=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>4. Progress comes with time, patience &amp; consistency.<br></h2><p>You don't show up to the yoga mat for the first time and master challenging poses and headstands. Progress comes with time, patience &amp; consistency and showing up even when it's not easy.&nbsp;</p><p>Investing is no different. Your first investment is not going to grow and make you a million dollars overnight. Compound interest requires time, patience &amp; consistently investing in order to grow.&nbsp;</p><figure id="figure-ey1vu043zlz0rfkvj"><img id="ey1vu043zlz0rfkvj" src="https://media.gettyimages.com/id/893617632/photo/the-log-walking-champion.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=Mw2YdlZIcdl31aU-q_oFKrHklQVL3uo-XaPQMF7j2e0=" alt="The log walking champion" title="The log walking champion" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: undefined undefined;" 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/893617632/photo/the-log-walking-champion.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=Mw2YdlZIcdl31aU-q_oFKrHklQVL3uo-XaPQMF7j2e0=" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;"></figure><h2>5. Do what is best for you.</h2><p>We all have different levels of experience, flexibility, strength and needs. In yoga you are encouraged to take what your body needs and choose a variation best for you.&nbsp;</p><p>Investment follows the same guiding principle. We all have different goals, past experiences, risk tolerances and time horizons.</p><p><em> Don't do what your neighbour is doing. Choose a strategy that is best for you.</em></p>

What Can Yoga Teach Us About Investing?

green linear plant in clear drinking glass

<h2>Relax, it's just money.</h2><p>Let's be honest, we have all made mistakes when it comes to money and managing our finances. It is a part of life.</p><p> </p><p>And understandbly so. We were never taught how to manage our personal finances in school.&nbsp;</p><p>Don't let your past financial mistakes dictate how you manage your money moving forward. You have made some bad financial decisions in the past... and that's okay. You will recover. Do not let the guilt, stress or anxiety take over and paralyze you from taking control.</p><figure id="figure-9viuviivelz0rqmp6"><img id="9viuviivelz0rqmp6" src="https://media.gettyimages.com/id/1496615471/photo/mixed-race-woman-relax-and-breathing-fresh-air-outdoor-at-sunset.jpg?b=1&s=2048x2048&w=0&k=20&c=ilshhqDxmq7zH9oCSviv4Y--i-XGOqftSPguAcWrj04=" alt="Mixed race woman relax and breathing fresh air outdoor at sunset" title="Mixed race woman relax and breathing fresh air outdoor at sunset" 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><h2>Accepting the Past.</h2><p>Acknowledge the mistakes you have made and use them as a learning opportunity!</p><p>Take a moment to reflect. Write down what happened and how it affected your finances. This can help you see the situation more clearly and start the process of letting go.</p><h2>Stop Dwelling over past financial mistakes.</h2><p>It's time to move on. What's done is done and there is no sense of beating yourself up over what has already happened.&nbsp;<br><br>You have a choice to either continue to live with self doubt &amp; limiting beliefs, or you have a new chance to rewrite your narrative.&nbsp;<br><br>The choice is yours.</p><h2>Creating a New Plan.</h2><p>Now that you have found peace with where you are at, it's time to create a new financial plan. Start by setting clear goals aligned with your values.</p><p>Write down 2-3 long term financial goals and 2-4 "micro" goals.&nbsp;<br><br>Long term goals are the bigger vision goals top priority goals that you may have such as saving for a home, building your retirement fund, saving for a sabbitcal/ large consumer good.