“A goal properly set is halfway reached.”
— Zig Ziglar
oal setting is a key component of success – helping you achieve more and increase your productivity. It can also help to keep you on track for larger life milestones, like buying a house, going on a vacation, starting a business, saving for a big purchase or getting ready for retirement. What’s the best thing about goal-setting? It doesn’t need to been painful – here are 5 helpful tips to keep in mind:
Why is this goal important to you? Attaching personal meaning may help you tackle the task with enthusiasm. The old “SMART” acronym can help you define personal significance. Keep it: specific, measurable, achievable, relevant and timely.
Big tasks can be daunting, which often leads to procrastination. Breaking a big goal down into smaller pieces or steps along with actions you can take every day life can help put you on a path to progress.
Perfectionism and fear of failure may hinder progress. Don’t beat yourself up. Flag your negative thoughts. Doubt your doubts. You’re more likely to move forward positively if you cut yourself some slack and focus on productive thinking around those things within your control.
Just like New Year's resolutions, goals tend to fade with time. Commit to keeping your goals visible somewhere. Mark your calendar for monthly or quarterly reviews. How are you doing? Do your goals need to be refined? Live, learn and adjust as needed along the way.
An easy and effective way to see your savings goals take flight is dollar-cost averaging. What does this mean? Dollar-cost averaging involves investing a set amount at regular intervals throughout the year. It’s an ongoing commitment to paying yourself first, despite ups and downs in the markets. Here’s more about how dollar-cost averaging works.
Deadline: March 1, 2017
Contribution limit: 18% of previous year's income, up to a maximum of $25,370, minus any pension adjustments.
You can contribute to an RRSP up until December 31 of the year you turn 71. For the most up to date facts and figures, check out the Canada Revenue Agency website.
Need more help? Read more about the role of RRSPs.
Whether you’re looking to grow your savings or protect your income, Sun Life Financial can help. A financial advisor can help you create a plan tailored to your life. Sun Life offers a wide array of solutions that can help meet your savings goals during RRSP season - and all-year round: