6 ideas to save and spend wisely in the New Year
A new year marks a fresh start, and a great time to get on track with your savings! Tackle one of these ideas now, and end your year a bit further ahead financially.
1. Start a new high interest savings account dedicated to a savings goal
Planning a home renovation? Looking to make a major purchase? Set up a new High Interest Savings Account dedicated to your goal and set aside money every month.
2. Automate your savings
Setting up preauthorized debits from your chequing account to your savings account is a great way to build your savings without even having to think about it. You can set up recurring transfers between accounts in online banking or on our mobile app.
3. Commit (or recommit) to your budget
The holiday season can be a time when your budget falls off track. The new year is a great time to dust off your monthly budget and find at least one thing you can pare back or cut completely. Then, allocate that money towards your savings.
4. Make a plan to manage your debt
Review your debts and create a plan to reduce or eliminate it. Even if you can’t pay off all of your debt, choose a realistic goal (for example, reducing your overall debt by 30%). If you have high-interest debt, such as on a credit card, consider consolidating your debt with a loan that can offer you a lower interest rate and the convenience of one payment versus multiple payments each month.
5. Build an emergency fund
Set up a preauthorized debit from your chequing account into a dedicated savings account to help you manage emergencies — as little as $1,000 in a rainy day fund can cover most unexpected expenses without the need to use credit.
6. Explore how working with a financial advisor may be right for you
Working with a financial advisor is like having a great doctor. They look at your history, your habits and behaviour, and what keeps you up at night — and they come up with a plan to keep things good or make them better. And, just like your annual health check up, be sure to visit your advisor regularly to ensure you’re on track and following the plan.
Take the next step
We’re always here to help! If you’d like to explore one of these options, simply give us a call at 1.800.728.6440, or see how much you can save by trying out our savings calculator.