The Oakville Beaver, W ednesday N ovem ber 21, 2001 - C7 II Financial planning especially important to women By Josie Crimeli, Patricia Mancini and Stephanie Murray Watson Women are becoming increasingly aware of the importance of financial independence. No matter what your current status is - single or in a long-term relationship, with children or without - it's essential that you prepare for your financial future. Although the financial inequities between the sexes both in the workplace and in relationships have lessened in recent years, women still are at risk. They often earn less money than men and can be financially vulnerable when marriages end, spouses die or they become the source of financial Support for children. There is a growing awareness among women of all ages of the need for financial security. ' No matter what your situation, a financial plan can be your roadmap to that security. Simply put, a financial plan is a way to establish financial goals and develop a strategy to meet those goals. There are four basic elements in a financial plan. First, determine your current financial posi tion - your net worth. Second, look at your spend ing patterns and develop a budget that you can live with. Third, set your financial goals and priorities. Finally, devise a savings and investment strategy that allows you to reach your goals. Still not convinced that you need a financial plan? Here are six good reasons why women should map out their financial future: If you are married, a plan can minimize finan lO O k FO R MANAGING YOUR MONEY cial turmoil should your marriage end. Women live longer, on average, than men, so your retirement savings will need to last longer. If you're married, you should also be prepared for the financial challenges that come with the death of a spouse. On average, women earn lower incomes and are less likely to be part of a company pension plan. Therefore, planning for retirement savings should be an early priority for women, who may have to save longer to provide an adequate income when they leave the workforce. Women usually end up with custody of children when relationships end, often resulting in a signif icant financial burden. You'll accumulate more wealth with a well thought-out financial plan. If you've taken time out of the workforce to raise children, a financial plan can help you catch up on your financial independence. When should you get started on your plan? The sooner the better. With RRSP and income tax dead lines looming, this is the ideal time to give some thought to your savings, spending and investments. You can use your income tax records and receipts to track your saving and spending patterns, and to get started on a budget if you don't have one. And while you're planning your RRSP contribu tion, take some time to see how your retirement nest egg is doing and what steps you'll need to take in the future to guarantee a secure retirement. Your best bet for getting started on a compre hensive financial plan is to talk to your financial consultant. He or she can show you how to set your goals and develop a strategy to help meet them. This column, written and published by Investors Group Financial Services Inc., is presented as a gen eral source o f information only and is not intended as a solicitation to buy or sell investments, nor is it intended to provide legal advice. For more informa tion on this topic or on any other investment or finan cial matters, please contact Josie, Stephanie or Patricia at (905) 847-7776 extension 325. P a rty Packagers* CANADA'S ULTIMATE CHRISTMAS SALE 4 Page F ly e r i n Today's Paper! © f a Q w n b c r of Com m erce Oakville Chamber IN GT0N B urli <! L ss Commerce T O f& b A S T h J Z J A % T A r6 T O u r l o o k a t t h e y e a r t o c o m e in t h e e c o n o m y , r e t a il , t e c h n o l o g y & p o l it ic s COME AND LEARN OUR EXPERTS' OPINIONS ON CHALLENGES AND OPPORTUNITIES FOR BUSINESS IN 2002 F e a t u r e d s p e a k e r s ... Joyce Savoline Region of Halton Chairman Rick Egelton Bank of Montreal Group of Companies Senior Vice-President and Deputy Chief Economist M oderator David Willis Microsoft Canada Director for Small Business & Channel Bill Line Canadian Tire Fairview Owner Don Ford, Burlington Post E xpress H otel & S uites R d . (Q E W & B r o n t e R o a d ) W ednesday , N ovember 2525 28,2001 H oliday I n n w y ecroft Continental Breakfast at 7:30 a.m. Members: $26.75 (gst includes) Presentations and Q&A Period 8:00 to 9:30 a.m. Future Members: $32.10 (gst included) gst# 106818875 Cancellations cannot be accepted after November 16,2001. Due to meal reservations, full fee charged for non-attendance. Members $26.75 (gst included) Future members $32.10 (gst included) SPOTLESS GRAND OPENING: T he new est location o f Spotless D ry C leaners officially op en ed on the w eekend at the Rio C entre, (corner o f Hwy. 5 and N eyagaw a Blvd.) In ad di tion to store sta ff Lori and Sara, also on hand to greet cu stom ers w ere ow ners C athy and Bruno C om m isso (right). T he new O ak ville outlet is the 30th to open in O ntario. The firm uses only top quality, environm entally friendly soaps and solvents and bleach that is oxy genated and d oesn 't break dow n fabric. S olvents are distilled and purified after each use with fresh solvent used for each batch o f clothes. In addition to dry cleaning using the lat est equipm ent, the store also perform s alterations. C all 905-257-2956. Please reserve_________spaces for the Wednesday, November 28th Forecast Breakfast. My cheque for_______ _is enclosed. Name:_________________________________________ Visa # __________________________ Expiry_______ Signature____________ ________________ Company:_______________________________________________________ Phone:____________________________ Fax: R eg ister on-line a t w w w .burlingtoncham ber.eom o r bv fax to (905) 333-3956 o r bv m ail to B urlington C h a m b e r o f C om m erce, 3385 H arv ester R oad, L7N 3N2. _______________________Supported bv Burlington Post/Oakville Beaver______ ________________ Bring us your old/ broken vacuum cleaner & receive a discount up to $150.00 on the purchase of a new Miele Hepa certified vacuum cleaner. Trade In Trade Up Event M ie le Anything else is a compromise o f f l 1^1 The w o rld 's o n ly totally Hepa Certified vacuum . ·V S j l r ' i ft I! I E 7 ifk " T t '1 w 7j ? m w l A J m l Thursday, November 22/01 to Saturday, November 24/01 ` P to HANDMADE CRAFTS b y I M % l Trafalgar Village Our new series of vacuums are the world's only totally Hepa Certified vacuums. Which means it's sealed to prevent 99.5% of unfiltered air from escaping. So the only thing left behind, is any other vacuum. THE ADVANTAGES OF MIELE: LOCAL CRAFTSPEOPLE Oakville's first shopping plaza. y Quality S Durability, dependability / Ultra quiet, light weight y Electric power team package available y Suction power of a central vacuum yet convenient & easy to use. VOTED OAKVILLE'S BEST VACUUM STORE 3 YEARS IN A ROW. COME SEE WHY WE SELL THE BEST & SERVICE THE REST! H alto n V a c u u m D ep o t 2379 Trafalgar Road 2 5 7 - 6 1 4 5 At: T he Loblaw s Plaza next to Pizza Hut J 125 Cross Ave. M o n -T h u rs . 9 : 3 0 - 6 : 0 0 , F r i. 9 : 3 0 - 8 : 0 0 S a t. 9 :3 0 -4 :0 0 , S u n d a y 1 2 -4