At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship. They are TRUSTED SASKATOON FINANCIAL ADVISORS on the Saskatoon directory of experts.

Here Tammy & Wendy share another helpful Trusted Saskatoon Financial Tip!

Are you nervous about meeting with a financial advisor?

Many of our clients have told us that it was difficult for them to make that initial first appointment. Naturally, we think we are easy to get along with, so we wanted to know the reasons that made them hesitate.

When we listened, we found that there are basically 4 main reasons:

1) Fear of the Unknown

If you have never worked with a financial advisor, you just aren’t sure what will happen. This is what we do: We explain exactly the type of services we provide to our clients, we explain how we get paid, we explain the products and companies that we work with and then discuss our process. We talk about our client’s current situation and what their goals and dreams are. We don’t charge for the initial consultation. If you would like to proceed, we then set up another meeting to discuss your individual plan that we have developed on your behalf and then proceed to implement your plan. We are happy to answer any questions along the way because it is important to us that our clients learn along the way.

2) Afraid to be “Sold”

We all have the same fear of being “talked into” something that we don’t need, whether it is buying a car, a computer, life insurance or investments. Our goal is to make sure that every decision is based on our client’s needs, goals and understanding. We know that a long term relationship is based on trust and education. We want client relationships – not transactional customers.

3) Should be able to do it on your own

There is so much information, people think that they should be able to do everything themselves. However studies have proven over and over again that working with a financial advisor not only increases your long term wealth but definitely increases your peace of mind.

4) Embarrassed about your current financial situation

Sometimes people look around and wonder why they aren’t further ahead and that maybe they don’t have enough assets to meet with a financial advisor. No matter what stage of life you are at – starting a plan is the most important aspect of financial planning. We find great satisfaction is developing a plan for each of our clients that sets them on track to their financial goals and to help them overcome any obstacles along the way.

So don’t hesitate – call a financial advisor and set up that first appointment. Make sure you are comfortable with that advisor, ask questions and get started on a lifelong plan to financial success! For more information about GPS Financial Group – our website is: www.gpsfinancialgroup.ca 

Find GPS FINANCIAL GROUP  online here or make an appointment at their convienient downtown location on Spadina Crescent...check out their listing in FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS.

Stay Trusted my friends...SAFE AND TRUSTED SASKATOON

At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship. They are TRUSTED SASKATOON FINANCIAL ADVISORS on the Saskatoon directory of experts.

Here Tammy & Wendy share another helpful Trusted Saskatoon Financial Tip!

Trusted Saskatoon.com Partners want to help and answer the question you want to know. Here Wendy answers the Trustedsaskatoon.com Facebook fans questions in full from the Trusted Saskatoon Personal Finance show!

Ann Lyte-Mailee: Wendy, can you ever use some of your RRSPs without having any penalties? For a new car, bills or what have you?

The short answer is no. RRSPs are meant as a tax effective method to save for retirement – if you withdraw before or during retirement – the amount you withdraw will be added to your taxable income for that year – but there are 2 exceptions. One exception is the First Time Home Buyer’s Plan which allows a person buying their first home use their RRSPs as a down payment (up to a max of $25,000) which then must be paid back over 15 years. The second exception is the Lifelong Learning Program which allows the owner (or spouse/common-law partner) of the RRSPs to withdraw up to $20,000 to use for a qualified education program, but again must be paid back within 10 years after they have completed their course. Details for these programs are on the CRA website. The best approach to pay for a new car or bills is to save monthly - in a Tax free Saving Account or in a short term savings account.

Trish Planchot-Voldeng: Wendy - they say it is never too late to start saving for retirement, but is it still possible to save something for retirement even if you are 40 to 50 years old?

It is possible to save for retirement – it just takes a little more determination if you start later. The first step is to take a look at your current situation – do you have a retirement plan thru your work? What is available in your budget to invest for retirement? Secondly – decide what your retirement goals are. Income, lifestyle, etc. Then, meet with a financial advisor to develop a plan that is tax effective and will help you reach your goals. It is never too late – but the sooner you start, the easier it will be.

Jamie McHattie: I want to start saving money…not an RRSP but something like a tax free savings account or GIC…but I don’t know exactly what they are or which is the best way to go. Help please?!

