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Your Money, Your Community featuring Michael Brewitt of Norfolk’s Brewitt Financial.
Young families often feel stretched thin between work, kids, and daily expenses—but starting a financial plan early can make a huge difference. Local financial professional Michael Brewitt says even small, consistent savings grow thanks to the “magic of compounding.”
For example, contributing just $25 a month to a Registered Education Savings Plan (RESP) when a child is one or two can achieve the same goals as $500 a month starting at age 14. The earlier you begin, the easier it is to meet future costs.
Brewitt also stresses the importance of life insurance to protect against unexpected events. He warns that mortgage insurance only benefits the lender, while an individual policy directly protects the family—and is far cheaper when purchased young.
When buying a first home, Brewitt guides clients through programs like First Home Savings Accounts and RRSP Home Buyers Plans. He also urges families to take advantage of employer-matched group RRSPs, calling the 100% return “free money.”
His message is simple: start small, stay consistent, and let time work for you. Early planning builds security, reduces stress, and helps young families reach education, housing, and retirement goals.
More information is available at Brewitt Financial.
To hear more about Brewitt Financial and building a plan with Michael Brewitt click play below to listen to the full interview.