Login To Online Banking

Happy 2020! The arrival of the New Year and a new decade is the perfect time to set new goals and aspirations! It's also an excellent opportunity to hit the reset button on your finances and get yourself back on track.

When you're setting your resolutions, do you include your finances? Here are a few goals to consider this year:

Pay yourself first

What are you saving for in 2020? Whether it's a big trip or a small renovation around the house, saving is simple when you make pre-authorized contributions to your savings products. With as little as $25 a paycheque, you won't even notice you're doing it, and you'll reach your savings goals faster!

Deal with your debt

When you're paying interest on a credit card, it can seem impossible to get it under control and pay it off. If you have multiple cards, personal loans, and other debt, it becomes even harder. Have you considered consolidating your debt to help get it back in your control?

With a consolidation loan, you can pay off all of your debts at the same time and minimize your monthly payments by combining them into one new loan. And consolidation loans typically come with a lower interest rate, so you'll save money in the long run and pay off your debts faster.

Start a savings challenge

Challenge yourself or get together with a group of friends and test your ability to save! Make it a competition and encourage one another to stick to your goal.

There are tons of different ways to spend less and save more. You could choose one non-essential item, like makeup, take-out, or video games and cut it out of your spending. Why not try a no-buy weekend once a month, or even commit to regularly contributing to your savings products. No matter what you choose, you may find that the longer you stick to your savings challenge, the easier it becomes to have good savings habits all year long.

Create a household budget

If you haven't done so already, the start of a new year is a great time to take a look at your finances holistically and create a household budget. Start with your net household income and determine how much money you're spending and on what.

You'll need to factor in housing, food, and transportation, utilities, personal expenses like clothing and entertainment, contributions to your savings, mortgage and loan payments, and any other costs you incur monthly. Check out a cash flow calculator or money tracking app to help to simplify the budgeting process.

Prepare for the unexpected

Unexpected costs are always frustrating, but not being prepared for them is even worse. That's why it is crucial to have money set aside for emergencies. You never know when you may need to dip into your emergency fund, so it's a good idea to keep your money in an accessible account. Anything with set terms, withdrawal penalties or a minimum balance are a no-go. Instead, consider an Advantage Savings or TFSA that offers a premium interest rate to help grow your savings without locking in your funds.

Regardless of whether you add some of these financial goals to your resolutions or have entirely different money-saving plans, take the time to celebrate your successes!

Ready to start making your 2020 financial goals a reality? We can help! Contact us today to see how easy banking can be.