“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

– Owen

Safe Vs Max Retirement Spending

Safe Vs Max Retirement Spending

If you’re thinking about retirement, then one big question you probably have is how much you can spend in retirement without running out of money in the future.

You probably want to know how much retirement spending your investment portfolio, CPP, OAS and other retirement income can safely support.

In this blog post we’re going to take a closer look at two important levels of retirement spending, your “safe” level of retirement spending and your “max” level of retirement spending.

These are two very important spending levels that every retirement plan should highlight. Your “safe” and “max” level retirement spending represent both lower and upper guardrails for your retirement plan.

read more
Eight Ways To Build An Emergency Fund Fast

Eight Ways To Build An Emergency Fund Fast

Emergency funds are great. There are lots of reasons why you should have an emergency fund. Financial emergencies happen all the time. It could be an unexpected car repair, the deductible on your home insurance, or something really terrible, like dropping your iPhone and it shattering into a million pieces.

The common recommendation is to have between 3 and 6 months of living expenses in your e-fund (more if you have variable income or work in an industry known for layoffs).

But saving 3 to 6 months of expenses can seem daunting. Even saving up just one month of expenses in your emergency fund can take a very long time if you’re just making ends meet.

Don’t get discouraged, emergency funds are great, even small ones. Having just $100 in a savings account can make a huge difference.

If it seems like it’s taking forever to reach your e-fund goal, and you want to build your emergency fund faster, then try one, two, or all eight of these ideas to help boost your e-fund quickly.

read more
Do You Have An Emergency Budget?

Do You Have An Emergency Budget?

You may have heard of an emergency fund, but have you ever heard of an emergency budget?

The fear of the unknown is very real. When it comes to personal finances, a little unexpected expense can cause a major issue. One small expense can lead to a snowball of high interest debt. An emergency fund can help avoid those issues. An emergency fund will help cover the cost of an unexpected expense.  An emergency fund will help you worry less about the unknown and will provide a lot of peace of mind.

An emergency fund isn’t the only thing that can provide peace of mind though.

There are many things that you can do to help you worry less about the unknown and avoid financial problems that naturally come up from time to time.

On top of an emergency fund, one thing you can do is have a high savings rate. Having a high (+20%) savings rate will give you room breathe when something unexpected comes up. Another thing you can do is have more than one income stream. Having income from your job, plus investments, plus rentals/AirBnB, plus side gigs will help increase your financial flexibility.

Lastly, having an emergency budget will help you prepare for the unexpected and provide an enormous amount of peace of mind.

read more

Owen Winkelmolen

Advice-only financial planner, CFP, and founder of PlanEasy.ca

Work With Owen

“Welcome to the PlanEasy blog! We make personal finance easy.

Thanks for visiting.”

– Owen

New blog posts weekly!

Tax planning, benefit optimization, budgeting, family planning, retirement planning and more...

Safe Vs Max Retirement Spending

Safe Vs Max Retirement Spending

If you’re thinking about retirement, then one big question you probably have is how much you can spend in retirement without running out of money in the future.

You probably want to know how much retirement spending your investment portfolio, CPP, OAS and other retirement income can safely support.

In this blog post we’re going to take a closer look at two important levels of retirement spending, your “safe” level of retirement spending and your “max” level of retirement spending.

These are two very important spending levels that every retirement plan should highlight. Your “safe” and “max” level retirement spending represent both lower and upper guardrails for your retirement plan.

read more
Eight Ways To Build An Emergency Fund Fast

Eight Ways To Build An Emergency Fund Fast

Emergency funds are great. There are lots of reasons why you should have an emergency fund. Financial emergencies happen all the time. It could be an unexpected car repair, the deductible on your home insurance, or something really terrible, like dropping your iPhone and it shattering into a million pieces.

The common recommendation is to have between 3 and 6 months of living expenses in your e-fund (more if you have variable income or work in an industry known for layoffs).

But saving 3 to 6 months of expenses can seem daunting. Even saving up just one month of expenses in your emergency fund can take a very long time if you’re just making ends meet.

Don’t get discouraged, emergency funds are great, even small ones. Having just $100 in a savings account can make a huge difference.

If it seems like it’s taking forever to reach your e-fund goal, and you want to build your emergency fund faster, then try one, two, or all eight of these ideas to help boost your e-fund quickly.

read more
Do You Have An Emergency Budget?

Do You Have An Emergency Budget?

You may have heard of an emergency fund, but have you ever heard of an emergency budget?

The fear of the unknown is very real. When it comes to personal finances, a little unexpected expense can cause a major issue. One small expense can lead to a snowball of high interest debt. An emergency fund can help avoid those issues. An emergency fund will help cover the cost of an unexpected expense.  An emergency fund will help you worry less about the unknown and will provide a lot of peace of mind.

An emergency fund isn’t the only thing that can provide peace of mind though.

There are many things that you can do to help you worry less about the unknown and avoid financial problems that naturally come up from time to time.

On top of an emergency fund, one thing you can do is have a high savings rate. Having a high (+20%) savings rate will give you room breathe when something unexpected comes up. Another thing you can do is have more than one income stream. Having income from your job, plus investments, plus rentals/AirBnB, plus side gigs will help increase your financial flexibility.

Lastly, having an emergency budget will help you prepare for the unexpected and provide an enormous amount of peace of mind.

read more

 

Join over 250,000 people reading PlanEasy.ca each year. New blog posts weekly!

Tax planning, benefit optimization, budgeting, family planning, retirement planning and more...

 

 

Join over 250,000 people reading PlanEasy.ca each year. New blog posts weekly!

Tax planning, benefit optimization, budgeting, family planning, retirement planning and more...

 

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