Codie Russell, CFP, CLU, CHS

"I just don't know where my money goes every month."

I heard this recently from a client's adult child.

At first, it seemed like the problem was rising costs and not enough income.

But once we stepped back and looked at the bigger picture, it became clear that income wasn't the issue.

The issue was not knowing where the money was going.

Our solution?

The Fridge Test.

Keep a piece of paper on your fridge and, at the end of each day, write down everything that came out of your account.

Groceries.
Coffee.
Online purchases.
Subscriptions.
Everything.

After a few months, you'll start to see patterns.

Most people are surprised by what they find.

Try it and let me know if you discover any spending habits you didn't realize you had.

I know my family did.

When do you want to retire?

What keeps you up at night?

What kind of legacy do you want to leave?

Those are the questions where good financial planning begins.

Too often, the conversation starts with:

"How much money do you want to invest?"

Investments are important, but they're only one part of the picture.

Financial planning is about understanding goals, priorities, and the decisions that matter most to you and your family.

The strategy should come from the plan, not the other way around.

Are you receiving advice that's built around your goals?

Products solve problems. Planning identifies the right problem to solve.

There are some questions your portfolio statement cannot answer.

These are the questions new clients ask me all the time:

Can I retire at 60?
Should I take CPP early?
How much can I safely spend?
Will my spouse be okay if I die first?

These aren't investment questions.

They're planning questions.

Yet these decisions can have a greater impact on your financial future than choosing between two investment funds.

Retirement planning is about more than growing your assets.

It's about creating a strategy for using them efficiently, protecting the people you care about, and making informed decisions along the way.

If these questions haven't been addressed as part of your financial plan, it may be worth taking a second look.

Some of the most important financial decisions you'll ever make won't appear on a portfolio statement.

If it's been a few years since you've reviewed your retirement or estate plan, a fresh perspective can often uncover opportunities that have been overlooked.

I often have people reach out asking whether a strategy they saw online is a good idea.

The answer is usually:

"It depends."

Financial planning is personal. A strategy that works well for one family may not be the right fit for another.

That's why the planning process should come before the product.

At Prairie Wealth, we focus on understanding your goals, concerns, and priorities before making recommendations.

Good planning drives good decisions.

With CRM3 bringing greater transparency around fees, many Canadians will have a better understanding of what they are paying for financial advice.

While knowing the cost is important, an equally important question is:

What are you receiving in return?

Financial planning is about more than investment management.

It can include retirement planning, tax planning, estate planning, succession planning, cash flow planning, and helping families make informed financial decisions.

That's why engagement agreements are so important. They help define the services being provided, the value clients should expect to receive, and how the advisor will support them.

At the end of the day, the question isn't simply what you pay.

It's whether you're receiving the guidance, education, and planning support you need to achieve your goals.

Do you know what services are included in the fees you pay today?

One simple question can uncover dozens of planning opportunities.

"Will my spouse be okay if I die first?"

Most people know the value of their investments.

Fewer know:
What income disappears at death
How taxes affect their estate
Whether their spouse has enough income
How their beneficiaries will receive assets

Estate planning isn't just for the wealthy.

It's about making life easier for the people you care about.

When was the last time you reviewed your estate plan?

An estate plan audit can help identify potential issues before they become problems.

I recently met with someone who felt they were paying for financial advice but weren't getting the answers they really needed.

Their savings account balance kept growing each month.

Not because they were actively saving more, but because their retirement income was exceeding their spending needs.

They knew something could be done differently. They just weren't sure what.

After looking at the bigger picture, the conversation wasn't really about investments.

It was about taxes.

It was about estate planning.

It was about making sure more of their wealth ended up with the people they care about.

Sometimes the biggest opportunities aren't found by taking more risk or finding a different investment.

Sometimes they're found by asking better planning questions.

How much is enough?

What happens to the excess?

Could your estate be more tax efficient?

Those questions rarely show up on an investment statement, but they can have a significant impact on your future.

For anyone with a student heading to post-secondary school this fall, we recently published a blog on RESP withdrawals.

Rather than repeat it all here, I'll drop the article in the comments. Hopefully it's helpful!

When people think about retirement risk, they often think about stock markets.

Yet many retirees I meet are more affected by:

Inflation
Unexpected health care expenses
Taxes
Outliving their income
The early loss of a spouse

Investment returns matter.

But retirement success is often determined by planning for lies uncertainties, not by finding the perfect investment.