Step 1: Know Your Numbers
- Calculate your current monthly expenses (rent/mortgage, groceries, utilities, transport, insurance, subscriptions, everything)
- Multiply monthly expenses by 12 to get your annual spending: $________
- Separate "must-have" expenses from "nice-to-have" — your FIRE number is built on the must-haves
- Track spending for at least 1 full month if you haven't — use a spreadsheet, app, or pen and paper
- Include Saskatchewan-specific costs: heating (budget billing helps), SGI auto insurance, property tax if applicable
Step 2: Calculate Your FIRE Number
- Take your annual spending and multiply by 25 — this is your FIRE number (based on the 4% safe withdrawal rate): $________
- Example: $40,000/year in spending = $1,000,000 FIRE number
- For a more conservative target, multiply by 30 (3.3% withdrawal rate): $________
- Subtract your estimated CPP benefit — check your My Service Canada account for your projected amount
- Subtract any employer pension income if applicable
- The result is your adjusted FIRE number — the portfolio you actually need to build: $________
Step 3: Inventory Your Canadian Accounts
- TFSA balance: $________ (2025 cumulative limit: $102,000 if 18+ since 2009)
- RRSP balance: $________ (check your CRA Notice of Assessment for contribution room)
- FHSA balance: $________ (if applicable — $8,000/year, $40,000 lifetime, for first-time home buyers)
- Employer pension / group RRSP balance: $________
- Non-registered (taxable) investments: $________
- Total current invested assets: $________
Step 4: Build Your Savings Plan
- Calculate your gap: Adjusted FIRE Number minus Total Current Assets = $________
- Determine your monthly savings rate — what percentage of take-home pay can you invest?
- Prioritize accounts in this order for most Canadians:
- Employer RRSP match (free money — always max this first)
- TFSA (tax-free growth, flexible withdrawals)
- RRSP (tax deduction now, taxed on withdrawal — great if your income is higher now than it will be in retirement)
- FHSA (if saving for a first home)
- Non-registered account (last resort, but still beats a savings account)
- Automate your contributions — set up automatic transfers on payday
- Choose low-cost index funds or an all-in-one ETF (e.g., VBAL, VGRO, VEQT depending on risk tolerance)
- Revisit this checklist every 6 months — update your numbers and celebrate your progress
Quick Reference: Saskatchewan Advantage
- Lower cost of living than most Canadian cities — your FIRE number may be smaller than you think
- No provincial sales tax on many essentials (groceries are PST-exempt)
- Saskatchewan Pension Plan (SPP) — an optional additional registered pension you can contribute to ($7,300/year max)
- Saskatchewan Low-Income Tax Credit — check eligibility annually