Wherever you are in your military career or stage of life, a little mid-year financial reflection doesn’t mean putting your finances on hold. It means stepping back to make sure your approach still matches your goals.
Here are a few ways to do that, no matter where you are on your financial journey:
Early Career: Lay the Groundwork
If you’re in your 20s or early 30s, you might be tackling your first full-time CAF posting, juggling moves, or building a household with your partner. That makes this a great time to get organized and plant the seeds for long-term success.
Here are some of the ways to start laying a solid financial foundation:
- Check in on your budget. Be aware of what you’re spending on the big stuff (like a new car) as well as the smaller stuff (like all those streaming services).
- Review your emergency fund. Do you have at least three months of expenses saved in case something unexpected happens?
- Start investing (or keep it up). Contributing even small amounts to a TFSA or RRSP early in your career can pay off over time.
- Go to money school. SISIP’s Money Mastery Portal is an excellent way to learn how to get your saving, investing, borrowing, budgeting and insurance on track.
Mid-Career: Adjust and Optimize
In your 30s and 40s, life tends to get more complex. You may have a mortgage, kids, a spouse who works outside the CAF, or evolving career goals. This is your chance to make sure your financial roadmap is keeping up.
Take this time to:
- Review your insurance coverage. Does your coverage still match your family or financial responsibilities? Are your beneficiaries still accurate? Take a moment to make sure.
- Plan for big goals. Home renovation? Family vacation? University savings? Budgeting for those now can reduce stress later.
- Tidy up your investments. Are you missing out on growth opportunities or tax advantages? Book an appointment with a SISIP Advisor to see if your portfolio could be working harder for you.
- Talk about the future. If you have a spouse or partner, make sure you're aligned on your long-term goals. Are you both clear on what retirement looks like? The Money Mastery Portal offers tips for having meaningful money conversations.
Pre- and Post-Retirement: Reassess and Reaffirm
In your 50s, 60s, and beyond, stopping to reflect means thinking about your future and making sure the pieces of your financial life still fit together.
Consider using this time to:
- Revisit your retirement income strategy. How will your CAF pension, RRSP, and other savings work together? Is your future cash flow tax-efficient?
- Review your insurance needs. Your coverage may shift as you retire, release, or move into a new stage of life. SISIP offers advice and solutions for every situation.
- Reassess your estate. Wills, powers of attorney, beneficiaries—make sure it’s all up to date so you can relax, knowing your loved ones are taken care of.
- Reflect on your values. Are you spending in a way that brings joy and purpose? Retirement isn't just about money, it's about how you want to live.
A financial reset can be a powerful thing. You don’t need to overhaul everything. But by taking a short financial breather now, you can catch small issues before they grow, refresh your goals and habits, and step into the second half of the year with more confidence and clarity.
Your SISIP advisor is here to help you make the most of this time. Whether it's a check-in, a full review, or just one question that’s been nagging you, we're only a phone call or email away.
So get your finances in order to enjoy a stress-free break this summer.
