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Apply NowWhen’s the last time you recalibrated your budget? Your savings plans? What auto-transfers have you set up over the years, anyway?
It’s easy to go into autopilot year after year and put off checking up on your finances. But remember, just because you have systems in place doesn’t mean they’re always best for you at your current stage of life.
We consulted Lauren Sturgess, Personal Banking Manager at Cambrian, about how to have a good financial reset this spring.
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If you have money in several different accounts across financial institutions, it can be a lot to keep track of.
“It can be overwhelming when you have a bunch of different accounts in different places,” says Lauren. “It might be easier to consolidate your accounts in one financial institution.”
So, consider cleaning up your accounts this spring!
And if you’re a Cambrian member, you can save $234 or more with unfee. Just set up a monthly direct deposit into your personal banking account and bank fee-free!
If you’re in any sort of debt, look into the interest rates. You might be accumulating more in debt than necessary.
“Try to manage debt,” says Lauren. “Once it gets a little out of hand and over the point of manageable, it can be stressful.”
If any debts have high interest rates, look at options to lessen what you’re paying.
“At Cambrian, we offer payoff loans,” says Lauren. “We can help consolidate credit card debt or high interest loans through a personal consolidation loan. You could consolidate your debt in one place with a lower interest rate.”
When it comes to credit card debt, make sure you take care of it as soon as possible before it affects your credit score. Make sure you are at least making the minimum payments!
Look at any credit cards you use and make sure their features still suit your lifestyle.
“Review your credit card rewards and potential annual fee,” says Lauren. “Take a look if your card benefits you. If the cashback you earn isn’t enough to cover the annual fee, then that’s not the card for you. Look at different options where you get better benefits after paying that fee.”
And if you don’t have a credit card yet, it might be time to get one!
“Don’t use debit for everything,” says Lauren. “Earn cashback with a credit card! Always look up what the different cards come with and the benefits they hold. Make sure it’s worth it for you.”
It’s easy for money to slip between your fingers, especially in this age of tap and recurring credit card charges. That’s why it’s important to be aware of where your money has been going.
“Take a look through your monthly statements,” says Lauren. “If you’re spending a lot on fast food or going on a shopping spree every weekend, ask yourself if that can be cut. You might also want to get rid of subscriptions or gym memberships you don’t use.”
If you do cut back on spending in some areas, set up an auto-transfer for the amount you’re not spending into savings.
“Make sure you have savings for cases like emergencies or spur-of-the-moment trips,” says Lauren. “Just set up those auto-transfers. Even if it’s $20 a paycheque, it does add up. Do as much as you can afford. Auto-transfers are an effortless way to save. Once they’re set up, you don’t have to lift a finger and your savings will grow.”
“Once you have some savings, I always recommend speaking with a financial advisor,” says Lauren. “If you aren’t in the financial industry, lots of this can be overwhelming and confusing when you get into investments and what to do with money.”
“Financial advisors can give options and advice and help you get to where you want to be in the future,” she adds.
Book a meeting anytime!
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
