4 Expert Financial Planning Tips to Keep Your Goals on Track
From reviewing estate documents to revisiting financial goals – set yourself up for a successful financial year!
Alitis Investment Counsel was recently featured in the Campbell River Mirror. Read more below:
With 2024 coming to a close, now is the perfect time to get a head start on your 2025 financial planning to-do list.
Proactive investment planning can help you make the most of your time and resources and Shawn Fetter, Associate Portfolio Manager at Alitis Investment Counsel and Certified Financial Planner with Alitis Wealth Planning, has four practical tips to set you on the path to success.
“Achieving your financial goals requires both patience and commitment. Starting the new year off right by ensuring you and your family are prepared for whatever 2025 may bring is key. Reviewing your estate documents and reassessing your financial goals are simple yet effective ways to begin the year with confidence and set yourself up for success.”
1. Review and update your will, power of attorney, and representative agreement
Life changes, and so should your estate documents. Whether you’ve experienced a major life event or simply haven’t revisited these critical documents in a while, the end of the year is a great time to ensure your wishes are current and clearly documented.
“As life evolves, it’s crucial to make sure your estate plan reflects your current situation and priorities,” Fetter says. “An up-to-date will and supporting documents not only provide clarity but also reduce stress for your loved ones.”
2. Double-check your beneficiaries
Beneficiary designations on accounts like RRSPs, TFSAs, and life insurance policies override what’s stated in your will, so it’s vital to ensure these align with your current intentions. Take the opportunity to review your designations to ensure they reflect any recent changes in your family or financial situation.
3. Maximize your annual contributions
If you haven’t already, make your annual contributions to tax-advantaged accounts like TFSAs or First Home Savings Accounts (FHSA). These accounts offer excellent opportunities to grow your savings tax-free and take meaningful steps toward your long-term financial goals.
“For 2025, the contribution limit for a TFSA is $7,000, and the FHSA has an annual contribution limit of $8,000, with a lifetime contribution limit of $40,000,” Fetter explains. “Contributing early in the year gives your investments more time to grow, and with these accounts, the sooner you start, the greater the potential benefits over time.”
4. Review your financial goals
Take a moment to revisit your long-term financial objectives. Are your investments aligned with your goals? Are you on track to meet key milestones, such as retirement or buying a home? Adjusting your financial plan to reflect any changes in your circumstances or priorities can help ensure 2025 is a year of progress and achievement.
Our Team at Alitis
Our dedicated team at Alitis has over 250 years of collective industry experience. But what makes us unique is the high level of integrity that every team member brings to the table.
Along with experience and integrity, each team member at Alitis shares the same commitment to our clients. At the end of the day, we measure our success based on the success of you reaching your financial goals.
If you’re interested in investing with Alitis, let’s have a conversation:
