The Confidence to Live Your Dreams

With the right plan, you can have the lifestyle you want today while ensuring security down the road.

A busy lifestyle involves a commitment to a variety of areas, including work, family, health, and personal and spiritual growth. Sometimes, you may wonder if it's possible to "have it all."

When you have a planned approach, the answer may be yes. Once the right strategies are in place, you can be confident that you'll have enough money to support the lifestyle you want today and still build a nest egg for your future.

A CIBC advisor can work with you to find ways to make this possible. Here are 3 strategies to start you on the road to achieving what you want from life - when you want it.

Use credit strategically

In many cases, there is no need to put off until tomorrow what you would like to do today. For example, suppose you want to make your home environment more enjoyable by renovating your kitchen. An appropriate borrowing strategy can enable you to do this. By accessing a low-interest line of credit secured by your home, you can make home improvements and maintain other commitments such as making RRSP contributions or saving for your children's education.

Stick to disciplined savings

One of the most effective ways to stay on track toward your long-term goals is to commit to a regular investment plan.

For instance, if buying a recreational property is one of your goals, determine how much you'll need for a down payment and establish a reasonable time frame for putting that amount aside.

With a regular investment plan, the cash can go directly from your paycheque or bank account to your “recreational property fund” every week or month.

Manage your cash flow

One way to ensure you are optimizing your cash flow is to analyze the funds flowing in and out of your accounts. Many expenses have a predictable period in which they occur and many recur on a monthly basis. Recording the money you expect to receive and spend for both non-discretionary and discretionary expenses allows you to assess when and how you spend your money.

Completing a cash flow statement can help you identify areas for expense reduction and allow you to find surplus cash available at the end of each month.

A CIBC advisor can help you develop personalized strategies to help you do what you want today while investing for tomorrow.

Get started