&nbsp;<br><br>Micro goals are a way to break down your bigger goals into smaller more attainable tasks in the short term and build good habits. This could include things like save $50 a week towards an emergency fund, set a monthly going out budget, start meal planning to save money on groceries, set up a re-occuring investment.&nbsp;<br><br>Remember, there are no right or wrong goals and no perfect timeline.&nbsp;</p><figure id="figure-6mllib2ff8lz66hx8k"><img id="6mllib2ff8lz66hx8k" src="https://media.gettyimages.com/id/1474815321/photo/cafe-girl-or-student-thinking-of-ideas-for-innovation-while-working-or-planning-a-studying.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=C2C61FmZw8xsDPnP07mB1-hQKJLTLD_pIdj287iFHPk=" alt="Cafe, girl or student thinking of ideas for innovation while working or planning a studying schedule. College, school education or university learner learning via an an online course in coffee shop" title="Cafe, girl or student thinking of ideas for innovation while working or planning a studying schedule. College, school education or university learner learning via an an online course in coffee shop" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: undefined undefined;" 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/1474815321/photo/cafe-girl-or-student-thinking-of-ideas-for-innovation-while-working-or-planning-a-studying.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=C2C61FmZw8xsDPnP07mB1-hQKJLTLD_pIdj287iFHPk=" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;"></figure><h2>Build an Emergency Fund</h2><p>First thing is first, let's get your foundation in order if you haven't already built it. It's important to get into the habit of paying yourself first and setting aside money into a savings account. Continue putting aside funds into a savings account every time you get paid until you have<br>at least 3 months of living expenses at minimum, 6 months is ideal!</p><p> An emergency savings account allows you to have peace of mind and financial security to avoid stress when unexpected expenses come up. It also ensures you do not go into debt to cover unexpected expenses. </p><p>It is the foundation to money management.</p><h2>Asking for help.</h2><p>Don't be afraid to ask for help. A professional can offer valuable insights and strategies that you might not have considered. It can also be comforting to share your financial mistakes in a judgement free space to help with closure and letting go of the past.&nbsp;</p><figure id="figure-m6khhwq22mlz66l8i8"><img id="m6khhwq22mlz66l8i8" src="https://media.gettyimages.com/id/1287274564/photo/wood-cube-with-check-mark-on-blue-background-checklist-concept-copy-space.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=KtDfeF37jy2oMtligHl7ymX8WsyPUXuld6dCpVQHa2Y=" alt="Wood cube with check mark on blue background, Checklist concept, Copy space." title="Wood cube with check mark on blue background, Checklist concept, Copy space." 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/1287274564/photo/wood-cube-with-check-mark-on-blue-background-checklist-concept-copy-space.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=KtDfeF37jy2oMtligHl7ymX8WsyPUXuld6dCpVQHa2Y=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>Staying Committed</h2><p>Finally, stay committed to your new financial plan. It can be challenging to change old habits, but persistence is key. Regularly review your goals and progress to ensure you are on track. Financial success and growth does not happen overnight.&nbsp;<br><br>Adopt a long term mindset and focus on the lifestyle. Don't expect an overnight quick fix.</p><p>Remember to celebrate small victories along the way. This will keep you motivated and focused on your long-term financial health.</p>

Moving Forward: How to Let Go of Past Financial Mistakes

Holiday in the mountains: Rustic old wooden interior of a cabin or hut

<p>Buying your first home is an exciting milestone and arguably the largest purchase that most of us will make. It is important that we prepare financially to avoid feeling financially strapped once we get the keys.&nbsp;<br></p><p>Before I dive into this step-by-step guide on saving and purchasing your first home in Canada, I want to remind you of two things:<br></p><p>1.&nbsp; Just because some people view homeownership as one of the ways to determine success does not mean that it should be your primary reason behind buying a six-figure property. Make sure that this purchase is in line with your values and desires and something you are excited about.</p><p>2. You can build wealth without owning a home through other investments. Home ownership is not always the right choice for everyone, it largerly depends your ideal lifestyle.&nbsp;</p><h2>1. Determine How Much You Can Comfortably Afford.</h2><p>Start by figuring out how much you can afford, not what the bank is willing to pre-approve you for. Many first time homeowners fall into the trap of getting excited and jumping on the biggest pre-approval amount they can get from the bank.&nbsp;</p><p>The bank is thinking about the ris they are willing to take on, not your lifestyle. Here is a simple way to estimate what you can comfortably afford so that you don't end up house rich, cash poor.<br><br><strong>Total household monthly income (after taxes)</strong></p><p><em>subtract your expenses:</em><br><br>- <strong>fixed expenses </strong>(groceries, monthly phone bills, utilities, etc)<br><br>-<strong>your monthly saving/investing payment</strong> to yourself (after you purchase a home, there are many other things in life you will continue to save for)<br><br>-<strong>discretionary expenses</strong> for your the things that are important to you and aligned with your values (you want to make sure you can still afford to spend intentionally and do the things you enjoy doing)</p><p>-<strong>debt payments&nbsp;</strong>for any existing debt that you have (student loan, car payments, credit cards etc)<br><br>= the amount you can comfortably afford to spend on a monthly mortgage payment and other house costs like like property taxes, insurance, and maintenance.&nbsp;<br></p><h2>2. Calculate your estimated down payment.&nbsp;<br></h2><p>Your monthly payment that you calculated will help you determine the price range of the home you want to purchase. In Canada, purchasing a home between $500,000 and $1,000,000 requires a down payment of 5% on the first $500,000 and 10% on the remainder. Houses priced over $1 million require a down payment of at least 20% on the entire purchase price.</p><p>While 5% - 10% down is the bare minimum, you should strive for a 20% downpayment. You will avoid having to pay mortgage loan insurance with a downpayment of 20%.&nbsp;</p><h2>3. Start Saving for your Down Payment</h2><p>Begin by setting a savings goal and timeline. Open a separate savings account to keep your down payment funds.<br><br>If you are purchasing your First Home in Canada, I encourage you to open a registered account: <strong>First Home Savings Accounts (FHSA)&nbsp;</strong><br><br>This account allows you to save up to $40,000 (the max contribution is $8,000 per year) to use toward your first home. There are two big tax breaks: any money you contribute to your FHSA reduces your taxable income for that year, and any gains your money makes won’t be taxed when you make a withdrawal.</p><p>Another option is a Tax-free Savings Accounts (TFSAs) don’t reduce your taxes when you make a contribution, but any gains you make on the money in your TFSA won’t be taxed when you withdraw the funds for your downpayment.</p><p>Automate your savings by setting up regular transfers from your checking account. This makes it easier to save consistently.</p><figure id="figure-key9damt9lz6ab7rl"><img id="key9damt9lz6ab7rl" src="https://media.gettyimages.com/id/1440169060/photo/wooden-tabletop-or-countertop-in-modern-and-minimal-beige-cream-wall-room-with-dappled.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=satFOr1UADt43k9xErCvp0eMhf7weToPqPx_Hr96qHo=" alt="Wooden tabletop or countertop in modern and minimal beige cream wall room with dappled sunlight from window and tropical monstera plant at home" title="Wooden tabletop or countertop in modern and minimal beige cream wall room with dappled sunlight from window and tropical monstera plant at home" 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/1440169060/photo/wooden-tabletop-or-countertop-in-modern-and-minimal-beige-cream-wall-room-with-dappled.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=satFOr1UADt43k9xErCvp0eMhf7weToPqPx_Hr96qHo=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>4. Improve Your Credit Score</h2><p>Your credit score plays a big role in getting approved for a mortgage. Check your credit report so you know what you are working with and if you need to improve. Pay down high-interest debts and avoid opening new credit accounts.&nbsp;</p><h2>5. Start looking at ways to mindfully cut costs.</h2><p>While you are saving for a downpayment, it does not mean that your life goes on hold entirely. It does mean however that you need to find ways to cut costs to intentionally save to reach your downpayment goal.&nbsp;</p><p>Here are a few ideas to help you be mindful and start saving:</p><p>a) Meal Plan &amp; Prepare: food is one of the biggest things we can easily overspend on when we are not prepared. Set a weekly grocery budget and meal plan for the week ahead!<br></p><p>b) Cancel unused/ rarely used subscriptions</p><p>c) Set a weekly budget for your discretionary spending and take it out in cash. Once it's gone, it's gone.&nbsp;</p><p>d) Reduce holiday spend this year</p><p>e) Get comfortable setting money boundaries and saying no. Here are a few ways to prioritize your goals &amp; wellbeing:<br><br>- That's not in the budget right now, I'm saving for a downpayment<br>-Do you think we can find a more budget friendly option?<br>- I'm going to have to pass, I am prioritizing my spend elsewhere<br></p><h3>You got this! Just remember, don't get yourself into a position where you have minimal funds to go live the life you want and end up stuck in a cycle of surviving, not thriving.</h3>

FemFinancial

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