Everyone has heard by now that a latte a day can keep retirement at bay - or at least result in a costly expense that could be turned into a profitable investment by turning to homemade brew.
But what about transportation, high grocery bills, rent or a mortgage, how much do they eat into savings and what can be done to reduce those basic costs?
Corry Lynn Staff doesn't have all the answers, but the Coquitlam financial planner has an interest in helping women sort out their finances so they can save for retirement.
In September, Staff launched Cocktails and Cash, a fun way for women to learn about finances and make decisions to secure their own future. "You'd be surprised about what women will talk about when they are comfortable and with friends," said Staff about the financial parties for women she hosts for groups of six to eight girlfriends.
The seminars range from talking about the basics, such tracking cash flow and what investments make the most sense depending on a women's age, financial situation and risk tolerance, to more sophisticated events about financial planning. Seminars are also available for couples, too. "Men also need this information," Staff pointed out.
She began offering financial seminars after getting her financial planner certification and working in the insurance industry for a few years. The name Cocktails and Cash came up after a particularly lively session with a group of women over drinks.
Now she hopes to reach out to more women to show them how to save a few dollars and grow it into a secure retirement. "I need to feel I've made a difference to someone's life," Staff said.
It's not hard to find $25 a month, says Staff, who consults for the reality TV show The Million Dollar Neighbourhood for the Oprah Winfrey Network (OWN). In one instance, she notes, a family saved thousands just by giving up drive through coffee for office brew. "Once you know what you're spending," she said, "you have to figure out if you want to make a change."
Some women end up being clients but others walk away from the seminar at least resolved to get their financial house in order. Either way it's good news for Staff, who says her goal is to get women on their way to a secure financial future.
A free Cocktails and Cash seminar is planned for this Monday, March 26. For more information visit www.cocktailsandcash.com or call 604-939-4173. Women can also host a seminar in their own home.
