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Learn more.How are you doing with your finances? That might be a loaded question!
At this time of year, New Year’s resolutions might be long gone, but it’s never too late to refresh your financial goals!
Here are a few questions to ask yourself as you reassess the year:
Look at your accounts and see if the total has been going up or down. If it’s been going down, well, it’s time to start a savings plan!
Add up your essential expenses (rent, electricity, utilities, groceries, phone bill, Wi-Fi, etc.) and then make an action plan for the rest of your money.
Strategically choose an amount as spending money and then set up auto-transfers into savings with the remainder. It’s a good idea to line them up with your biweekly or monthly paycheque.
If you’re a student, divide the total of your accounts by the number of months until your next student loan or scholarship deposit, then calculate your expenses per month. The remaining balance is your spending money. Be careful not to go over your total each month, or you might make things difficult for yourself down the road.
It’s always a good idea to put funds into savings and some into an emergency fund. Make sure the emergency funds are accessible at any time, because, as the name suggests, that money needs to be available in an emergency!
Create a savings account specifically for emergencies (you can do it yourself in online banking) and set up auto-transfers, just like you would for your other savings accounts.
There could be a few subscriptions on your credit card you don’t need that you’ve forgotten about.
Scour your monthly credit card statement for charges you may not remember setting up, and check your phone settings for app subscriptions you no longer use. Unsubscribing will free up some funds for savings or extra pocket money!
Set attainable, measurable financial goals to accomplish by the end of the year.
It could be to get a good start on contributions to a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA), or maybe to put a dent into your down payment fund. Or how about you get started with investing?
It could even be as simple as signing up for a credit card, or getting cybersecure by setting up multi-factor authentication and making your passwords stronger.
Don’t even know where to start? Well…
Become a Cambrian member, if you aren’t already, and meet with one of our Personal Banking Advisors to start goal planning.
Meetings are free of charge! We’re here to help you succeed.
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
