My father should have been a financial advisor. I have learned so much about saving and preparing for the future from him. The most important lesson I learned from my dad was to work hard and save, save, save.
My parents left Greece and came to Canada with a few dollars in their pockets. Their immigration story is typical – they worked hard to build a bright future for their children and a better life for us all.
My father instilled those values in his children. He helped me open my first bank account when I started my first job in a burger joint at the age of 13. I remember him telling me, “Save your money.” Yes I’d splurge and buy cassette tapes at Sam the Record Man and second-hand jeans from Kensington Market… and in my later teen years and during my university, I’d splurge going out every Friday and Saturday night.
But those part-time jobs throughout high school helped me save enough money to cover half of my university tuition. My father promised that if I saved up enough money to pay for half of my tuition fees, he would help me by covering the other half.
I appreciated his lessons and knew he was right. My father’s teachings were imprinted in my brain as I began life as an adult. My husband and I saved enough money to pay for our own wedding and honeymoon, which made us both feel a sense of accomplishment and independence.
While we continued to get a little help by renting out my father’s apartment the first few years as a married couple, we managed to save enough a good chunk of money. My father encouraged us to buy a house, as prices were rising every year. With some generous help from my parents and with our savings, we were able to put on a down payment on a house.
Looking at the real estate market today, I’m thankful we listened to him and bought when we did. There is no way we’d be able to afford owning a home in today’s market! As the traditional route goes, soon after we bought a house, we started having a family.
Once my first son was born, my husband and I started an RESP right away knowing that costs of college and university tuition were increasing. How else would we be able to afford to have them go to university if we didn’t start early?
Now that my kids are older, I’m thinking about university, the possibility of having to take care of parents as they age and our own retirement. At the same time, I want to have money aside for travel. Making memories with our children is what parenthood is all about. Sooner than we know, our children will adults exploring the world, focusing on their careers and starting their own families. And we’ll be about to retire.
My husband and I are saving for our retirement now with monthly payments going into RRSPs. But had we started a pre-authorized plan earlier, however, we would be in a much better place in our golden years than we will be, unless we save or invest aggressively.
How are your finances? It’s important to have a plan for all the amazing things you want to do in life, and to be ready for life-changing events. Are you ready?
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Disclosure: This post is sponsored by 360ACCESS on behalf of Manulife Financial. The opinions are my own.
