How to save money in times of uncertainty

Inflation, market volatility, politics and world events: we don’t have control over them, but they can transform our savings and investments. They might also shake up our financial habits.

Are you worried about your investments or retirement savings? Maybe you’re thinking about putting more money into an emergency fund.

Economic uncertainty can keep people up at night. But before stress takes over, you can get informed and review your finances.

Here are some money saving tips when markets are unstable:

Stay calm and plan

• Be patient. Impulsive financial decisions rarely pay off, especially during uncertain times.
• Think carefully before making any decisions. Sleep on your choices before taking action.
• A trusted advisor can provide objective guidance during market fluctuations, helping you make informed decisions and avoid costly mistakes. Did you know that as a member of an employer plan or Choices plan member you have a team of licenced consultants available to help you?

Review your savings and investments

• Create or review your financial roadmap to stay focused. Have you created a One Plan financial roadmap through Sun Life?
• Set up a pre-authorized contribution to save consistently – and without the stress. Choose a fixed amount and frequency that works for you.
• Invest in RRSPs and TFSAs early to maximize growth, lower taxes and combat the effects of inflation.
• Resist the urge to make impulsive RRSP withdrawals.

A budget is a powerful tool to take control of your finances. It helps you keep track of your spending, plan for your needs and work towards your goals. Try Sun Life’s budget calculator – and start saving more!

Get some financial advice

When it comes to financial decisions, trust the experts. Instead of relying on internet searches or social media, speak with someone qualified who understands your individual situation.

As a Sun Life member, you have access to personalized advice from our team of licensed consultants, at no additional cost through your plan.  They can help you stay focused on long-term goals, no matter what happens in the markets.

To assist with your journey, Sun Life provides a financial roadmap that is powered by Sun Life One Plan – a simple, easy-to-follow, goal-based planning tool.