Completing Your Cash Flow Worksheet

	Other Income Registered Retirement Savings Plan (RSP's) were introduced by the Federal Government in 1957 to help Canadians save for their retirement. An RSP is a plan, not a product, under which you can hold various registerd investments. At age 69, you are required to collapse your RSP. You may choose the option of transferring your tax-sheltered savings into a Registered Retirement Income Fund (RRIF), however, you must withdraw the minimum amount each year and pay tax on that amount.

	Emergency Fund Being prepared for the unexpected is an important goal, one which is often overlooked. Unexpected expenses like a new roof on your house, a visit to the dentist or car repairs can be a serious financial setback if you're not prepared. Establishing an emergency fund is an excellent way to protect yourself. The size of your emergency fund will depend on your lifestyle and current expenses. A general rule is to have the equivalent of three to six months of expenses in liquid investments to ensure easy access to your money when you need it. If you haven't established an adequate emergency fund, consider including it as one of your goals.

	Discretionary Expenses Discretionary Expenses are the expenses that you are most likely able to change. While the idea is not to drastically alter your lifestyle, making small changes to reduce discretionary expenses can free up extra savings.