Your Financial Wellness Journey

We have a wonderful Guest Blog from the Canadian Western Bank Wealth Management team.

Typically, we provide you insightful information about your home, interior decor and how to save for a home but we thought it would also be beneficial to help you plan for financial wellness after you’ve purchased a home and have started saving money for your next goal.

financial wellness

Guest Blog Brought To You By:
Financial Wellness Journey: what it means to you.
Author: CWB Wealth Management

In the story of Alice in Wonderland, the cat tells Alice that “surely you will get somewhere as long as you walk long enough. It may not be exactly where you wanted to go, but you will certainly be somewhere.”

What we can learn from Alice? Is walking aimlessly to get somewhere sufficient? If not, Financial Planning is essential to ensure we end up where we want to be, not just “somewhere.”

For most people, financial security is a high priority; we all want to ensure a sustainable, comfortable lifestyle without the emotional stress of an unknown future.

Given the importance of preparing for the future, one would easily surmise that financial planning would be an essential part of everyone’s life. However, according to the Financial Planners Standards Council, 7 out of 10 Canadians do not have a comprehensive plan.*

So why don’t more Canadians develop financial plans? There are a variety of answers to this question ranging from confusion, feeling overwhelmed, not understanding what they need to know, believing their investible assets are too small to seek assistance, and fearing the results of the plan itself. Regardless of the reason, people who avoid the financial planning process have a higher stress level when it comes to financial matters, and later in life express regret for not starting a plan sooner.

One common question that financial planners often hear is: How much do I need to retire? This is a difficult question for a planner to answer without first discussing the client’s vision of the future. Not everyone wants to retire at 65, has similar household expenses, or has the same desired activities planned, such as travel to their favorite winter destinations. Other may wish to leave money to children or want to leave funds to their favorite charitable organization. Not to mention the impact of life expectancy. Since there is no one else like you in this world, your financial plan should reflect your uniqueness.

Once your plan is in place – then what? One of the misperceptions of financial planning is that once a plan is produced no further action is required. However, life is continuously evolving; our health conditions may change, new government regimes and tax regulations come in to play, family situations may change – all which have an impact on the initial plan that was developed. A continuous process of monitoring information, exploring alternative strategies and implementing adjustments is required to ensure achievement of your goals and objectives.

An effective financial plan involves discussions that provide accurate insight into the future. If your current situation reveals a shortfall in expectations, through the planning process, you have the advantage of determining what steps are required to achieve your desired results. Your adjustments may consist of analyzing the type of investments used to generate wealth or altering the amount you wish to withdraw to cover expenses. By completing regularly scheduled updates, over a course of time, a pattern will emerge that will further clarify your financial path.

No doubt we are living in financially challenging times – we all are faced with balancing debt, market volatility, and changing political landscapes that impact our retirement and estate planning. To add to the confusion, we are bombarded by the media with information that may or may not be appropriate for our specific situation.

Expert advice is essential in developing a personalized plan that will effectively reduce stress and allow you to take charge of your future. In the end, we can learn from Alice in Wonderland, and take charge of our financial journey so we are where we want to be.

Contact us anytime if you need more information!

North Landing

101-2803 Faithful Avenue
Saskatoon, SK S7K 8E8
Phone: 306.244.8008
Fax: 855.341.7338

Monday to Friday: 9:00 a.m. to 4:00 p.m.
Services: ATM, safe deposit boxes, night depository, wheelchair accessibility


244-2nd Avenue South
Saskatoon, SK S7K 1K9
Phone: 306.477.8888
Fax: 855.341.7333

Monday to Friday: 9:00 a.m. to 4:30 p.m.
Services: ATM, safe deposit boxes, night depository, wheelchair accessibility


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