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Families should follow government's lead and plan a budgethe federal budget was presented on So the first lesson learned from theThe financial reality is Canadians are going to start Tuesday. This is the governments government is to create your own per-to pay for more services. That will have a direct impact Tfinancial plan to run the country sonal family budgeton the cash flow of retired Canadians.Dollarsfor the next year. We can learn two things The second lesson is to do a realityThe lesson learned from that is to prepare now for from watching the process.check. Our government is no longer ableretirement. Budgeting now for your golden years will &The first lesson is that they have a to provide for all of the kinds of benefitspay large dividends as well. Sensebudget. This is something each of us as that many Canadians want. Submitted by Peter Watson, MBA, CFP, R.F.P., an individual or a family should have.One of the budget announcementsCIM, FCSI. In 1991, Peter founded Peter Watson By Peter WatsonA budget is simply an estimate of was a top-up for the lowest third of Investments in Oakville. Peter can be reached at 905-income and expenses over a period of seniors receiving the Guaranteed Income842-2100 or visit the website at www.peterwatsonin-time which is often one year. This is the Supplement. This had been one idea thevestments.same whether it is for our country or our enough to defend.NDP promoted.family.Are these conflicting views? Yes.The key element here is that only theGet Your Wheels in MotionThe best time to do a budget is before Just the same as there are conflictingneediest receive the benefit. This is simi-the year starts. For Canada the fiscal year views within your family budget. A lar logic to Old Age Security pension tuobA begins Apriwhere the government gives money tokl 1, but the rest of us tend to healthy discussion of the spending pri-sAseitraP yuse a caalendar year. The second best time orities is useful to ensure money is beingeveryone, but then taxes it back if yourdhtriBto do your budget is today. Better late spent wisely.earnings are too high.than never.There is nothing magic to a budget.This is significant to the middle class.n Fue thinoJThe starting point is projected income. Forecasting income and expenses is justThe wealthy do not need financial sup-katinglic SPubThat should be your maximum spending an educated guess, but it is a process thatport. The poor should get the most help.Bowlinglevel.should pay dividends.The middle class would love the finan-GiftsThe challenging part is to plan for A family will consider normal dailycial support to add to their cash flow, butBilliardsexpenses. There are always conflicting living costs such as food, shelter andthat is not being offered.esVideo Gampriorities. entertainment. Plus there needs to beMy opinion is that this type of partialarSnack BIf your spending exceeds your income some money put aside for retirement.support or claw back is going to be theyou have a deficit. This is a major prob-There is a growing concern from thestandard. I think it will actually escalate.eclaa Plem if not corrected quickly.government that Canadians are spendingAs the Baby Boomers age, they willrlleoR srteoocSThe Conservative minority govern-too much and relying too heavily on debt.apply additional financial pressure on theve ri Dment had to take some spending policy Your tool to ensure you do not fall intogovernment. That has already started.indsorl Wyao R5012own Road)ideas from the NDP in an attempt to gain that overspending trap is to have a bud-The leading age of Baby Boomers is(just west of Southdits political support and try to avoid an get. the low to mid 60s. This is the age rangewww.scooters.on.caelection. Or, if an election was called, the This is an excellent way to managein which the medical and retirement1-400(905) 823budget would have to be attractive your finances.benefits start to be used.Community Living OakvilleCordially invites you to attend ourChair Affair Fundraising EventFriday May 6th, 2011~ ~FEATURINGDinner and Live Auction of BeautifulMuskoka Chairs Painted by Local Artists{ ????iU??`?i? ??U? ?>???i?e Dome Banquet Hall1173 North Service Rd. East, Oakville www.ledome.ca/?V?ixii??>Li?vʣ`?ViV?>?o order tickets, please call:Tina Christie at 905 844-0146, ext. 239 www.oakcl.orgPlatinum Sponsor:Community Living Oakville - Supporting Full Community Participation for People with Developmental Disabilities 21 Thursday, March 24, 2011 OAKVILLE BEAVER www.insideHALTON.com