do :: Work with a Financial Planner

Note from Gillian: As an extension to the Edmonton Real Estate Guide, I wanted to introduce another professional that helped me in my home buying planning. Kelley Doerksen is a Financial Planner recommended to me by Kendall. She’s been wonderful to work with and anyone can benefit from her expertise, not just home buyers. Read on about Kelley’s financial tips, and then do yourself a favour by meeting with her in person!

As a financial planner, Kelley helps people maximize their wealth. She looks at someone’s financial situation and helps them achieve greater results with their budget and cash flow, investments, taxes, insurance, retirement planning, estate planning and education savings. Here’s some advice from Kelley for achieving financial success:

Financial success is simple but it’s not always easy. If you can do only 2 things to get ahead financially, focus on the following:

  1. Put yourself first – SAVE something from every paycheque, even if it’s only a small amount to start.
  2. Spend less than you earn.

Most people need some sort of a plan to accomplish these two things. If you make meaningful choices about where your money goes, you’ll see results. Here is a good basic formula for where to allocate your money. It would be most appropriate for someone who has some debt to pay off:

  • 10% SavingsIf you have no emergency fund, this should start one. After that’s funded, save for your future. Saving for a vacation doesn’t belong in this category! This is for money that will stay saved.
  • 35% HousingAim to never be in a position where you’re spending more than this on housing (all-in). If you own (or are thinking of owning), this would include your mortgage, but also property taxes, utilities, insurance, and maintenance.
  • 15% Debt – Other than a vehicle and your mortgage.
  • 25% LifestyleThis includes everything from groceries to vacations to clothing to kids’ activities.
  • 15% Transportation All costs required to operate your vehicle.

If you have no debt (other than a vehicle and house), well done! Re-allocate the 15% as you see fit.

If you have questions about your financial plan, feel free to ask Kelley! She’s a fellow Edmonton lover who is passionate about helping people achieve maximum results from each and every dollar they touch.

Kelley Doerksen, CFP®,, (780) 278-1983
Blackburn Davis Financial (5355 75 Street, Edmonton)
Twitter: @kelleydoerksen