Financial Tips

Are you ready to take your finances to the next level? With financial planning tips from PCM, you can start making smart financial moves that are right for you.

5 tips for financial planning

  • 1

    Make a budget

    The inescapable first step: making your budget. This will help you track the money you bring in and your spending and expenses. A budget can be very useful when you feel like your money is slipping through your fingers, and you want to ensure you put a certain amount of money into your savings each month.

    To help you get motivated to make and stick to your budget, we suggest making short, medium and long-term goals. Whether for a trip, buying a new home or preparing for a baby, having concrete goals will help keep you on track with your budget.

  • 2

    It is never too late to begin saving

    Even if your salary is modest, it is still possible to save. As little as $5 a week can help you start planning early for your future and develop excellent financial habits.

    Never forget, it’s never too late to begin saving! Especially since some savings products, like TFSAs or RRSPs, may provide tax advantages or deductions. Every cent you save can be helpful in the event of an unexpected expense or can help make your retirement more comfortable.

  • 3

    Set aside an emergency fund

    An emergency fund is a sum of money set aside in the event that the unexpected happens. An emergency fund can help reduce the anxiety related to your finances and help prevent you from going into debt in case of a significant or unforeseen expense. The Financial Consumer Agency of Canada recommends that an emergency fund should be roughly 3 to 6 months of your yearly salary or enough to cover your expenses for that same period.

    This may seem difficult to achieve, but it is completely normal for it to take several years for you to build up a solid emergency fund. The important thing is to start slowly with realistic amounts based on your current budget.

    Tip: Transfer your savings to a high-interest savings account that allows fast access to your funds without penalties or fees. We recommend looking for an account that has no service fees. Make sure you select a savings product that aligns with the level of risk you are willing to take, so you can rest easy.

    When paying off incurred debts, we recommend paying at least the minimum on all your debts before the due date. When you have more money, start paying off your debts with the highest interest rates.

  • 4

    Review your insurance coverage with each new life event

    Throughout your life, your financial situation will continue to evolve. That is why it is essential to review your insurance coverage regularly to ensure that it suits your current and future needs.

    For example, if you have been promoted from an advisor to a manager in the past few years, you may need to re-evaluate your disability income insurance to ensure your coverage matches your current lifestyle. Another similar situation is making big renovations to your home. If you go from using entry-level materials to high-end materials, you should adjust your home insurance to cover the improvements you have made to your home in case of a flood or fire.

    It is also wise to review your life and mortgage insurance to ensure they are appropriate for your current situation.

  • 5

    Contact a financial security advisor

    We all wish we could be free from financial worries, but it can be easy to get lost in all the savings and insurance products available. Thankfully, financial security advisors can support you each step of the way, provide you with all the information you need and help you make the right decisions. Should you pay off your debts before putting money into savings? Should you invest in an RRSP or a TFSA? iA advisors are trained to answer these kinds of questions and more! Take advantage of our expertise! We're here to help you. To prepare for your meeting with a financial security advisor, fill out our "Ready to plan?" form to determine your needs.

    Are you curious about the various insurance and savings products and how they could work for you? Do you want to invest in an RESP for your kids or another type of investment for a personal project? Explore the iA Financial Compass. This free tool can recommend products and advice to meet your needs by answering just a few questions!


Contact us to learn more about how we can help you take your finances to the next level.