The following text may have been generated by Optical Character Recognition, with varying degrees of accuracy. Reader beware!

www.insideHALTON.com | OAKVILLE BEAVER | Thursday, August 8, 2013 | 16 T he lazy days of summer are a time to take a vacation; a break from everyday life. You want to enjoy that time with a free mind knowing you have made sound decisions earlier on in the year. In the context of a year, there is nancial planning and work to be done that produces Good nancial decisions now allow for enjoyable vacations in the future an income. Then some down time is possible because of that planning and money earned. We could not afford to purchase want we want without saving. Assume you want to take a two week excursion. Even with your annual earnings being paid out to you on a regular basis throughout the year, it is unlikely you would be able to afford to do so after standard living expenses. Other important expenditures that need saving for are purchasing a house, assisting your children with post-secondary education costs and retirement. The mindset of nancial planning and saving is not that you are a pen- Dollars & Sense wAREHOuSE SAlE buRlINgTON MAll Peter Watson Guest Contributor 80% SEALY, BEAUTYREST, SERTA and STEARNS & FOSTER Queen mattresses from $359 Leather sofas from $719 Upholstered sofas from $478 SAvE uP TO 80% off selected mattresses ON MATTRESSES, FuRNITuRE AND MAjOR APPlIANcES 60% off selected furniture uP TO 35% off selected major appliances Plus, 60% off selected patio furniture BOSCH, GE, FRIGIDAIRE, KITCHENAID and more ny-pinching soul squirreling away your money. The whole concept of economics is to maximize your bene ts to implement your values. There will be normal tradeoffs between spending now , versus saving now in order to spend later. Yes, saving now means forgoing the immediate consumption of what you would buy if you had the extra funds. But skipping a small purchase allows you to afford those things that are most important to you. One way to put the context of saving into the proper and positive perspective is to have a savings target so you can celebrate your progress. A little positive reinforcement is a good way to reward yourself for sticking to your savings objective. Determine how much you plan to contribute to your children's education and write that amount down. Then as you approach your goal feel the pride and relief that those education costs will be covered. The same is true for retirement. How much do you need to retire? Write that gure down and then track your progress towards that goal. That does not mean you will automatically retire the day you reach your target. It just means that work is no longer necessary. This makes options available such as working less or changing jobs to something more enjoyable; even if it means taking a pay cut. We recommend you discuss your savings plans for spending in the long term with your investment adviser. Develop a strategy that allows you to save regularly and then monitor your progress. One idea would be to maximize RRSP contributions each year and take the tax savings that result from those contributions and invest in a Registered Educational Saving Program. That way two of your main objectives are combined into that one strategy. Another idea could be a regular monthly savings program. This is often referred to as "pay yourself rst" because you save at the beginning of the month before other money is spent. The strategy itself is not what is important. What is important is that you simply have a savings strategy. This is your best way to ensure you will be able to afford those things that are most important to you and your family. Work, plan and save your money so you will be able to afford and enjoy those vacations. -- Submitted by Peter Watson, MBA, CFP , R.F .P ., CIM, FCSI., Certified Financial Planner Do you know how your 24 EASY PAYMENTS ­ NO ADMIN FEE ­ 0% INTEREST FOR 24 MONTHS On all furniture, major appliances, mattresses and home entertainment when you use your Hudson's Bay MasterCard® or your Hudson's Bay Credit Card. Minimum purchase $499 (excluding taxes). Delivery charges and taxes are payable up front. On approved credit only. Equal monthly payments required. See below for details. grows? Know Your Source garden 1 Yard Soil Sacs $ from delivered starting + taxes & deposit. 99 Shop thebay.com SOILS · MULCHES · AGGREGATES · ROCKERY Cash & Carry Bags of most products available. twitter.com/thehudsonsbayco facebook.com/hudsonsbaycompany b-insider.com Special Payment Plans are available on approved credit with your Hudson's Bay MasterCard or Hudson's Bay Credit Card on the identified items. Not applicable in Quebec. If you default under your payment terms or under your Hudson's Bay Account Agreement, then the terms and annual interest rate are set out therein. The billing period covered by each statement will be approximately 30 days. For full details, go to http://paymentplanhbc.com, call 1-800-263-2599 or see a store associate. Hudson's Bay, Hudson's Bay Credit, hbc.com and their associated designs are trademarks of Hudson's Bay Company. Credit is extended by Capital One Bank (Canada Branch). Capital One® is a registered trademark of Capital One Financial Corporation. MasterCard and the MasterCard brand mark are registered trademarks of MasterCard International Incorporated. All marks used under licence. All rights reserved. LINGTON BUR GARDEN SUPPLIES LIMITED 905-336-7725 2273 Dundas St., Burlington, ON VISIT US AT burlingtongardens.ca