Of course, it may take some time to find a good job, so you will be dipping into those hard-earned savings to get by for a while, but the minute you start earning income again, remember to pay yourself a little first! Put a little bit away for your family and future, either in a simple savings account or through other forms of investment.
Saving for your golden years (a.k.a. your retirement) is an important aspect of building up your savings. Most employment in Canada does not come with retirement pension packages. There are exceptions, such as certain government or union jobs, but most Canadians are on their own when it comes to retirement savings.
Saving for retirement is one of those financial moves that many people postpone for much too long. Whether for lack of information or sheer neglect, failing to plan for old age is a mistake many live to regret. The Canada Pension Plan (CPP) covers only a fraction of your income as a worker, so you will need to take extra steps to ensure you have a comfortable retirement.
Post-secondary education in Canada is expensive. Many students have to take on substantial student loans to pay for their studies, and then struggle for years to repay them. You can make the future easier on your children by investing in a Registered Education Savings Plan (RESP).
If you have the possibility to make substantial investments, you may want to enlist the assistance of a certified financial planning professional. You may not be knowledgeable about the complicated world of modern finance or you may not have time to dedicate to research.