A lot can change in a year. Incomes and career paths look much more like spaghetti noodles than straight lines. Learning to take on life with a partner or a new little one in tow can bring about some exciting opportunities, and maybe some intimidating challenges.

With life constantly being in flux, it’s a good idea to take a look at your investment plan and make sure that it still works with your ever-changing life. Here are a few questions to get you started:

“Could I be contributing more each month?”

Making some small changes can add up to huge payoffs in the end. Take contributing to investment savings. If you save more when you’re young—even if it’s an extra $25/paycheque—it adds up. So take advantage of the time value of your money.

Get some extra savings without even realizing it by raising your pre-authorized contribution amount. Then that extra $25 can get tucked away automatically.

If life’s thrown you a curveball and you need to contribute less, try to keep paying yourself first with what you can afford. Even if it’s not as much as you’d like, no need to stress—small amounts will still add up over time.

“Have I set new goals?”

What you want to achieve will dictate where you’ll direct your money. Maybe you could save more for retirement in your RRSP, but you’d like to start saving for a shorter-term goal, or a rainy day fund. It’s time to make a change!

When life changes, your priorities change—so it’s natural that where you’ll direct your savings will change too! New baby? Start an RESP. You have your first steady pay cheque? Contribute to a TFSA to save for a down payment. Got accepted into university? A TFSA could help you save for your dream grad trip. Make your savings work for you by aligning them with your goals.

“Has my risk tolerance changed?”

It’s never too late to make a change if your risk tolerance has changed. For example, you may have started a TFSA in a higher-risk portfolio than you’d like. If your TFSA is for a longer-term goal, then a riskier portfolio makes sense—the highs and lows of your investment journey likely won’t damage your gains in the long run. But if you’ve decided that you have a shorter term goal you want to achieve, then a high-risk portfolio doesn’t suit your needs. And vice versa.

Are any of these questions on your mind? Or anything else investment-related? We’d love to help. Head over to ATB Prosper to find more resources to help you on your investment journey, or give us a call at 1-855-541-4387.