Kim Lowrie

Kim Lowrie

1 (905) 605 1427

Financial Professional

8787 WESTON ROAD
UNIT 16A and 17A
Vaughan, ON L4L 0C3

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December 12, 2018

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4 easy tips to build your emergency fund

October 8, 2018

4 easy tips to build your emergency fund

Nearly one quarter of Canadians have no emergency savings, according to a recent report.[i]

Without an emergency fund, you can imagine that an unexpected expense could send your budget into a tailspin.

With household debt at an all-time high and no meaningful savings for many Canadians, it’s important to learn how to start and grow your emergency savings.2 You CAN do this!

4 tips to building your emergency fund

  1. Where to keep your emergency fund
    Keeping money in the cookie jar might not be the best plan. Mattresses don’t really work so well either. But you also don’t want your emergency fund “co-mingled” with the money in your normal checking or savings account. The goal is to keep your emergency fund separate, clearly defined, and easily accessible. Setting up a designated, high-yield savings account is a good start that can provide quick access to your money while keeping it separate from your main bank accounts.3

  2. Set a monthly goal for savings
    Set a monthly goal for your emergency fund savings, but also make sure you keep your savings goal realistic. If you choose an overly ambitious goal, you may be less likely to reach that goal consistently, which might make the process of building your emergency fund a frustrating experience. (Your emergency fund is supposed to help reduce stress, not increase it!) It’s okay to start by putting aside a small amount until you have a better understanding of how much you can really “afford” to save each month. Also, once you have your designated savings account set up, you can automatically transfer funds to your savings account every time you get paid. One less thing to worry about!

  3. Spare change can add up quickly
    The convenience of debit and credit cards means that we use less cash these days – but if and when you do pay with cash, take the change and put it aside. When you have enough change to be meaningful, maybe $20 to $30, deposit that into your emergency fund. If most of your transactions are digital, try a mobile app that lets you set rules to automate your savings.4

  4. Get to know your budget
    Making and keeping a budget may not always be the most enjoyable pastime. But once you get it set up and stick to it for a few months, you’ll get some insight into where your money is going, and how better to keep a handle on it! Hopefully that will motivate you to keep going, and keep working towards your larger goals. (It might even be kind of fun!) When you first get started, dig out your bank statements and write down recurring expenses, or types of expenses that occur frequently. Odds are pretty good that you’ll find some expenses that aren’t strictly necessary.

Look for ways to moderate your spending on frills without taking all the fun out of life. By balancing your expenses and eliminating the truly wasteful indulgences, you’ll probably find money to spare each month and you’ll be well on your way to building your emergency fund.


[i] https://business.financialpost.com/personal-finance/savings/only-a-quarter-of-canadians-have-a-rainy-day-fund-but-more-than-half-worry-about-rising-rates
[ii] https://business.financialpost.com/personal-finance/debt/canadian-household-debt-hits-1-8t-as-report-warns-of-domestic-risk
[iii] https://www.canada.ca/en/financial-consumer-agency/services/savings-investments/setting-up-emergency-funds.html
[iv] https://www.theglobeandmail.com/globe-investor/mylo-turns-spare-change-into-investments/article36661517/

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Tips on Managing Money for Couples

Tips on Managing Money for Couples

Couplehood can be a wonderful blessing, but – as you may know – it can have its challenges, too.

In fact, money matters are the leading cause of arguments in modern relationships.* The age-old adage that love trumps wealth may be true, but if money is tight or if a couple isn’t meeting their financial goals, there could be some unpleasant conversations (er, arguments) on the bumpy road to bliss with your partner or spouse.

These tips may help make the road to happiness a little easier.

1. Set a goal for debt-free living.
Certain types of debt can be difficult to avoid, such as mortgages or car payments, but other types of debt, like credit cards in particular, can grow like the proverbial snowball rolling down a hill. Credit card debt often comes about because of overspending or because insufficient savings forced the use of credit for an unexpected situation. Either way, you’ll have to get to the root of the cause or the snowball might get bigger. Starting an emergency fund or reigning in unnecessary spending – or both – can help get credit card balances under control so you can get them paid off.

2. Talk about money matters.
Having a conversation with your partner about money is probably not at the top of your list of fun-things-I-look-forward-to. This might cause many couples to put it off until the “right time”. If something is less than ideal in the way your finances are structured, not talking about it won’t make the problem go away. Instead, frustrations over money can fester, possibly turning a small issue into a larger problem. Discussing your thoughts and concerns about money with your partner regularly (and respectfully) is key to reaching an understanding of each other’s goals and priorities, and then melding them together for your goals as a couple.