Good for you – having a saving plan is the base of every successful financial plan. Once you have a savings plan for emergencies or opportunities, other parts of your plan such as home ownership or investments are more secure. There are a few different products to use for a savings plan. A GIC stands for Guaranteed Income Compund. This is a plan that locks in your money for a length of time and guarantees you interest. Generally, the longer the term of the investment – the higher the interest rate. A non-redeemable GIC means that you cannot withdraw the savings until the term is up. A redeemable GIC means that you may be able to withdraw the money, but there will be an interest adjustment based on how long the money was actually invested for. A GIC can be held in a RRSP, in a TFSA or just as a non-registered plan. Interest earned on a GIC that not in a RRSP or a TFSA will be taxed. A TFSA is a registered plan (by registered, it means that CRA tracks it), that allows you to invest up to $5,000 per year and the earnings on the investment are not taxed. There is no tax refund though. There is a carry forward so if you have never invested in a TFSA – you are eligible to invest $5,000 for each of the past 4 years that you were over 18. You can invest for short term or long term in your TFSA. A TFSA is most tax effective for high risk investments such as stocks or high risk mutual funds as that is where you have the most potential for investment growth that you wouldn’t pay tax on. However, for short term investments, the TFSA is still a good place to save. You can invest in a high yield interest account that allows full access, no risk of your investment but a low rate of return. The most important part of a plan is to start now on a regular basis – pay your-self first!

Craig Harper: Which way is the best to collect all debt information and deal with it? It is such a good idea to face debt and manage it.

You can ask for a free copy of your credit report by mail. There are 2 main credit bureaus in Canada: Equifax Canada & TransUnion Canada. Complete details on how to order credit report are available online. If you want immediate information or if you want your credit score – you will have to pay extra. This is a good idea for everyone, just to make sure there are no mistakes on your credit report.

Elizabeth Quan: Wendy, what are the best options to start tackling your debts to become debt free. And not get in over your head?

There are a few things you may be able to do depending upon your situation. You may be able to consolidate your debt and get a lower interest rate. If you have credit card debt, you can also try calling the credit card company and ask to have your interest rate lowered by saying that you will move to a competitor. This can be possible as long as you have a good credit rating. The other option is to list your debts and their corresponding interest rates. Then pay your most expensive off first. You still make payments on all your debts of course, but put extra money on the debt with the highest rate until it is paid off and then keep going on down the list until you are caught up. The best way to not get in over your head is to make sure that you are putting money into savings at the same time. It does no good to get your debt paid off, have an emergency with no savings and then have to go into debt again.

Amanda Starosta: We’ve started RESP’s for our children, but I’m worries we are not putting enough away, with the projected costs of schooling going up, what is the ‘right’ amount they should have when they go to withdraw it. (I know schooling varies, looking for a ballpark answer)?

This question really resonates with me – my husband and I have had a child or 2 in University for the past 11 years and for 2 of those years – all 3 of our children were away at University. The answer to this depends on how much of the schooling you want to pay for and how much you are expecting your child to pay for. Most parents hope to cover at least tuition and books, if your children are about 10 years away from post secondary school – then that would be about $8 to $9,000 per year. Have your financial advisor calculate how much money you need to save each month

Becky Kruger Mountford: We are at a point in our lives as a couple where we are financially stable and not living pay check to pay check and can seriously consider retirement plans. How do we know that we will have enough money to maintain a comfortable lifestyle? Are RRSPs really the way to go?

First of all – you need to put an approximate dollar amount on what a ‘comfortable lifestyle’. A comfortable lifestyle can really vary from couple to couple. Are RRSPs the way to go? – what a great question! RRSPs are an effective retirement income tool if you are able to withdraw at a tax rate lower 8. Brandon Lesperance: I’ve heard of people taking equity out of their house, so what is a home equity loan, and what are the advantages and disadvantages of these?

Rachelle Neiman: Re: financial planning. This is a 3 part question. First, does your financial planner own the products they are recommending? Secondly, is she acting as a fiduciary advisor for you? And how does she plan to keep me continually informed of changes, updates and perhaps their recommendations to my investments?

