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10 ways to take control of your finances

A New Year means resolutions and often times have a financial component to them. Here are 10 ways you can take control of your finances this coming year.


New Year. New financial you.

It’s hard to believe the New Year has already begun. With a New Year often comes resolutions – creating a plan for the future using lessons from the past – and many times have a financial component to them.

Here are 10 ways you can take control of your finances this coming year.

1. Set goals

We all have dreams of what we want to do and what we want to achieve. Make these dreams a reality by setting goals to achieve them. Organize your goals by priority and be sure they’re realistic and achievable. Tip: Start small. Small goals are easier to reach and help train your brain into believing you can achieve it, increasing your chance for success of future goals. Get started by checking out our Goal Setting Blog.

2. Take action

It’s one thing to say you’re going to do something and actually doing it. Put action to your words by creating an action plan setting dates you want to achieve parts/milestones of your goal by. Hold yourself accountable and reward yourself when achieving each milestone helping you to keep motivated.

3. Create a budget

A budget helps you manage your money, showing you how much you’re bringing in each month and where you plan on spending your money. It can help you not spend above your means and focus on what’s important to you. To make budgeting easier for you, we recommend using our online Budget Calculator.

4. Track your spending

By tracking every nickel you spend, you’re able to get an accurate picture of your spending habits – sometimes it can be very shocking how quickly or how much your purchases add up. Tracking your spending will also help you create a more precise budget based on your spending habits and allow you to identify areas where you may need to change your spending behaviours.

5. No-spend challenges

Each month challenge yourself to a spending freeze for a day, weekend or even the full month for all non-essential items. Or pick a different non-essential category to not spend on such as ‘No Eating Out March’.

We recommend challenging yourself for a day or weekend if doing for the first time. Check out our No-Spend Weekend Challenge Blog helping you succeed in taking an entire weekend off from spending.

6. Save for an emergency

Life can sometimes throw us a curveball, threatening our financial well-being and causing us stress. Set money aside each month into an emergency savings fund for those unexpected life events. Having a fund ensures if your car breaks down or your furnace goes in the middle of winter that you’re prepared and gives you peace-of-mind knowing you won’t need to stress trying to find money to cover these unexpected expenses.

7. Prepare for retirement

We all dream of the day we’ll retire – no more alarm clock, being able to take a nap whenever we’d like and playing that golf game on a Wednesday afternoon. Being able to retire the way we want though requires some planning in advance. Start preparing now by checking out our blog, Retirement: will you have enough?

8. Save your extra money

Throughout the year we come across extra money such as an income tax return or a cheque from our Grandma for our birthday. Though we may be tempted to treat ourselves, consider putting any extra, unexpected money you come across into savings – you’ll thank yourself at the end of the year when you have extra savings in the bank!

9. Invest in a TFSA

A tax-free savings account (TFSA) is a great way to save for just about anything, whether it be a short-term or long-term goal. What you save is not tax deductible nor are you taxed when you withdraw your earnings. As well, in 2019 contribution maximums have increased to $6,000. Learn more here.

10. Plan/review your estate

We often think that planning our estates is something we do when we’re older but in fact, everyone young or old should have an estate plan in place in case something unexpected were to happen to us. Having an estate plan helps our loved ones understand our wishes and how to carry them out if we were to pass. This can include naming guardians for children, instructions for your burial/cremation and how you’d like your property divided up and should be updated at each life event such as marriage, children, divorce, retirement, etc. Start your plan by speaking with a local estate planner or lawyer today.

A New Year symbolizes a fresh start and new beginnings. Hopefully, these quick tips help you feel more prepared to take on the new year and take control of your finances. For more financial advice, we encourage you to check out some of our other blogs or contact us today to set up an appointment with a financial advisor.

building with credit union logo

Why I made the switch to a credit union

Not happy with your bank, but scared to make the switch? Read the experiences of one of our members who recently switched financial institutions after realizing her bank was not helping her to achieve her financial goals.


My financial institution was determined at a young age and like most, who I banked with was the same as my parents. As I got older, my banking needs changed yet I continued to bank with the same financial institution. Was my inherited bank actually doing what I needed it to though?

I started to realize how important this decision was. As I’m trusting an institution with my hard earned money, it shouldn’t be about staying with the bank that was chosen for me but instead being sure that who I was banking with was an institution that met my financial needs. That’s when I began to understand what type of bank I needed for me, and if I needed to make a change.

What I took into consideration

  • Is my bank listening to me and addressing the financial needs that benefit me – not my bank?
  • What are my financial goals and how is my bank helping me to achieve these?
  • Does my banks’ values align with my personal values?
  • How is my bank contributing to my local community?

I soon came to realize that I didn’t have a relationship with my bank. My account was very transactional but the bank never made me feel like I was anything but a number. I did some research about other financial institutions and through this research, I discovered a few key differences between credit unions and banks.

Here’s what I learned.

  • Credit unions are member-owned while banks are owned by its shareholders. What this means is you have a say on how your credit union operates while banks answer to its shareholders.
  • Credit union profits go back to their members such as offering No-Fee Chequing Accounts.  They also invest their profits back into the local community. Bank profits are paid to their shareholders and your local community rarely benefits.
  • Credit unions are driven by their members. They take the time to listen, ask questions and help you achieve your financial goals. You are their number one priority.
  • Credit unions have a one team model approach and are all part of the Ding Free network, allowing members to access a number of ATMs across Canada for free. With banks, you can only use their products and services and you will be charged for using other banks’ resources.

