A new job opens up a world of possibilities – both professional and financial. Use this opportunity to take a good look at your finances and see where you can make improvements.
Money matters
Create a monthly budget so you can…
- Better allocate income to expenses (rent, groceries, loan payments, etc.)
- Establish your financial priorities
- See how you can save more
Create a retirement savings strategy so you can…
- Identify your retirement goals
- Define your short- and mid-term savings needs
- Assess the investment options available to you
Need help with a retirement savings strategy?
Start saving now so you can…
- Invest long-term and earn more money with less risk
- Develop good savings habits like using automatic withdrawals or payroll deductions to save (if possible)
- Set up an emergency fund
- Max out your RRSP contribution every year so you'll have less taxable income and you won't have to make large contributions later on to catch up
- Max out your TFSA contribution each year so you can earn interest tax-free
- Take full advantage of your group RRSP (if you've got one), since the fees that apply for these plans are usually lower than for individual plans
- Save up for other things (buying a home, going back to school, having a child, etc.)
Tips from an expert
Talk to a representative or a financial planner about…
- Whether you should leave your pension plan with your old employer, transfer it into a locked-in registered plan and manage it yourself, or transfer it to your new employer
- Improving your retirement savings strategy
- Buying other coverages to round out your new group insurance plan
Talk to your former employer about…
- When your group insurance coverages will end
- Which group insurance coverages can be converted into individual insurance
Talk to your new employer about…
- Whether you can transfer over your pension plan
- Your new benefit plan and when it will take effect