Now that Christmas is over, you may want to sit down and come up with a financial plan.

Lisa Elle, Ellements Group, Financial Advisor/Author says first step is to figure out where 2016 spending has left you.

"My first recommendation is have a date with your money, where you sit down and go over everything from last year and see where you are at. Create a spreadsheet for the New Year if you haven't, the biggest thing is denial this time of year and it might go one of two ways; you may be pleasantly surprised or totally shocked but either way you need to rip off the band- aid at some point."

Second make a plan for 2017.

"If you know if your income will be similar to last year, now is the time to look at RSPs. There is two fold to that, not just saving for your future, but see how much RSPs will bring back to you at tax time."

Elle, says borrowing money to buy RSPs can still be a great choice depending on some factors.

"It depends on your income, it depends on so many factors. If you are in the middle of your career still, still looking to keep on earning money, it is a great strategy to employ."

Elle says while there is no magic number, the rule of thumb generally is to invest 10% but you have to consider where you are wanting to be financially in the future.

"You have to tie what you are going to sock away to your financial goals, it really helps and it also keeps you accountable, it attaches your goal to the reason why you are doing it. Another way to do that too, it is the perfect time of year, to start an automatic savings plan. It is the best way to create an instant habit, you are saving money easily and automatically. It is easy to stick to, that will help you accomplish your goals for 2017 as well."

As for investing in 2017, Elle says the markets worldwide, overall, did fairly well in total return in comparison to 2015.

"I recommend staying diversified, I don't think anything jumps out. They do say there is low risk for global recessions this year, however, that really doesn't mean anything because anything can happen at anytime. I think creating a plan and being well diversified, is always the best way to go."

Elle adds seeking advice is a good thing to do.

"They can look at your goals, at your time horizon, so many different factors; everyone's situation is so unique and important."

Elle offers a wealth spa, a comprehensive financial concierge service, helping individuals file taxes, get your will and estate in order, financial, investment, and insurance planning in a one stop shop. For more information you can find it here.

RSP facts can be found below.