There are some projects, such as buying a house, that cannot be turned into reality over night. In addition to having to consider a number of factors, you must also be able to save sufficiently, all the while ensuring that the financial repercussions do not affect your lifestyle.
Whether you’re dreaming of a trip around the world, purchasing a new car, retiring under the sun, or acquiring a second home, your project must begin with a plan!
Advice… from the comfort of your home
Financially, it’s always wiser to save sufficiently to avoid having to rely on financing to accomplish your life projects. However, there’s no denying that in some instances, such as buying a home, it is quite difficult – and often, impossible – to save all that you need to pay it all in cash.
This however doesn’t mean that saving is futile. By saving as much as possible, you thereby minimize both your future monthly payments and the interest that accumulates on your loan. In turn, this will free up some considerable room in your budget.
But how and how much should you save?
National Bank has developed an interactive online tool to help you plan your savings according to your personal situation, no matter the project you have in mind!
When visiting nbcmore.ca/investmenttrack, you will discover the Investment Track, a web application that will guide you, step by step, through a series of questions about your project: what you wish to accomplish, the amount you need, the time you have to make it happen, etc.
Depending on your answers to these questions, the tool will then recommend a variety of savings and investment solutions, and produce a report that you may bring to your advisor for further customization. And since we all have more than one project in mind, you also have the ability to save different scenarios so that you may plan for several projects, over the short, mid and long term!
Note that if your project concerns your retirement, the Investment Track will not only provide an overview of the savings you need to carry on your lifestyle at that time of your life, but it will also give you an estimate of the income you can expect to receive, based on your current savings.
The Investment Track is also available exclusively in your App Store, free of charge, so that you may access it directly from your iPad*.
Remember that to accomplish your dearest dreams as you envision them, you must begin by planning properly. The Investment Track is a quick and easy-to-use tool. Go have a look!
If you have any questions, we invite you to contact the Mortgage Development Manager assigned to your office. He or she will be happy to guide you through the mortgage process or refer you to an advisor to help you establish a shrewd savings strategy.
* iPad is a trademark of Apple Inc, registered in the U.S. and other countries.