Bank of Montreal launched a new financial planning website Friday to show Canadians how a formal planning process can help them reach their financial goals.

Tools featured on the website include:

  • Retirement Savings Calculator: Allows you to see how much money you will need for retirement and determine if you are on track to finance your ideal retirement lifestyle.
  • Major Purchase Calculator: Helps you prepare for big expenses such as a house or cottage by assessing if you have the right savings strategy.
  • Education Savings Calculator: Allows you to see how much money you will need for your child’s education and if you are on track.
  • Cash Flow Worksheet: Will help you outline your cash flow, where you are spending your income, which expenses are necessary and where you could potentially start to save more money to better achieve your goals.
  • Net Worth Worksheet: Allows you to compare what you currently own (assets) and what you currently owe (liabilities) to give you a better understanding of your financies and how you can reach your future goals.

According to a recent study conducted by BMO, two-thirds of Canadians now have a financial plan, an increase of 10% from 2010. However, 36% of Canadians still haven’t started a plan because they either don’t know where to begin or feel they don’t have enough money yet to make a plan.