3. Consider separate accounts with one joint account.
As a couple, most of your financial obligations will be faced together, including housing costs, monthly utilities and food expenses, and often auto expenses. In most households, these items ideally should be paid out of a joint account. But let’s face it, it’s no fun to have to ask permission or worry about what your partner thinks every time you buy a specialty coffee or want that new pair of shoes you’ve been eyeing. In addition to your main joint account, having separate accounts for each of you may help you maintain some independence and autonomy in regard to personal spending.

With these tips in mind, here’s to a little less stress so you can put your attention on other “couplehood” concerns… Like where you two are heading for dinner tonight – the usual hangout (which is always good), or that brand new place that just opened downtown? (Hint: This is a little bit of a trick question. The answer is – whichever place fits into the budget that you two have already decided on, together!)


Sources: Huckabee, Tyler. “Why Do People In Relationships Fight About Money So Much?” Relevant*, 1.3.2018, https://bit.ly/2xiflG9.

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Are You Unwinding Yourself Into Debt?

May 14, 2018

Are You Unwinding Yourself Into Debt?

Both Americans each owe more than $1 trillion in credit card debt.

You read that right: more than $1 trillion.

That number is up 6.2% in Canada from 1 year ago. At this rate, it seems like more and more people are going to end up being owned by a tiny piece of plastic rather than the other way around.

How much have you or a loved one contributed to that number? Whether it’s $10 or $10,000, there are a couple simple tricks to get and keep yourself out of credit card debt.

The first step is to be aware of how and when you’re using your credit card. It’s so easy – especially on a night out when you’re trying to unwind – to mindlessly hand over your card to pay the bill. And for most people, paying with credit has become their preferred, if not exclusive, payment option. Dinner, drinks, Ubers, a concert, a movie, a sporting event – it’s going to add up.

And when that credit card bill comes, you could end up feeling more wound up than you did before you tried to unwind.

Paying attention to when, what for, and how often you hand over your credit card is crucial to getting out from under credit card debt.

Here are 2 tips to keep yourself on track on a night out.

1. Consider your budget. You might cringe at the word “budget”, but it’s not an enemy who never wants you to have any fun. Considering your budget doesn’t mean you can never enjoy a night out with friends or coworkers. It simply means that an evening of great food, fun activities, and making memories must be considered in the context of your long-term goals. Start thinking of your budget as a tough-loving friend who’ll be there for you for the long haul.

Before you plan a night out:

  • Know exactly how much you can spend before you leave the house or your office, and keep track of your spending as your evening progresses.
  • Try using an app on your phone or even write your expenses on a napkin or the back of your hand – whatever it takes to keep your spending in check.
  • Once you have reached your limit for the evening – stop.

2. Cash, not plastic (wherever possible). Once you know what your budget for a night out is, get it in cash or use a debit card. When you pay your bill with cash, it’s a concrete transaction. You’re directly involved in the physical exchange of your money for goods and services. In the case that an establishment or service will only take credit, just keep track of it (app, napkin, back of your hand, etc.), and leave the cash equivalent in your wallet.

You can still enjoy a night on the town, get out from under credit card debt, and be better prepared for the future with a carefully planned financial strategy. Contact me today, and together we’ll assess where you are on your financial journey and what steps you can take to get where you want to go – hopefully by happy hour!

Who Can Be My Life Insurance Beneficiary?

April 23, 2018

Who Can Be My Life Insurance Beneficiary?

Do you have a recipient in mind for the proceeds of your life insurance policy?

Many people have someone in mind before they purchase their policy. This person or entity can be named as your beneficiary. Naming your life insurance beneficiary helps to ensure that the party you choose gets the proceeds of your life insurance policy, even if your will leaves your estate to someone else. If you’ve decided that you want to provide for a special person or organization through your life insurance policy, it’s important that the beneficiary section will do what you expect.

Here are some simple tips that can help point you in the right direction:

Choosing Your Life Insurance Beneficiary
Who you name as your beneficiary is a deeply personal decision, and there’s no right or wrong answer. Here are some areas to consider:

  • Family: Spouses, children, siblings, and parents are all very common choices as life insurance beneficiaries. However, children under the age of 18 are a special case. Life insurance companies won’t pay a death benefit to a minor, so you may want to choose a responsible adult whom you trust with the welfare of your child.
  • Legal guardian: If your life insurance policy does name a minor as your beneficiary, your insurer may require that you designate a legal guardian.
  • Business / Key Person Life Insurance: In business partnerships, other partners can be a named beneficiary. Businesses also sometimes insure the life of a key employee with the business as the beneficiary.
  • Friends, etc: You can also name a friend as a beneficiary – assuming your friend isn’t a minor.

