CFP Professionals Share Words of Wisdom, Caring and Insight for Mother's Day
Mother's Day is just days away. Flowers, spa days and breakfast in bed are always nice. But how about also including something with more lasting value — such as the gift of feeling in control of one's financial affairs and future...
Whether married, single, divorced or widowed, employed or a stay-at-home Mom — mothers from all walks of life face a myriad of unique financial concerns. Financial planning inspired gifts can give Mom peace of mind and possibly move her closer to some of her own special dreams and goals.
Here are a few starter ideas from our community of CFP professionals... many of whom are also mothers — and/or daughters and sons.
Gifts for young mothers
"Starting and/or contributing to an educational savings strategy will give her peace of mind knowing her kids will have funds for a good education," says David Salloum, CFP (Edmonton).
"For new or expectant mothers, how about taking some time to work out a 'baby budget' so you aren't caught off guard by unexpected expenses?" says Maryann Kokan-Nyhof, CFP (Winnipeg).
"Keep in mind that babies grow up so you'll want to review your budget within a longer-term savings/investment strategy. A CFP professional can help new mothers balance their priorities in a financial plan," says Susie Draho, CFP (Winnipeg).
Teach the kids financial savvy — a gift right back to Mom
"Taking time to teach your children some basic financial planning principles at an early age will pay off in spades for Mom throughout her life. What a gift it is to know her kids will have good financial habits to serve them well through their lifetime," says Diane Koven, CFP (Ottawa).
What about Mom's dreams?
Mothers are notorious for putting their children first. How about starting a special savings or investment fund that's 'Just for Mom'? Make it a dreams and indulgence fund. With compounding interest, the earlier you start the better. "As long as Mom knows that the only spending she can do from this fund is for her," says Vera Adamovich, CFP (Ottawa).
For Seniors
"Many elderly women have a tough time managing their finances — especially widows who have never had to deal with their household financial affairs. Additionally, many live in fear of running out of money. For some, this is a valid concern. But for many others, the fear may be unfounded — rooted in an unclear picture of their personal financial reality. Give your mother the gift of clarity and foresight by providing her the option to meet with a CFP professional. Together they can work out a plan that will allow her to have peace of mind and freedom to enjoy her life more fully in her elder years," says Sandra Mcleod, CFP (Toronto).
MUCH MORE….care to talk to some planners for some Mother's Day inspired advice?
Let us know and we'll put you in touch with the right CFP professional for your needs.
Financial Planners Standards Council (FPSC) is a not-for-profit organization established in 1995 to lead the development of the financial planning profession. FPSC develops and enforces the highest standards in financial planning competency and ethics for individuals who hold the CFP® (CERTIFIED FINANCIAL PLANNER®) in Canada. There are currently about 17,000 CFP professionals in Canada and more than 105,000 individuals who have earned CFP certification in 20 countries around the world. See www.cfp-ca.org for more information.
FOR MEDIA INTERVIEWS AND FURTHER INFORMATION, CONTACT: Eileen Chadnick/Chadnick Communications at 416.631.7437 or eileen@chadnick.com Heather Mills/ FPSC at 416.593.8587 ext. 235 or hmills@fpsccanada.org.
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