Our Top Tips for Navigating the New Financial Planning Reality

Posted on: December 16, 2020

By Karin Mizgala, Co-Founder and CEO of Money Coaches Canada

Navigating Financial Planning

Navigating Financial Planning Realities. Family video calls have become the norm.

As we inch towards the end of the year, our team at Money Coaches Canada has been reflecting on the most talked about topics and conversations we’ve been having with our clients. The subject of a new reality when it comes to financial planning tipped the scales.

The ups and downs of our health and wellness, coupled with an economic rollercoaster, made this year a challenge in many unfamiliar ways. That said, we’re impressed by how so many of our clients and coaches were able to pivot, adjust, and adapt to the new circumstances and to use the last few months as a time of reflection and re-evaluation.

While everyone’s life experience, challenges, and opportunities during the pandemic is unique, we wanted to share some of the most common financial planning tips and tools that have helped our clients course correct and thrive during these difficult (I would say unprecedented, but you’re probably as sick of hearing that term as I am!) times.

Monthly cash flow and spending adjustments

The pandemic has highlighted the importance of proactively managing monthly cashflow. You may have become more aware of your monthly income and spending in the past few months, possibly due to reduced income.

Even if your income hasn’t been directly impacted, the uncertainty in the economy may still have you on edge, concerned about the future of your income, whether it be through employment or if you are retired, from your investments. All good reasons to pay more attention to your cash flow than ever before.

When you have straightforward and flexible spending and savings plan, you’ll feel better knowing what modifications to make or adjust to the curve balls life throws at you.

Use our Spending and Savings Plan worksheet to calculate and review your numbers. Then read Sheila’s personal case study of how she approached her family’s monthly cash flow this year.


Read it here: Cash Flow in the Time of Covid-19


The importance of a smart, long term financial planning

While life through COVID-19 has reminded us that life doesn’t always unfold as planned, it doesn’t mean we should abandon the concept of planning for the future. In fact, quite the opposite.

A good financial plan incorporates the uncertainties of the economy, markets, and the ever-changing nature of our lives into consideration. It provides the comfort and confidence that you can weather life’s inevitable storms.

Taking control of your money and planning for your future self is more important than ever.

Financial freedom is on everyone’s wish list, and with an actionable plan, it is possible, even in challenging times. I recently wrote an article about creating a financial plan and what key elements it should address.


Read it here: Is Financial Freedom Still Possible



Financial planning is a core service that a Money Coach provides, and our clients rave about it. If you are ready to begin, review, or update your current financial plan, be sure to connect with us.

Is your estate plan up to date? Check out our Estate Planning Checklist to be sure. If you would like a copy, we offer it as a free download.

A reminder to take a long-term view when investing

The Spring of 2020 was a wild ride for most of us, and you probably experienced a significant drop in your investment portfolio in March, along with some level of anxiety about your financial security. The markets did bounce back over the following months, but the pandemic isn’t over, and uncertainty is still with us.

In the article below, I addressed widespread concerns and questions that came to our attention from our clients who are nearing retirement or are already retired. The advice is still very relevant today.


Read it here: The Financial Realities of Retirement During the Covid-19 Pandemic


While your portfolio has likely bounced back from the lows in the Spring, is it optimized to reach your financial and retirement goals and well-positioned for the challenges and opportunities ahead?

Our Investment Report Card will provide an unbiased second opinion on your investment portfolio’s performance, suitability, fees, and tax efficiency so you can be confident that your investments are well-positioned for growth without undue risk.

Over to you

How have you managed this year? Have you changed your financial goals or retirement plans? What is your outlook for the future?

Read about how we’ve helped people just like you feel empowered and ready for the future. We’d love to hear from you!

Category(s): Financial Planning
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