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Financial Advice To Your Younger Self

Six pieces of financial advice to your younger self

Ever wish you had a time machine and could go back to your younger days and do things differently? Whether its fashion choices or relationship mistakes – it’s difficult to live life without at least some regret.

But what sage advice would you give your younger self that would’ve made your life a little easier? We’re not exactly in the business of giving fashion or relationship advice, but we can help with the financial side of things. Here are six tips to turn future financial regrets into relief.

Tip 1: Start saving now.

Life can happen quickly so it’s good to get in the saving habit before your expenses start piling up.

Tip 2: Open an RRSP.

Retirement may seem like a long way away, but it’s never too soon to start contributing. Bonus? It’ll help you save some taxes every year you contribute. But pop those tax refunds right back into that RRSP!

Tip 3: A penny saved is a penny earned. Or a dollar, since the penny doesn’t exist anymore.

Put a little away with each paycheque and with time on your side, compound interest will really help grow your nest egg.

One easy way to do that is by setting up automatic recurring transfers to your savings or RRSP (see step 2). And if you’ve been contributing to your RRSP but it’s sitting in a savings account, it could probably be doing better. Consider moving it to an investment product with a higher potential return.

Tip 4: Make a budget.

It’s a really good idea to get a handle on how much money you spend vs. how much you make. If the thought of budgeting scares you, use our handy calculator to crunch numbers on your budget. When you’re done, you can set up a Where You’re At Money Chat and we’ll help you make sense of your results. But only if you want to.

Tip 5: Don’t abuse credit!

This is the quickest way to get into financial trouble. Use credit sparingly and avoid those high-interest store credit cards.

If you’re a student, check out options for a student card – most financial institutions offer cards that will help you build your credit responsibly (read: lower credit limits), and with no annual fees.

Tip 6: Invest in yourself.

Taking out student loans so you can add to your level of education, your skill set, is definitely what we financial types call good debt. That is an investment worth making.


The stuff we have to say.
Coast Capital Savings Federal Credit Union provides advice and service related to deposit, loan and mortgage products. Coast Capital Wealth Management Ltd provides investment and financial planning services. Coast Capital Financial Management Ltd. provides advice and service related to segregated funds, annuities and life insurance products. Worldsource Financial Management Inc. provides advice and service relating to mutual funds. Mutual fund values change frequently and past performance may not be repeated. Commissions, trailing commissions, management fees and expenses may all be related with mutual fund investments. Important information about mutual funds is contained in the relevant fund facts and simplified prospectus. Please read the fund facts carefully before investing. Only deposits held in Canadian currency, having a term of five years or less and payable in Canada are eligible to be insured under the Canada Deposit Insurance Corporation Act.

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