I believe these are important to ask your potential or current financial advisor. It is very important to make sure that you have a trust relationship with your financial advisor. To answer your questions – I do use the products I recommend to my clients. In fact – my children, family and friends also use those products. I believe in Critical Illness, Life Insurance, retirement investment products, but most of all, I believe in the importance of having a financial plan. Your second question – I asked Sarah’s permission as I take client confidentiality very seriously, but she gave me permission to disclose that yes, she is one of my clients and trusts in my recommendations. The relationship you have with your financial planner will depend upon your plan and your agreement. It is the responsibility of the advisor to inform their clients of.. It is the responsibility of the client to let the advisor know if they have any changes in their life such as marriage, child, new job and if they have specific concerns.

Here is Wendy Cooper on the Show!

Find GPS FINANCIAL GROUP  online here or make an appointment at their convienient downtown location on Spadina Crescent...check out their listing in FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS.

Stay Trusted my friends...SAFE AND TRUSTED SASKATOON

At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship. They are TRUSTED SASKATOON FINANCIAL ADVISORS on the Saskatoon directory of experts.

Here Tammy & Wendy share another helpful Trusted Saskatoon Financial Tip!

Do I need a will?

Dear GPS Financial, I read an article about estate planning and it says that everyone should have a will. I think I am ready to have one prepared. Some people recommend just going straight to a lawyer, others recommend seeing a financial advisor before meeting with the lawyer. Can you tell me why I would meet with a financial advisor before a lawyer? What can you offer that a lawyer can’t? It also said that part of completing a will is assigning an executor. What does an executor do and how do I pick one? Yours truly, Jane

Dear Jane,

Congratulations! You are making a responsible choice in preparing a will. Thank – you for your inquiry about estate planning. A lawyer will prepare your will but a financial planner can help you understand what to be aware of when structuring your will.

For example:

• Identify assets that could be appropriately transferred outside your will such as joint assets with the right of survivorship, registered investments that are eligible for the spousal rollover, and insurance proceeds.

• Calculate how much liquidity (cash) your estate will need to meet your estate’s liabilities (any outstanding debt you may have), your bequests (inheritance you plan to leave) and pay your final taxes.

• Calculate how much you would need to set aside in trust for your children’s education and cover their care until they are at least 18 years of age.

• Identify ways to structure your assets to minimize taxes and probate fees upon your death.

Having all of this information when you visit your lawyer will ensure you are making informed decisions and your lawyer is fully aware of what must be included for your personal situation.

An executor is the person that you choose to carry out the instructions in your will. It can be a family member, friend, lawyer, trustee, whomever you choose but it should be someone you believe will act in the best interest of the estate to carry out your instructions to the best of their ability ie: someone you trust.

It is a good idea to consider the complexity of your estate, the skills of the person you are choosing and where they live. Some people choose to appoint an alternate executor in case the original is unable to fill the role. The executor is responsible for accounting for all of the assets of the estate, paying any outstanding debt, distributing the assets as outlined in the will, and completing the personal and estate income tax returns. He or she is legally obligated to follow the instructions in your will subject to any limitations imposed by law.

I hope this information was useful and if you have any further questions please contact us!

Find GPS FINANCIAL GROUP  online here or make an appointment at their convienient downtown location on Spadina Crescent...check out their listing in FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS.

Stay Trusted my friends...SAFE AND TRUSTED SASKATOON

At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship. They are TRUSTED SASKATOON FINANCIAL ADVISORS on the Saskatoon directory of experts.

Here Tammy & Wendy share another helpful Trusted Tip!

Half of Canadians don’t have Emergency Savings – Which half are you in?

An emergency savings account is the essential component of every successful financial plan. The key to an emergency account is to start allocating a dollar amount every pay period. Many Canadians are lulled into thinking that a line of credit or a credit card is their emergency account – it is not! If you have an emergency, such as a job loss or a medical crisis, the last thing you need is more debt that would only add to your stress.

Set up your emergency account separately from your other savings.

The savings could still be within your Tax Free Savings Account (TFSA), but in a separate, low risk fund. Start by contributing a regular amount from every pay cheque – you can have it withdrawn directly from your account so that is automatic and simple. Increase the amount every time you receive a raise. Your goal is to build it so that it could cover 3 months of your net income. Use it only for emergencies or opportunities and replace as soon as possible if you do have to dip into the account.

Here is another tip: Deposit half of every tax refund, bonus or any other lump sum of money that you receive into your emergency savings and then have fun with the rest!

