Build your personal road map
When it comes to financial security planning, it pays to start small. If you change your spending habits, even just a little bit, the long-term results could be big.
For example, let’s say you made your morning coffee at home instead of picking it up on the way to work. It may not seem like much but the amount you save could be enough for a $500,000 life insurance policy.1
If you cut down on your dining-out expenses by even $20 a week and invested that money, it could grow to almost $37,000 over a 20-year period.2
No matter what you’re saving for, you’re on the road to achieve your future goals.
Other savings ideas:
- Leave the car at home, carpool, use public transit or ride your bike
- Shop around for better auto and home insurance rates
- Install LED light bulbs to reduce energy costs
- Go to the movies on “cheap Tuesdays”
- Clip coupons for groceries or buy in bulk
- Cook at home instead of dining out
With those savings each month, you could:
Invest and watch it grow
A small but regular contribution into something like a tax-free savings account (TFSA) or registered retirement savings plan (RRSP) could grow substantially, if it’s invested wisely and given enough time to grow. Use this money to help fund your retirement or perhaps go on the dream vacation you’ve always wanted.
Protect your family
What would your family do if something happened to you? Insurance is a flexible and cost-effective way to protect yourself and your loved ones financially. It can help pay down your mortgage, cover outstanding debt or fund education or retirement plans.
How we can help
Spending money feels good, but knowing you’re not only protecting yourself and loved ones – but unlocking future potential – feels even better.
An O'Farrell Financial Services security advisor can help you build a customized financial security plan to help you achieve your goals.
Cost of coffee based on $1.70 per cup. Assumes 30 cups a month. This comparison is based on London Life term 10 life insurance, male and female, up to age 45, non-smokers, standard risk, monthly premium payments. Monthly premium depends on your age, amount of coverage and general health information. Life insurance coverage amounts represent the policy’s death benefit. Rates as of December 2015. Term 10 life insurance premiums increase on renewal after 10 years. The example provided is not complete without the London Life illustration, including the cover page, reduced example and product features pages all having the same date. Read each page carefully as they contain important information about the policy.
2Assumes $80 is invested in a balanced mutual fund portfolio on a monthly basis with a six per cent annual rate of return. Rates of return are hypothetical and provided for illustrative purposes only. Mutual funds are not guaranteed; their values change frequently and past performance may not be repeated. Unit values and investment returns will fluctuate.