Envision Financial

Envision Financial

August 07, 2013 12:50 ET

Envision Financial: Are You Taking a Mental Vacation from Your Finances? Maybe You Could Use a Financial Check-Up

LANGLEY, BRITISH COLUMBIA--(Marketwired - Aug. 7, 2013) - For many people, finances and household budget discussions are restricted to RSP season and tax time; often revolving around where that tax refund is going to be spent, or how to fund that yearly RSP contribution or pay an unexpected bill. During the rest of the year, little thought is given to financial planning, particularly during the summer months when, as shown in a recent survey by the Bank of Montreal survey, one in three Canadians say they take a mental vacation from thinking about their finances during the summertime.

According to Envision Financial Investment Advisor, Christian Martin, reviewing your finances mid-year can help you and your family keep your financial goals on track and your spending in check.

Revisit your financial plan

Remember that financial plan that your advisor helped you put together to reach your financial goals? Take time to meet with your financial advisor and make sure you're still on track. No financial plan? What better time to make one than the dog days of summer?

"In the summer months people take time to recharge and rest," says Martin. "This can put you in a great frame of mind for reviewing your financial plan. For those who don't have a plan, which is more than 50 per cent of Canadians, it's also a perfect time to visit your financial advisor and get a written plan in place."

Review your spending

For the third of Canadians who take a mental vacation from personal finances, the impact can have a big impact on savings and debt repayment. Increased non-essential spending can mean increased debt or a reduction in savings-neither of which will help you reach your goals.

"If your summer spending habits are taking you off the rails, reviewing your plan can help your remember what you're working towards and get you refocused," continues Martin. "Ask yourself if you're on track and if you're not, tighten up your spending."

Check in on your budget

"Even the best budgets can't help you if they aren't followed or aren't an accurate picture of your spending," says Martin. "The summer can be a great time to revisit your budget and figure out where your money is really going."

Start tax planning early

Many people don't start thinking about effective tax strategies until February or March and by then, with the exception of RSP contributions, it's too late.

"By being proactive, you can work with an advisor to create an effective tax strategy-maximizing life stage changes, potential deductions and credits and RSP contributions."

"The summer doesn't need to be a total loss when it comes to financial planning," concludes Martin. "By making finances a focus and being proactive, you can come out ahead and be a few steps closer to reaching your financial goals."

About Envision Financial

Envision Financial is a division of First West Credit Union, B.C.'s third-largest credit union, with 40 branches and 28 insurance offices throughout the province operating under the Envision Financial, Valley First and Enderby & District Financial brands. Led by Launi Skinner, First West has $7.1 billion in assets under administration, more than 171,000 members and close to 1,300 employees. For eight years running, Envision was named one of the 50 Best Employers in Canada. For its extensive community involvement, Envision Financial is designated a Caring Company by Imagine Canada. For more information, visit envisionfinancial.ca.

Contact Information