Summer Financial Tips from Dwayne Rettinger of IG Private Wealth Management

Summer means warm weather, carefree weekend trips and spending vacation time with family. As life slows down a bit in the summer months, it can also be a great time to review your financial situation. While that may sound daunting, financial housekeeping is just as important as your summer plans.

Dwayne Rettinger, an Executive Financial Consultant with Investors Group Financial Services Inc. , has some finance-related topics to tackle this summer.


Get Organized


While you’re enjoying summer activities, look at ways to make sure your finances run smoothly, Rettinger says. With today’s technology, managing your finances more efficiently is easier than ever. Setting up automatic payments is a simple way to eliminate late fees and save for the future, perhaps with a monthly RRSP contribution. Summer is also an excellent time to organize financial documents, like tax returns, credit card statements, and insurance policies, he says.


Organize a Summer Money Chat

If you are with family this summer, perhaps it’s time to introduce a new tradition – an annual chat about money, Dwayne Rettinger suggests. Such a discussion can bring a family closer and make sure that everyone is on the same page and in control of their financial future. For instance, a family chat can be a good time to introduce the concept of estate planning. Grandparents can make their final wishes abundantly clear, so that there are no surprises down the road.

Of course, such a discussion can be awkward at first and everyone should be prepared to listen as much as they talk. Pick a location with minimal distractions and set a time limit. Be sure to end on a positive note to help make the chat an annual event.

Meet With Your Planner

Book time with your financial advisor this summer, Rettinger says. The quiet months of the year can be a good time to review your investments and make sure that your retirement plans are on track.

Beat the Heat

Everyone wants to beat the heat in the summer, but air conditioning can be expensive. If you can, avoid running your air conditioner between 11am and 5pm, when electricity prices are higher. Also, close the blinds and curtains to keep the heat out and cool air in. Check your windows and doors for leaks that let the cool air escape. You can also try installing a ceiling fan to circulate cool air. To stay cool inside, try cooking outside more often.

Make a Few Plans

Lastly, go ahead and make some plans — especially if you’re not travelling this summer. The more you have to look forward to, the more enjoyable the summer season will be. Also, planning ahead improves affordability. Whatever your plans are, simply having them will help you enjoy the summer.

This is a general source of information only. It is not intended to provide personalized tax, legal or investment advice, and is not intended as a solicitation to purchase securities.  Dwayne Rettinger is solely responsible for its content.    For more information on this topic or any other financial matter, please contact an IG Wealth Management Consultant.

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