Note: Contrary to popular belief, you can’t name a pet as your beneficiary — but you can name someone you’d trust to care for your pet. (Sorry, Fluffy.)

Multiple Beneficiaries and Contingent Beneficiaries
You can name multiple beneficiaries for your life insurance policy, but when doing this, it’s better to use percentages rather than fixed dollar amounts. For permanent life insurance policies, like whole life insurance and universal life insurance, the death benefit payout amount can change over time, making percentages a better strategy for multiple beneficiaries.

You can also name contingent beneficiaries. Think of a contingent beneficiary as a back-up beneficiary. In the event that your primary beneficiary passes before you do (or at the same time), the proceeds of your policy would then go to the contingent beneficiary.

Final Thoughts
Avoid using general designations, such as “spouse” or “children” as your beneficiary. Spouses can change, as divorce statistics remind us, and you never know which long-lost “children” might appear if there’s a chance of a payday from your life insurance policy. In the very best case, general designations will cause delays in payment to your intended beneficiaries.

Choosing a life insurance beneficiary isn’t necessarily complicated, but there’s some room for error in certain situations. While the decision is always yours to make, it’s best to discuss your options with your financial professional to help make sure the settlement goes smoothly and your wishes are honored.


World Financial Group, Inc., its affiliated companies and its independent associates do not offer tax and legal advice. Please consult with your personal tax and/or legal professional for further guidance.

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The Burden of a Damaged Paycheck

April 9, 2018

The Burden of a Damaged Paycheck

How many of these “rules to live by” did you hear growing up?

Don’t run with scissors!

Look both ways before crossing the street!

Never dive into the shallow end!

They may have been yelled angrily from the front porch or shouted gruffly from the side of the pool – but it was done with love. These rules were all about keeping you safe from avoidable injuries and preventable accidents.

Now these lessons are as engrained in your way of life as flossing your teeth every single night, right? You may even have passed these “rules to live by” on to (yelled them at, maybe?) your own kids! These tips show how much you care about your family – and their safety and comfort.

If you’ll excuse my insistence, I have one more safety tip to add to your collection:

Get disability insurance!

When it comes to an unexpected disabling injury or illness, simply being cautious may not prevent it. And being careful won’t always protect you or your family from the burden of a damaged paycheck.

According to the Council for Disability Awareness, an accident is not usually the cause of a disability later in life. Instead, the inability to earn a paycheck can be caused by heart disease, cancer, and other illnesses.*

Disability insurance can replace part of your income due to an injury or illness. But waiting to consider disability insurance until you are face-to-face with a damaged paycheck is waiting too long.

Contact me today, and together we can explore your options. Let’s discuss what you can do to continue looking out for your financial safety as well as helping to ensure the comfort and care of your loved ones.


Source: “Chances of Disability: Me, Disabled?” Council for Disability Awareness*, 2018, https://bit.ly/1iCWEwO.

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Making Money Goals That Get You There

Making Money Goals That Get You There

Setting financial goals is like hanging a map on your wall to inspire and motivate you to accomplish your travel bucket list.

Your map might have your future adventures outlined with tacks and twine. It may be patched with pictures snipped from travel magazines. You would know every twist and turn by heart. But to get where you want to go, you still have to make a few real-life moves toward your destination.

Here are 5 tips for making money goals that may help you get closer to your financial goals:

1. Figure out what’s motivating your financial decisions. Deciding on your “why” is a great way to start moving in the right direction. Goals like saving for an early retirement, paying off your house or car, or even taking a second honeymoon in Hawaii may leap to mind. Take some time to evaluate your priorities and how they relate to each other. This may help you focus on your financial destination.

2. Control Your Money. This doesn’t mean you need to get an MBA in finance. Controlling your money may be as simple as dividing your money into designated accounts, and organizing the documents and details related to your money. Account statements, insurance policies, tax returns, wills – important papers like these need to be as well-managed as your incoming paycheck. A large part of working towards your financial destination is knowing where to find a document when you need it.

