Two high-profile dates can make February a very emotional month: the "love" deadline on the 14th and the annual RRSP "money" deadline which falls on the 29th.

"Money is a kind of living organism without a brain," says Patricia Lovett-Reid, a Senior Vice-President with TD Waterhouse Canada Inc., tying the two powerful stresses of love and money together in her latest book Get Real: 26 Canadian Women Share The Secret to Authentic Success (Key Porter). "We are supposed to supply the brain. But instead of treating money simply and in a straightforward way, we invest our hopes and dreams into it, we rely on it for emotional support and we even restructure our lives around it. Money is the ultimate example of unrequited love. We can love it all we want but it’s never going to love us back."

Get Real is a collection of practical suggestions for acting on the time-proven money rules that everyone knows and only the successful few follow. Women from backgrounds as diverse as fighter pilot, downhill skier, TV producer and surgeon, with a solid mix of CEOs and business owners thrown in, provide easy-to-emulate insights for "authentic success" in every aspect of life. The author sees the goal of authenticity as a search for an end result that is right for you, not necessarily for anyone else.

In citing habits that add to money stress, Lovett-Reid places some of the blame for out-of-control spending habits on "our need for stuff to fill those enlarged houses." Statistics Canada reports that the average home grew to 6.3 rooms in 2004 at the same time that family size dropped to 2.6 people in 2001. In 1961, the average home was 5.3 rooms and there were 3.9 persons per household. Soaring real estate values have distracted some property owners from the need to balance spending with saving. As long as markets remain strong, real estate owners have a financial cushion for credit card debt and other expensive short-term money habits. How many would have secure futures if real estate values dropped or stagnated?

RRSPs, or Registered Retirement Savings Plans as they are formally known, have been important savings vehicles for Canadians who believed their incomes would drop markedly later in life. Deferring payment of taxes on this saved income could pay off when RRSP funds were released decades later when income, and therefore tax rates, were lower. With the new retirement promising to see increasing numbers involved in income-earning ventures throughout their lives, RRSPs may not be the one-size-fits-all solution that they were in the 20th Century.

If your financial strategy involves arranging an RRSP to reduce the amount of income tax paid and applying the tax return to your mortgage debt, the benefits may be there for you. Even more so if, without the RRSP deadline, you’d not put much if anything aside each year.

With only days left until February 29, there may not be time for a detailed financial evaluation of which strategy will be best for you in the long run. If not, then act in the most positive long-term manner and use May to talk strategies with accountants who will be looking for business in this post-income tax month.

If you favour RRSP savings, either for their long-term build, to generate a mortgage pay-off cheque or both, consider making contributions all year long to earn more interest or other benefits within the plan.

Those who need convincing that savings and planning for the future is a year-round project may find Get Real helps them get that point among others.

Published: February 26, 2008

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Strategist and Futurist is The Catalyst -- intent on "Helping The Best Get Better." An internationally-recognized "new retirement" authority, PJ's research, writing and speaking programs focus on decisions Baby Boomers face to achieve a successful future. Author of 6 books, PJ knows that, since home is headquarters for the "new retirement," professionals and consumers need relevant knowledge and insights, along with solid decision-making skills, to protect and enhance this private oasis. As The Catalyst, PJ provides strategic communication, client appreciation and advanced education services to the financial, tourism, lifestyle and service sectors -- and the clients they serve. A frequently quoted financial and business commentator, PJ is a thought-provoking strategic speaker who offers practical, real-life suggestions on leaving "the box" behind and embracing Forward Thinking -- a talent she regularly demonstrates in this column. For more, visit TheCatalyst.com.