Bukola has been an invaluable addition to the Ranchlands Community Association Board of Directors. With her training and background as an accountant, she has steered the day-to-day management of our community’s finances so wisely: she is always on top of ensuring our investments and money in/money out protects the community in both the short and long term.
But Bukola is also in it for Ranchlanders too. That is why she conceived and led the very successful 2025 Tax Clinic right in our very own community hall ably supported by community volunteers she trained so well. Tax Clinic will be up and running again for 2026. Stay tuned!
But what about those money related decisions that need to be made throughout the year and between tax time. As someone who’s passionate about financial empowerment, Bukola sat down with me to share some of her wisdom that might guide anyone one of us as we make money decisions — whether we’re just starting out or planning for the future. Enjoy this fireside chat.
Q: You’ve talked a lot about saving and investing lately at our Board Meetings. Why and how can that translate to anyone of us?
A: In my experience, I know only too well that money decisions can feel overwhelming. I want to ensure as a board we have the right information to make good decisions. It is not unlike in our homes – a lot of people aren’t sure where to start. For example, many people do not understand the difference between saving and investing. Knowing the difference can help you make choices that fit our life, whether you’re tucking away money for new winter tires or planning for retirement.
Q: So, what exactly is “saving”?
A: Saving is just setting money aside somewhere safe, like a bank account, so you can get to it quickly when you need it. Think of it as your go-to for things you know are coming — a vet bill for your dog, fixing the furnace, or taking the kids to the mountains for a weekend.
Q: What’s a simple way to start saving?
A: A regular savings account works fine, but a high-interest savings account or a Tax-Free Savings Account (TFSA) can help your money grow a bit faster while still keeping it safe. It’s like storing your emergency cash in a jar that quietly adds a few extra dollars over time.
Q: And how is “investing” different?
A: Investing is putting your money into things like stocks, mutual funds, or real estate so it has a chance to grow more over the years. The catch is that its value can go up and down. You might invest for something big down the road — like sending your child to college or enjoying a comfortable retirement.
Q: When does investing make sense?
A: If your goal is years away — like buying your first home or building up a retirement fund — investing can help your money grow more than just saving.
Q: So, which should people do — save or invest?
A: It depends on your timeline. If you’ll need the money soon, save it. If you won’t need it for a while, investing might be worth it. A lot of people do both: they save for things like replacing their car and invest for things like their retirement years.
Q: Any last tip for someone who feels stuck?
A: Start small. Even setting aside the cost of one coffee a week adds up over time. Build a little emergency cushion first, then start exploring ways to invest so you can grow your money without feeling stressed about losing it.
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