3. Track Your Money. After your money comes in, where does it go out? Track your spending habits for a month and the answer may surprise you. There are a plethora of apps to link to your bank account to see where things are actually going. Some questions to ask yourself: Are you a stress buyer, usually good with your money until it’s the only thing within your control? Or do you spend, spend, spend as soon as your paycheck hits, then transform into the most frugal individual on the planet… until the next direct deposit? Monitor your spending for a few weeks, and you may find a pattern that will be good to keep in mind (or avoid) as you trek toward your financial destination.

4. Keep an Eye on Your Credit. Building a strong credit report may assist in reaching some of your future financial goals. You can help build your good credit rating by making loan payments on time and reducing debt. If you neglect either of those, you could be denied for mortgages or loans, endure higher interest rates, and potentially difficulty getting approved for things like cell phone contracts or rental agreements which all hold you back from your financial destination. There are multiple programs that can let you know where you stand and help to keep track of your credit score.

5. Know Your Number. This is the ultimate financial destination – the amount of money you are trying to save. Retiring at age 65 is a great goal. But without an actual number to work towards, you might hit 65 and find you need to stay in the workforce to cover bills, mortgage payments, or provide help supporting your family. Paying off your car or your student loans has to happen, but if you’d like to do it on time – or maybe even pay them off sooner – you need to know a specific amount to set aside each month. And that second honeymoon to Hawaii? Even this one needs a number attached to it!

What plans do you already have for your journey to your financial destination? Do you know how much you can set aside for retirement and still have something left over for that Hawaii trip? And do you have any ideas about how to raise that credit score? Looking at where you are and figuring out what you need to do to get where you want to go can be easier with help. Plus, what’s a road trip without a buddy? Call me anytime!

… All right, all right you can pick the travel tunes first.


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The Black Hole of Checking (Part 3)

January 29, 2018

The Black Hole of Checking (Part 3)

By now you’re probably feeling the gravity of your checking account situation…

The lessons from Parts 1 and 2 dealt heavily with the importance of making sure your money isn’t just sitting in your checking account where it’s neither growing nor working for your future. It’s great if you’re ready to make some positive changes. But before you become too starry-eyed and pull all of your money out of your checking account and chuck it into some new accounts (that may or may not have less than stellar rates of return), ask yourself these 2 questions:

1. Does my bank have a fee attached to a minimum threshold in my checking account? Staying on course to your financial goals can be tough enough, but being hit with a surprise fee from your bank if you withdraw too much can really kill your momentum. Americans paid an average of $53 per person in 2015,¹ and Canadians paid an average of $216 per person the same year.² These types of penalties can be avoided by learning what your bank requires for each type of account you hold, along with paying attention to the amount of money in your accounts. Following the tips below in concert with your bank’s unique rules can help avoid course-altering fees:³

  • Maintain any minimum balance requirements
  • Enroll in direct deposit
  • Open multiple accounts at the same bank
  • Find free checking at a different bank if necessary

2. Do you keep enough in your checking account to avoid overdraft fees? Guess how much Americans paid in overdraft fees last year alone… $15 Billion!⁴ What portion of that might have been your own personal contribution? Remember the advice in Part 2 to keep accounts for different occasions like emergencies or having some fun? Reserving funds in these separate, designated accounts has the potential to prevent unexpected and/or large withdrawals from your main checking account that could generate a fee or penalty. Additional ways you can protect yourself from overdraft fees are to set up overdraft protection (but watch out for a fee for this service) and to always keep a small cushion in your checking account, just in case.

Moving your money away from the Black Hole of Checking is important. But ignoring the asteroids of unexpected banking fees headed your way could dampen your momentum for building savings and getting your money to work for you.


Sources: ¹ Pisani, Bob. “Bank fees have been growing like crazy.” CNBC, 7.21.2017, https://www.cnbc.com/2017/07/21/the-crazy-growth-of-bank-fees.html. ² CBC News Staff. “4 money-saving reasons you should check your bank statements.” CBC News, 3.15.2017, http://www.cbc.ca/news/business/bank-fees-tips-1.4025828. ³ Armstrong, Tony. “How to Avoid Monthly Checking Account Fees.” NerdWallet, 3.21.2017, https://www.nerdwallet.com/blog/banking/how-to-avoid-monthly-bank-fees/. ⁴ Wattles, Jackie. “Americans paid $15 billion in overdraft fees last year, CFPB says.” CNN Money, 8.4.2017, http://money.cnn.com/2017/08/04/pf/overdraft-fees-cfpb/index.html.

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Putting a Wrap On the Sandwich Generation

January 16, 2018

Putting a Wrap On the Sandwich Generation

Ever heard of the “Sandwich Generation”?