When you have an emergency account in place – you will never have to cash in RRSPs, put debt on your credit card or line of credit. You will be able to handle emergencies with less stress or be able to take advantage of opportunities knowing that you have a cushion to fall back on. You will be able to sleep at night.

Find GPS FINANCIAL GROUP  online here or make an appointment at their convienient downtown location on Spadina Crescent...check out their listing in FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS.

Stay Trusted my friends...SAFE AND TRUSTED SASKATOON

At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship. They are TRUSTED SASKATOON FINANCIAL ADVISORS on the Saskatoon directory of experts.

Here Tammy & Wendy share another helpful Trusted Tip!

No! I don’t need life insurance! I don’t believe in it! It is a waste of money!

So often I hear people say “I don’t need life insurance. I am single and I don’t have kids what would I need it for, it is a waste of my money?” In fact before I went into the financial industry I think I said those words myself. Then I became a Saskatoon financial advisor and quickly realized that I was uninformed and uneducated about the need for insurance. It is expensive to die!!

Even if there is no one that I want to leave an inheritance for, there are still several costs that someone will be responsible for after I am gone. A funeral can cost anywhere from $5000 - $20,000 depending on the extravagance. Once the funeral is over there is the additional cost of the headstone or marker that people often forget to plan for, another few thousand added to the tab.

Then my estate goes to probate, and even if I was responsible and had a will in place there are still all of the estate costs that need to be covered.

There are:

• Court costs – these are pre-determined costs set out in the Fees Regulations. They are $7 for every $1000 of assets. So for example if my total estate has a value of $50,000 it will owe $350 in court costs.

• Land Transfer Costs – These are fees incurred to obtain the Public Guradian and Trustee’s consent to sell any land that was left to a child and payments to the Information Services Corporation Branch when the title is transferred to the estate and then to the beneficiary. So if I were to leave my house to my niece my estate would incur this cost as well.

• Legal fees – Somebody has to pay the lawyer that is representing my executor (the person I choose to carry out my wishes expressed in my will). These fees are set out in the Rules of the Court and state that when a lawyer does the majority of the work to administer the estate they shall be paid a percentage of the value of the estate. This is how those percentages look:

• $300 on the first $10,000 or any portion

• 2% on the next $90,000 or any portion

• 1.5% on the next $400,000 or any portion

• 1% on the next $500,000 or any portion

• Excess of over $1 million is half of 1% So for example if my total estate is worth $120,000 the legal fees charged to my estate will be: $300 on the first $10,000 2% of the next $90,000 = $1800 1.5% of the remaining $20,000 = $300 Total fees payable = $2400 If the executor does the bulk of the work the lawyer’s fees can be decreased by 80%.

• Executor or Administrator fees – By law the executor or administrator has a right to be paid for their services. The fees vary and some wills define a specific fee. Fees can also be agreed upon by beneficiaries if it is not defined in the will or the court can define the fee if no method for defining is stated. In Saskatchewan the law states that an executors and court appointed administrators are entitled to a fair and reasonable allowance for “their care, pains, trouble, and …time expended in and about the trust estate.” The amount is not defined and is decided case by case. There are criteria used to determine what is considered fair and reasonable. Bottom line is to make it easier I should define how I want my Executor to be compensated in my will.

So I can't strss enough how important it is to have that will...which will prevent and confusion or bad feelings within the surviving family

So those are just the costs for my funeral and dealing with my estate.

That does not include paying off my credit cards or my line of credit or any other loans I may have. Who is going to pay for all of this?

Sure I have some money in my assets but it could take 6 months to a year or more before that money is released from my estate. Sometimes there are not enough assets in the estate to pay off the debts of the estate which further complicates things.

If I have life insurance – even a small policy I can choose a beneficiary and leave instructions in my will that the proceeds from the policy are to be used for my funeral, paying off my debt and paying for any costs associated with my estate. There are not many of us who like paying for insurance but if something were to happen your loved ones will be relieved that you did. I personally do not want to put my aging parents into financial hardship because I was not responsible enough to cover my risk.

Thanks Tammy

For more information about wills and estates visit: www.plea.org 

Contact Wendy or Tammy at GPS Financial Group to discuss your personal or business insurance needs.

Find GPS FINANCIAL GROUP  online here or make an appointment at their convienient downtown location on Spadina Crescent...check out their listing in FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS.

