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New Year, New Financial Goals

unimorweb January 13, 2020 January 14th, 2020

The start of a new year is the perfect time to reflect on what you want to improve in your life and to create plans to make it happen.  There is a good chance that you’re already thinking about resolutions like going to the gym more, eating healthier and volunteering with local organizations.

But what about financial resolutions?  The beginning of the year offers the opportunity to focus on what’s going on with your money.  With the right plan in place, you can stick to your financial resolutions and end the coming year in a better place than you started it.

1

Save More Money

Not surprisingly, the top financial resolution is to save more money. There are nearly countless ways to go about this — you can increase your RRSP contributions, set up automatic transfers to a high-yield savings account and cut back on unnecessary spending. You can also use a credit card to your advantage. Many of the best credit cards offer competitive rewards and statement credits that can earn you cash back, points or miles that can be used to offset purchases.
2

Improve Your Credit Score

If you have a less than stellar credit (scores below 650), make it a priority to raise this year. You can improve your credit score in several ways, including paying your bills on time and in full (which may include setting up autopay), paying off debt, limiting how many new accounts you open and cutting back on spending. It’s important to regularly check your credit report so you can spot fraud early and ensure the correct information is reported to the credit bureaus (Experian, Equifax and TransUnion).
3

Create a Personal Budget

For some, a budget can feel constricting, but tracking your spending can be a useful tool to help you understand where your money goes each month. A clear budget can help you set guidelines for what you can afford to spend and help you identify areas where you could cut back. Start by writing down all your fixed expenses, such as rent/mortgage, cell phone, groceries and savings. Then you can see how much money you have leftover for flexible expenses, such as restaurants, clothing and entertainment costs. Looking at your credit card statement can be an easy way to see all your purchases in one place.
4

Pay Off Credit Card Debt

If you’re struggling with credit card debt, you’re not alone. In fact, about 61% of Canadians have a credit card and cardholders carry an average balance of $6,194, according to Experian. So, it’s not surprising that so many people are looking to pay off credit card debt in the new year. If you have credit card debt, consider consolidating it on a balance transfer credit card, which offer no interest for up to 21 months. Consumers who can pay down debt on their own ought to consider payoff methods like paying off your highest debt first (called the debt avalanche method) or paying off your smallest amount of debt first (debt snowball method).
5

Start an Emergency Savings Fund

Nearly four in ten Canadian adults have no emergency savings. If you’re one of those people, now is a good time to set a goal to build your emergency fund. With an emergency fund available, you will reduce the risk of going into debt trying to cover unforeseen expenses, like a flat tire or medical bill. Consider setting up automatic transfers to a savings account. With this strategy, the money is ‘out of sight, out of mind’, reducing the chance that you will be tempted to spend it. Even having as little as $500 to $1,000 saved can keep a family from falling on hard times, according to an Urban Institute study. So, don’t feel like you need to have three-to-six months’ worth of expenses saved immediately. Start small and keep adding to your emergency fund throughout the year.
6

Boost Your Retirement Savings

Saving for retirement is one of the most important aspects of preparing for a sound future. Many Canadians worry that they may never retire, so it makes sense to consider your own retirement prospects in the coming year. Consider opening an RRSP account and make automatic weekly or monthly contributions. Much like starting an emergency savings fund, you may not notice a small amount missing from your weekly pay cheque, but it will add up over time and provide you with some peace of mind in the future.
7

Cook More at Home

You might be surprised at how much you spend on eating out each week. Once you add that expense up, you might decide that it makes more sense to cook at home. Cooking at home is cheaper, healthier and it builds a useful skill that everyone should have. Consider putting those savings toward paying down debt or building up your emergency savings fund.
8

Boost Your Income

Sometimes, it’s less about savings and cutting back and more about increasing your income. There’s no substitute for making more money. Consider looking for ways to start a side hustle, get a promotion, or even look for a better job. You might need to update a certification to qualify for a higher pay or advancement, but that could be worth the cost if it comes with a pay hike. Find different ways to increase your revenue streams so you aren’t entirely dependent on one income source. Not only can that strategy help you make more money, increase your savings and reach your goals, it can also provide some protection if you lose your primary job.

Bottom line: think about what you want from life in the coming year (and in the future) and set resolutions that can help you make the most of your financial resources.  Remember that these goals are designed to help you live your life better, however, don’t forget to spend some time enjoying the here and now as well.

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