Unfortunately, it’s not a group of financially secure, middle-aged foodies whose most important mission is hanging out in the kitchens of their paid-off homes, brainstorming ideas about how to make the perfect sandwich. The Sandwich Generation refers to adults who find themselves in the position of financially supporting their grown children and their own parents, all while trying to save for their futures. They’re “sandwiched” between caring for both the older generation and the younger generation.

Can you relate to this? Do you feel like a PB&J that was forgotten at the bottom of a 2nd grader’s backpack?

If you feel like a sandwich, here are 3 tips to help put a wrap on that:

1. Have a plan. In an airplane, the flight attendants instruct us to put on our own oxygen mask before helping someone else put on theirs – this means before anyone, even your children or your elderly parents. Put your own mask on first. This practice is designed to help keep you and everyone else safe. Imagine if half the plane passed out from lack of oxygen because everyone neglected themselves while trying to help other people. When it comes to potentially having to support your kids and your parents, a tailored financial strategy that includes life insurance and contributing to a retirement fund will help you get your own affairs in order first, so that you can help care for your loved ones next.

2. Increase your income. For that sandwich, does it feel like there’s never enough mayonnaise? You’re always trying to scrape that last little bit from the jar. Increasing your income would help stock your pantry (figuratively, and also literally) with an extra jar or two. Options for a 2nd career are everywhere, and many entrepreneurial opportunities let you set your own hours and pace. Working part-time as your own boss while helping to get out of the proverbial panini press? Go for it!

3. Start dreaming again. You may have been in survival mode for so long that you’ve forgotten you once had dreams. What would you love to do for yourself or your family when you have the time and money? Take that vacation to Europe? Build that addition on to the house? Own that luxury car you’ve always wanted? Maybe you’d like to have enough leftover to help others pursue their goals.

It’s never too late to get the ball rolling on any of these steps. When you’re ready, feel free to give me a call. We can work together to quickly prioritize how you can start feeling less like baloney and more like a Monte Cristo.


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Ways to Curb Holiday Spending

December 11, 2017

Ways to Curb Holiday Spending

More than 174 million Americans have already spent an average of $335.47 each of “Black Friday” and “Cyber Monday” on Canadian social media shows a new and interesting extension of the holiday spending season all the way through Boxing Day (Dec. 26).

What does your own holiday spending bill look like so far? Use these 3 simple ideas to help cut down on your expenses this time of year, and keep the rest of your holiday spending looking more nice than naughty.

1. Decide beforehand how much you’re going to spend on gifts.
Yes, I’m talking about the B-word: Budget. This time of year it’s especially important to exercise discipline with purchases. Have a firm plan about what you’re able to spend before you start tackling your seasonal shopping list, so you can avoid the “holiday hangover” when your January credit card bill arrives. Challenging yourself to stick to a budget can help get the creative gift-giving juices flowing, too. If you’re crafty, there are tons of ideas online for budget-friendly, thoughtful gifts. If you’re not crafty, check out your local dollar store (lately they’ve been really upping their game) or thrift store for low-cost, unique treasures that your giftees will appreciate.

2. Dine in.
When you’ve budgeted for picking up the tab for a celebratory family meal at your favorite restaurant, it can be a great gift that brings everyone together – literally. But if you haven’t financially prepared for a big night out with the whole extended crew, the final cost of the festivities can really sneak up on you. Say you venture out with a party of 15 family members. At even just $10 an entree, if you add in appetizers, desserts, cups of cocoa for the kids, eggnog (or something a little more “grown up” for the adults), and any other extras… Whew, that’s going to be a credit card statement to remember! But what if you planned a night in with the family instead? The whole point is just being together, right? Have a potluck or pizza night (try retailmenot.com for setting up your own “hot cocoa bar”.)

3. Stay with relatives when you travel home for the holidays.
This practice is standard for some, but if this suggestion makes your face flush or your blood run cold, this may help you change your mind: the average hotel stay costs $127.69 per night in Canada. (And that’s not even including taxes and fees.) Let’s say you’re heading to the town where you grew up for 4 days and 3 nights. The 3 nights at a hotel are going to cost you…

  • $127.69 x 3 = $383.07
  • $173.83 x 3 = $521.49

Add in tax and hotel fees as well as the daily cost of gas to and from the hotel, and the thought of a few nights spent in your childhood bedroom (that now has a surprise treadmill-as-a-clothing-rack addition), might not be so terrible.

Saving doesn’t have to mean sacrificing holiday spirit! How many of these tips are you going to use?