Stay Trusted my friends...SAFE AND TRUSTED SASKATOON

At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship. They are TRUSTED SASKATOON FINANCIAL ADVISORS on the Saskatoon directory of experts.

Here Tammy & Wendy share another helpful Trusted Tip!

5 Money Lessons Every University Student Should Learn

Focused. You wouldn’t think a room full of 66 Grade 12 students on the brink of graduation could be that focused, but they were. Everyone’s eyes were locked on Jeff Baulch, the Money Apps presenter, as he served the students their first financial reality check: postsecondary education is expensive – around $25,000 dollars expensive. Although almost all of the students said they were planning to attend post-secondary, less than 42% currently had a part-time job to help pay for it. Almost none of them had ever made a budget, and, when asked if they were worried about going into debt, no one seemed too concerned.

At the end of the presentation, when I was packing up to leave, I overheard two girls talking. The conversation went something like this:

Girl 1: “Wow, I need to get a job. I don’t know how I’m going to afford living on my own next year.”

Girl 2: “I know, me too… my parents expect me to cover tuition and I barely have any money. I thought I could just work this summer and make enough, but after this presentation I’m starting to realize I need a really tight budget…”

I so badly wanted to chime in and say, “Yes, you’re right, you need to start saving and budgeting right now. University is expensive, and the last thing you want to do is miss events and activities – especially during your first year – because you don’t have enough money.”

When I was 18 and about to graduate, the last thing on my mind was money. I was very focused on spending time with my friends and keeping my grades up while also balancing a part-time job; making sure I had enough funds to pay for everything was the least of my concerns. Here are 5 money lessons that every University student should know:

1.Make a list of your needs, wants and priorities When I was in high school I had a job that paid me $10 an hour — a lot considering back then minimum wage was around $7. Since I was still getting an allowance and my only expense was entertainment, I’d go shopping all the time. Although I never spent my entire paycheque, I was a huge impulse shopper and without thinking would often drop $100 in one trip. Five years later and the bottom of my closet has become home to a huge pile of barely worn clothes I don’t know what to do with. Had I taken the time to truly ask myself if I really needed those clothes, let alone ask if I really saw myself wearing them, I’d probably be a lot richer.

2.Put more money in your high-interest savings account One of my close guy friends convinced me to open a high-interest savings account with one of the online banks when I was in Grade 11 because we’d each get $13. Delighted at the thought of getting free money, I signed up but rarely used it. It wasn’t until the summer going into university that I finally started putting 60% of my paycheque in. I’m going on seven and a half years of owning the account and have made almost $900 in interest – a big amount considering I’ve been in school full time and also divide my finances among five other bank accounts and a couple of mutual funds. Imagine how much more interest I would’ve earned if I’d deposited my wages in eleventh and twelfth grade into the account, instead of letting it sit in my chequing account, where it gained little interest and was easily accessible for spending.

3.Learn to create a budget you’ll actually stick to During university, my parents gave me $500 a month – except for during the summer – for food, gas, toiletries, utilities, personal spending – whatever. You’d think that that much money would be more than enough to support myself and I’d have some left over to sock away. In the five years I was away at school, the most I ever had left over was about $150 – and this only happened a few times. Day-to-day expenses were depleting my bank account but, because I wasn’t keeping track of my expenses, let alone following a budget, I had no idea where my money was going. If I’d taken the time to monitor my spending patterns, I would’ve had a better idea where I could cut costs.

4.Take the time to educate yourself about credit cards – you’ll regret it if you don’t I’m going on my sixth year of having a credit card, and I can honestly say that flimsy piece of plastic has taught me some invaluable lessons. For starters, the importance of paying your bills on time; after once paying $30 in interest fees, I’ve never again paid a bill late. More importantly, though, it’s shown me the dangers of debt. Fortunately, I’ve never experienced it, but I’ve seen first-hand what a costly mistake it can be. Having a poor credit rating negatively impacts your finances for life –trying to rent an apartment, getting a mortgage or even applying for a loan becomes next to impossible.

5.Protect your financial identity Although my parents have had their credit cards compromised a couple of times, it wasn’t until a few years ago, when I began hearing a number of horror stories, that I took measures to proactively safeguard my finances. I scan my online bank statements multiple times a week for suspicious behaviour, I always cover the key pad when I enter my pin number at the cash, I don’t keep my Social Insurance Number card in my wallet in case of theft and I make sure I always sign out of all personal accounts when I’m on a public computer.

