Lazy Money: How Canadians Can Make Their Money Work Smarter
As Canadians, we pride ourselves on being diligent with our finances. Pay periods come, and we make sure the essentials—mortgage, utilities, car payments—are handled. But what happens to the money left over after bills and necessities?
For many of us, this extra cash is unaccounted for and often ends up being spent aimlessly. What if we could put that "lazy money" to work, intentionally directing it to build a more secure and prosperous future?
What Is Lazy Money?
Lazy money is the unallocated money that sits idle in your bank account instead of contributing to your long-term goals, whether that’s retirement, a dream vacation, or paying down your mortgage faster. But the good news? Turning lazy money into productive money is easier than you might think.
I’m Lynn Williams, owner of TLP, where we specialize in financial planning and wealth management for professionals seeking clarity, confidence, and prosperity for themselves and their families.
A Real-Life Example
Take Sarah and Josh, for instance. Sarah is an entrepreneur, and Josh is a lawyer. Their bills are paid on time, they avoid overspending, and they even manage to save a little. Yet, they found themselves wondering: Are we doing enough?
After reviewing their finances, they discovered unallocated money accumulating in their accounts. They decided to make a few strategic changes—investing more, strengthening their emergency fund, and aligning their spending with their personal goals. These small adjustments gave them peace of mind and confidence in their financial future.
How to Make Your Money Work Harder
Here are three simple but impactful strategies to ensure every dollar you earn works towards your bigger life goals:
1. Get Clear on Your Goals
It’s hard to direct your money if you don’t know where you want it to go. Are you prioritizing retirement? Do you dream of more travel? Or is financial security your ultimate aim?
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When you clarify your priorities, you give your money a purpose, aligning it with the life you want to build.
2. Put Idle Money to Work
If you have unallocated money, consider putting it to good use. Options include:
Money left idle loses the opportunity to grow, but a proactive approach accelerates your progress toward financial independence.
3. Small Adjustments, Big Impact
You don’t need to overhaul your entire financial strategy. Incremental changes, such as automating savings or tweaking your investment contributions, can yield significant results over time.
The power of compounding can amplify even modest efforts. While it takes about ten years to see compounding fully kick in, the earlier you start, the greater the rewards.
Why It Matters
By being intentional with your resources, you transform your “lazy money” into a powerful tool for wealth creation and future security. Even small steps today can lead to a more confident and flexible financial tomorrow.
Take Action
Ready to stop leaving money on the table and start making your finances work smarter? Visit LifestyleProtector.ca and sign up for our newsletter. Stay up to date with practical financial tips, insights, and strategies that help you live confidently and achieve your goals.
Small changes today could unlock a future of financial empowerment. Let’s start this journey together!