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Invest

It’s time to spring clean your investments!

May 10, 2024
4
min read

As we settle into a new season, now is a great time to review your finances and check in on your goals. Here’s how to do it!

Woman spring cleaning

Change is in the air and summer is just around the corner. Spring is a time for fresh starts, and that makes it the perfect opportunity to evaluate where you’re at with your finances.

“It’s important to regularly check in on your investments and strategy to make sure they still align with your goals, which can change at any time based on your financial and personal situation,” says Chrisner Ramos-Singh, Financial Advisor at Cambrian and Aviso Wealth.

Now’s the time to re-evaluate how you’re spending and saving money. Let’s jump into how you can start spring cleaning your finances:

Look at your TFSA & RRSP contributions

“Since tax season has wrapped up, you have a clear picture of your financial situation. It’s a good time to assess if you’re saving your money tax efficiently!” says Chrisner.

Tax efficient saving means you’re taking advantage of the tax benefits available to you, like the tax deduction you get from contributing to your RRSP.

“Did your income grow compared to last year? Maybe you experienced a major life change, like getting married or having a child. If so, see if you can increase your RRSP or TFSA contributions to take full advantage of these accounts.”

Check in on your goals

What are you saving up for? That answer might change from year to year. As your goals shift and timelines move around, so too does your risk tolerance.

“First, look at each of your saving and investment accounts. Identify the goal of those accounts.”

Is the goal long-term, like retirement? Maybe it’s a short-term goal, like a down payment for a house you want to purchase in the next year or two.

“Then, make sure your goals align with your investment strategy and risk profile – which is something an advisor can help you with.”

“If you expect you’ll use the money sooner than later, you may want to reduce your risk exposure. If the goal is far away, you might want to choose a more aggressive investment strategy to help your money grow.”

Review your monthly spending & saving

Take a close look at the money moving in and out of your chequing account every month. Do you have a few extra dollars you could be using to further your financial goals?

“Money is easier to spend when it’s left in your chequing account,” says Chrisner. “Rather than give in to impulse purchases, it’s better to put those funds towards your goals.”

“If you invest those funds, that gives your savings the potential to grow. Compound growth is essential to your financial health!”

Analyze your investment statements

Are you noticing market fluctuations in your portfolio? Chrisner suggests that investors stay the course. Here’s why:

“When you invest, it’s normal to see short-term ups and downs. Try to see the big picture and look beyond market dips,” says Chrisner.

“Remember, investing is for the long-term. If those temporary lows stress you out, talk to your advisor. You may need to learn more about how the market works or evaluate whether the goals for your account still align with your investment strategy.”

“As long as the money is for a long-term goal, it’s not advisable to let go of your funds. Doing so will solidify the loss and take away the chance it could recover. Technically, you aren’t losing the money if you don’t take those funds out of the market.”

“Think about how the stock market is similar to the real estate market: Even if the value of your home goes down one year, the real value isn’t affected until the day you sell it.”

Talk to an Aviso Wealth Advisor at Cambrian

“As a Cambrian member, you can count on the fact that someone will regularly touch base with you to make sure you’re still on track to achieve your goals,” says Chrisner. “We provide ongoing advice, education, and a collaborative approach to managing your money.”

“As advisors, we help members identify their goals and offer advice on the appropriate investment accounts for each one. We educate them on different investment options that help them reach their goals faster. Through that, we aim to set our members up for success!”

Let’s get started on your financial spring cleaning. Book a meeting today!

Disclaimer

Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc. The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This article is provided as a general source of information and should not be considered personal investment advice or a solicitation to buy or sell any mutual funds. The views expressed are those of the author and not necessarily those of Aviso Wealth.

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