At the same time, though, if someone had taken the time to teach me all these things, there’s no guarantee I would’ve listened or taken it seriously enough. Regardless, I’m grateful that at least now I’m smarter about money.

Find GPS FINANCIAL GROUP  online here or make an appointment at their convienient downtown location on Spadina Crescent...check out their listing in FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS.

Stay Trusted my friends...SAFE AND TRUSTED SASKATOON

Original article :July 17, 2012 School of Savings 5 Money Lessons Every University Student Should Learn Posted by Emily Ngai

At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship. They are TRUSTED SASKATOON FINANCIAL ADVISORS on the Saskatoon directory of experts.

Here Tammy & Wendy share another helpful Trusted Tip!  

Are you jeopardizing your retirement?

While retirement may not seem like a priority today, the longer you delay planning – the longer you delay retirement.

Mistakes you can avoid:

1. Random RRSP contributions

Are you contributing the maximum of your RRSPs? This is not a tax efficient plan for everyone’s situation. Are you contributing in lump sums days before the RRSP deadline? Frequent or monthly payments let you dollar cost average your contributions which in turn gets your RRSPs to grow more quickly. Are your RRSPs in several different financial Institutions? You need an investment strategy to make sure that your RRSPs are well diversified which decreases your risk in the long run.

2. Not having a plan.

Do you know how much you need to save for retirement? The younger you are, the less you have to contribute. You need to know how your work retirement plan (if you have one) will impact your individual retirement plans. Do you know how much you need for retirement? People are retired for 20 to 30 years now, so it is very important to calculate the impact of inflation and lifestyle during your retirement. Have you started? Even starting small now can dramatically improve your retirement income.

3. Sacrificing your retirement to pay for the kid’s education

Have you asked your children to apply for the Canada Student loan? Some of the loan may not have to be paid back as bursaries are often given out to students. Also – the money is interest free until 6 months after graduation. Have you cashed in RRSPs to pay tuition? If so – then you better get an agreement in writing that you can live with your children in your old age!

4. Not being prepared for emergencies

Do you have the right amount of insurance if you become sick, disabled or if your spouse dies? Retirement dreams can be slashed when an unexpected health issue comes up. Review your work and personal plans on annual basis and buy individual plans if the work plan is not enough coverage. Do you have an emergency fund? A savings account is the solid base of your financial plan. An emergency account can save you from cashing in RRSPs and jeopardizing your retirement.

Find GPS FINANCIAL GROUP  online here or make an appointment at their convienient downtown location on Spadina Crescent...check out their listing in FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS.

Stay Trusted my friends...SAFE AND TRUSTED SASKATOON

At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship. They are TRUSTED SASKATOON FINANCIAL ADVISORS on the Saskatoon directory of experts.

Here Tammy & Wendy they share another helpful Trusted Tip!  

So often as a relationship progresses to the next step, marriage or co-habitation, we get caught up in the romantic, feel –good part of it and forget the practical side of things… the finances.

Often a topic that couples avoid discussing in depth, it is necessary to get everything out in the open to avoid tough conversations, fights and disillusion down the road. This article defines seven financial conversations couples should have before they take that next step.

Couples and money: seven financial conversations every couple should have

Communication is key when you’re thinking about how you will manage your money as a couple. Here is a list of seven things that are essential to get out in the open before you take the next step:

1.Your assets and liabilities—Disclosing all of your assets (e.g. savings, property, investments), along with all of your liabilities (e.g. credit card debt, mortgages, car loans, student loans) will help you plan your financial future as a couple. It is difficult to make wise choices together without all of the information on the table. Get started with our helpful Assets and Liabilities Worksheet for Couples.

2.Your credit history—Your individual financial histories will affect your ability to get credit jointly and the financial products that are available to you. It’s important that both of you check your credit reports and discuss any financial problems you’ve had in the past.

3.Your priorities—Are you saving for a down payment on a house? Do you have debt you’d like to pay down? Or maybe you’d like to save for a vacation next year? Sit down and define your financial goals together to ensure you’re both working to achieve the same things.

4.Your financial personality—Are you the type of person who finds it easy to make a budget and stick to it? Or maybe you have a tendency to spend your money whenever you see something you like. Do you have investments? How much risk can you tolerate when you’re investing? Discuss how you each approach your finances so that each partner understands the other’s attitude toward money.

