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& IB MONEY MATTERS ‘RATE HIKES, FOOD INFLATION, gHOW 10 ‘THROUGH THE COST 5 5 OF LIVING CRISIS F RENEE SYLVESTRE Beaver Oakvil When it seems like the world is facing one crisis af- ter another — wildfires, war, inflation, rate hikes, a pandemic — planning for the future can be over- whel “There's 's so much urgent happenings right now that it's really hard to plan and think about things like tirement," says Leah Bobet, 41, a novelist, poet and con- tent strategist based in To- ronto. "I can't realistically model what retirement will look like in 25 years whenI _‘ Focus on what you can control. don't know what the world is going to be in five years. planning can provide some How doI plan for that? That reassurance and help you makes it very tricky to sleep better at night. build sensible future plans “It's about focusing on when now demands so e much." because the world can Those fears are shared sometimes be an alarming number: in place. So the truth i is, an hat a 2022 state of retirement study by Fidelity, 71 per cent of Americans younger can you control?” One thing that can be controlled is spending. Por- than 35 aren't confident ter points out nae disere they can achieve their re- tionary spendi tirement goals. (In the changed in the past counts -Xers are ofyears,asrestaurantsand the least prepared for re- other entertainment op- tirement.) tions opened back up. She Jackie rome acertified suggests going back to the financi: anner and ad basics, cl ‘ing your cur- viser in Mississauga, say: rent spending, we its 's tempting to throw lenging yourself toc it back ip in the air, and put that money in an Here to s tl DE RANGO PHARMACY INC. Help You! / Patient Counselling / Free Nutrition MORTGAGE COSTS Ramon Ferreira/Toronto srr Mustain emergency fund or retire- ment plan. Porter says that while we can't control job layoffs unexpected expenses, we can plan for them. For those who find themselves spiralling into ial anxiety, Porter says it's better to face ine thing you're avoiding rath- er than "burying your head under the covers." "Start with what's keep- ing you up at night,” she says. “If you have a mort- gage that's coming up for renewal and you're con- cerned, don't wait until the last minute. Reach out to your mortgage broker and start to discuss what your No matter the state of your finances, avoiding your fears is not the way forward, expert: options are." Things to discuss in- clude what your payments will look like. Is therea way to stretch your amo: tion? How would that im. pact yourcurrentfinan finances? "Start looking into the thing that you are con- cerned with most and com- ing up with a plan,” says. "If it's your norigage, talking to a mortgage broker If it's opening up credit card statements to see what you owe, reach out to a financial or debt pro- fessional for your options." She says there's no shame in reaching out for help to work through things that are causing you distress. "I have a therapeutic background. I think you just need to speak to some- body who can help you with fear,' I get that. But I think staying in your head is a very dangerous place for most people." Iftikhar Mahmood, a corfified Or Bnancal anne Markheen nt eee bien Por- ter about revisiting your discretionary spen acknowledges that it takes a aot of discipline to change pending habits, but he doesn't encourage an aus- terity approach of cutting off all your spending. In- stead, take small steps to- ward change. "It doesn't mean that’ you have to say, 'OK, fine, I'm not going to do this or I'm not going to do that.’ But you can look at different ar- eas of your life to cut back on and say, "m still going to go out to eat, but maybe I'll only go out once every 10 days instead of once every five days.’ Another thing that you can control is finding better deals for things. Mahmood suggests shopping around for better deals on phone plans and streaming ser- vices. Mahmood out that crises tend fi ‘0 upeen "Once every sev- n to 10 years, we will most definitely experience sig- nificant events that affect conomy,” he says, such as the 2008 financial crisis and even Y2K, when the big fear was that computer sys- tems wouldn't recognize the ye: wreak havoc. on all systems in- cluding financial ones. While Bobet ponders the big issues, she's not idle about her finances. As the child of an accountant, she says she has basic financial knowledge about budget- ing but is only now diving into formal financial plan- ning. She's looking to move her retirement invest- ments away f from oil and gas into an enviro: nmenta sustainable. mand gove! nance ese) fu fund. "I could move ‘ilding move nae that actually builds the future at the bly," she says. "That would be worthwhile." She's cur- rently reaching out to her financial institution and doing research on the best options. Porter says that if you can't afford the cost of a planner, some Porter r say it's ey start- ing small, creating a plan and working with aplanner or adviser. No matter the state of your finances, ¥ good idea. "At the end of the day, when you do that, you just make your situation that m uch more precari- ous," says Porter. Interlocking & Concrete Specialists ood mar f FAS handscaping Ltd.” * Pebble Concrete * Stamped Concrete * Flagstone * Walkw. * Driveways * Curbs (French) ¥ Complete Diabetic Care ¥ Home Visits ¥ Consultations / Free RX Delivery and DNA Screening www.shoppersdrugmart.ca OPEN NOW 24 HRS EVERY DAY BAEUMLER APPRO ED 2501 Third Line 905-465-3000 478 Dundas Str: 905-257-9737 insidehalton.com sunmarlandscape.com