5 tips to manage your investments this summer

The arrival of summer is a popular time to relax, enjoy the sunshine and get away from it all. Before you do, be sure to take stock of your investments to ensure they continue to work hard for you, even while you take a hard-earned break:

  1. Have a plan. It doesn’t have to be elaborate, just one that makes sense for your short-term and long-term financial goals. It can be as simple as putting a set amount of money aside for a rainy day or as involved as developing a longer-term plan for your retirement.
  2. Save a little every month. We’ve all heard the rule-of-thumb that you should “pay yourself first” by putting money into savings. But with so many opportunities to spend, it’s easy to let things slide. Sign up for an automatic savings plan so you can “set it and forget it”.
  3. Open your statements. It sounds simple, but many people don’t bother to open their investment account statements. Take the time to read your statements and ask your financial advisor about anything you don’t understand.
  4. Communicate. Be sure to keep your financial advisor up to date on any changes — both good and bad — that might affect your financial situation. Deciding what to do with added income from a raise can be as important as adjusting your plan to deal with a job loss.
  5. Meet regularly with your financial advisor. Have a meeting annually even if there are no changes. Take your statements to the meeting and ask questions.

It’s never too late to become a more informed investor and build good savings habits. Find more information online at investorcentre.ific.ca.