5.Your financial roles—Dealing with financial matters takes work, and it’s important to discuss who is going to do things like pay monthly bills and monitor spending habits. Try to divide tasks equally so that both partners understand and feel involved in managing your finances.

6.Your monthly cash flow—How much money do you each bring home every month after taxes? What monthly obligations (e.g. cell phone bill, debt repayment, rent) do you already have? Knowing this will help you budget as a couple and plan your financial future together.   

7.Your current financial arrangements—How are your finances currently organized? Maybe you have a chequing account, a credit card, and a savings account, all at different institutions. As you discuss your financial arrangements, think about how much you’re currently paying in service fees and which institutions offer products that best suit your new needs as a couple. Look at some examples of how couples arrange their finances, and think about what will work best for you.

Find GPS FINANCIAL GROUP  online here or make an appointment at their convienient downtown location on Spadina Crescent...check out their listing in FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS.

Stay Trusdted my friends...SAFE AND TRUSTED SASKATOON

At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship.

Here Tammy & Wendy share a very quick Trusted Tip ..... Before you say yes to the insurance offered when getting your mortgage or any other types of credit have a look at this clip from CBC’s Marketplace and make an informed decision. Read the fine print, ask questions and source out other options to ensure yourself and your family are protected. Buyer Beware!

GPS Financial can provide more details on this if you want to know more

Find them online here or make an appointment at their convienient downtown location on Spadina Crescent...check out their listing in FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS!

At GPS Financial, their name says it all. They help their clients with their Goals, Plans and Solutions. They implement the values of integrity, expertise, respect and commitment when working with you to establish a long term trustworthy relationship.

Here Wendy & Tammy share their first Trusted Tip on Critical Illness Insurance  

Cancer survivor reveals why “it is worthwhile to have insurance”

Karen Timchuk is a critical illness insurance policyholder who, when faced with a critical illness, was able to keep her retirement plans on track. This is her story.

In late 2009, only a few years after purchasing her policy, Karen suffered sudden back and abdominal pain which, when investigated, revealed both non-Hodgkin’s lymphoma and colon cancer. “Needless to say, December was dark and gloomy for me,” Karen says. “The fact I was going to get $100,000 was the only good news I got that month.” Karen used the funds to cover the cost of chemotherapy-related drugs not covered by her health plan, take a holiday with her spouse in between chemotherapy treatments and keep up her pension plan contributions. “I was on long-term disability from my job and had to pay over $10,000 into my pension for the 11 months I was off,” she explains. “My plan is to retire in 2014. If I couldn’t afford the pension contribution, I wouldn’t be able to retire on schedule.” Karen also had some concerns knowing non-Hodgkin’s lymphoma can recur. But the benefit amount she purchased allowed her to set aside some funds as a security blanket in case of a relapse. Karen says she is thankful she made the decision to go with the insurance. As her parents both had a history of cancer, her policy was rated. “The premium was around $50 a month more with the rating,” says Karen. At that time, I was in my early forties and felt invincible,” she says. “But even with the rating, I still felt it was a good deal for me. I’m a believer and tell everyone it is worthwhile to have insurance.”

It’s important to remind ourselves that serious health problems can strike any of us at any time. Unforeseen events can derail your carefully thought-out retirement plans and have a devastating impact on your family finances. Imagine having to dip into your registered retirement savings plan (RRSP) savings or cease contributions to make mortgage payments and pay for drugs. Situations like these not only expose you to greater taxes, but can also short-change your retirement nest egg. Planning for the future involves more than just saving money; it involves planning for the unexpected.

GPS Financial can provide more details on this important piece of a comprehensive financial security plan. Find them online here   or make an appointmmet at their convienient downtown location on Spadina Crescent...check out their listing in SASKATOON FINANCIAL SERVICES on the SASKATOON DIRECTORY ..they are your Trusted SASKATOON FINANCIAL ADVISORS!    

www.trustedsaskatoon.com  is the SASKATOON DIRECTORY of Trusted experts...yet we are MORE than just a Saskatoon Directory, we are a growing library of resources across many many categories.

Stay Trusted my Friends SAFE and TRUSTED Of course...always PURELY POSITIVE!