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Why not make 2008 the year you get financially fit? Or the year you finally find more time for your family, friends and personal interests. Or perhaps the year you really get a handle on that healthy eating plan once and for all.
Small steps to success
Whatever your goal, you’ll want to be sure it doesn’t become one of those New Year’s resolutions that fall away because they are too ambitious.
The trick is to choose a realistic goal and then break it into manageable, achievable targets.
You’ll be surprised how far the little successes will take you!
For example, if your goal is to dedicate more time to family and friends, decide on a few small actions you can take. You might consider leaving work on time at least once a week for a family games night; making a point of enjoying a sit-down family dinner on weekends; and scheduling a monthly movie or walking date with a close friend.
Want to healthy up your diet by eating more fruit and veggies? Try beginning each day with a fruit smoothie. Experiment with new fruits or vegetables that you’ve never had before. Or serve a vegetarian dinner once a week.
By pointing yourself in the direction of where you want to be a year from now, and then navigating to that place by taking small steps, whenever and however you are able, you will reach your destination.
Here’s a more in-depth example of how this approach can work for you.
Build your financial future
Your situation: You’re not sure that you will have enough money to live comfortably when you retire, but there are so many demands today that you’re finding it a challenge to build your savings.
Your 2008 goal: Balance your current lifestyle with your desired life in the future by making the right financial decisions today.
Small steps you can take: Choose the ones that work for you.
- Top it up. Try to contribute the maximum to your registered Retirement Savings Plan (RSP) for 2007 by the February 29, 2008, deadline. If topping up is a stretch, consider taking out an RSP loan to help. Then, put your income tax refund towards paying down your mortgage — that way, you’re taking care of both tomorrow and today.
- Move it. If you have savings outside an RSP, such as Canada Savings Bonds, Guaranteed Investment Certificates or term deposits, consider moving them into a self-directed RSP. You’ll generate tax savings or a deduction, at no additional cost.
- Put “free money” to work. If you receive a raise or any other unexpected cash, invest the funds in your RSP immediately — you won’t miss the money, and your retirement savings will enjoy a boost.
- Make it easier. Set up an automatic RSP savings program to get further ahead through small steps. Regular contributions with RSP-Matic® are an easy way to help you reach your financial goals — and you can start with as little as $25 a month. Take a look at the difference that consistent automatic contributions make over time by using the RSP-Matic® calculator
Celebrate success: With this plan, you can enjoy your life today, knowing that your retirement future is looked after and you’ll be able to live it in comfort.
RBC Dominion Securities Inc., RBC Direct Investing Inc. and Royal Bank of Canada are separate corporate entities which are affiliated.
† Member–Canadian Investor Protection Fund.
® Registered trademarks of Royal Bank of Canada. RBC and Royal Bank are registered trademarks of Royal Bank of Canada.
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