Overall, the biggest thing I learned was that credit unions and banks offer similar products and services. The way they operate though and treat their members are different. To learn more about the differences between credit unions and banks, I recommend checking out Credit unions vs banks: What’s the difference?

After considering what my current bank offers and evaluating the difference between credit unions and banks, I wondered why I hadn’t started looking into this earlier. Why hadn’t I made the switch – by switching to a credit union, I’d be able to save $185 each year just in bank fee savings – so what was holding me back?

My fears

  • Time! I didn’t want to spend a lot of time having to switch all my payments over or learning a new bank’s products such as mobile and online banking.
  • Was it really worth the effort to make the switch? How much work was involved?
  • What if I missed payments due to the switch resulting in added interest or canceled services.
  • Would I have to give up my credit card? I liked the credit card that I had at my other bank and didn’t want to cancel it.

I started to realize that most of my “fears” were excuses and if I really wanted to take control of my finances I needed to take the time to invest in myself. Ultimately, I liked how a credit union was local and I felt that their values aligned to my personal values. I decided to reach out to Conexus Credit Union, and after speaking with a financial advisor I soon realized they really did care about my overall financial well-being and knew that it was time to make the break up with my current bank and make the switch.

Making the switch

Switching over to Conexus was quite easy, especially with their tool called Click Switch. It allowed me to switch over all of my payments within a few minutes and just the click of a few buttons. My fear of time quickly disappeared.

Tips

If you’re like me and some of your fears include missing a payment due to switching or losing a credit card you love, consider some of the tips below before making the switch.

  • Do not close your current bank account until all of your payments are switched over. Keep the account open for a few months to ensure you haven’t missed anything.
  • Leave a small amount of money in your old account to cover any payments you may have missed switching over to avoid non-sufficient funds.
  • You don’t have to switch everything over at once. It’s perfectly fine to keep your loans or mortgages with your old bank until they expire or are paid off.
  • You can keep your current credit card if you’re not wanting to depart from it quite yet. Check to see if you can link your credit card from another bank to your new credit union account. This will allow you to still view your credit card balance in your new account and help you manage your finances in one spot.
  • If you are looking at getting a new loan to pay out a previous loan at your bank, make sure you get all of your approvals and payout amounts first before closing out your account or changing your direct deposit.

In the end, I made the decision to move to a credit union because I believed in their values as an organization. I felt it was easier to have an open and trusting conversation and it saved me money on bank fees. Ultimately, when determining your financial institution consider how your financial institution can impact your overall financial well-being. For me, choosing a credit union was the perfect fit.

List of payments

How much money should I spend on…

Where should you be spending your money? This blog shares the recommended percentages on where you should be spending your money on things such as housing, transportation and more.


 

A budget is a plan that can prioritize your money. It allows you to see how much money you’ll bring in each month (income) and where you plan on spending (expenses) your money. It also allows you to understand where you may be able to decrease budget within some categories such as living expenses or increase your budget in other categories such as savings. Most importantly, it helps to set a plan to not spend above your means.

A budget can also help you see what percentage of your income you’re spending within the different expense categories. Below we break down the different expense categories and the recommended percentage of income you should be spending within each.

Housing

We recommend keeping your housing expenses to 30-40% of your income. Housing expenses include your mortgage/rent, condo fees, property taxes, insurance, maintenance and utility payments.

One popular rule of thumb says that you should set aside 1% of your home’s value each year for ongoing maintenance (vent cleaning, paint refresh, etc.). For example, if your home is worth $250,000, you should budget $2,500 each year for maintenance. We recommend setting money aside each month into a savings account to cover these maintenance costs when they occur. Doing so, will help you be prepared for those larger expenses and not be ‘scrambling’ to find money within your budget to cover a large expense.

Though many of these expenses are fixed, meaning you can’t change the expense amount, there are a few ways you can reduce these expenses. Consider reducing the amount you use/spend on utilities. This can include installing a rain barrel to collect rainwater to water your yard or trying out one of these eight energy-saving tips.

Transportation

We recommend keeping your transportation expenses to 10-20% of your income. Expenses in this category include vehicle loans, gas, insurance and maintenance.

Some ways to reduce expenses in this category include using city transit, carpooling or saving on gas by using GasBuddy.com to tell you where the nearest and cheapest gas stations are.

Living expenses

For living expenses, we recommend keeping to 20-30% of your income. These expenses include childcare, groceries, eating out, entertainment, phone, personal care, clothing, gifts, donations, medical, etc. Though there are a lot of expenses in this category, many of these are variable expenses meaning they can be adjusted based on your financial situation.

You may not be able to change your childcare fees, but expenses related to groceries, eating out, entertainment, phones, etc. can be adjusted. Things such as cooking at home vs. going out to eat or picking a smaller cable package or cell phone package are all ways to help reduce these expenses.

Budgeting doesn’t mean you can’t have fun but instead helps you be aware of how you’re spending your money and to treat yourself in moderation and within your means. Here are a few creative alternatives to consider to help keep expenses down within these categories.

Debt repayment

If you have debt, such as a balance on a line of credit or credit card, we recommend keeping your debt repayments at 10-20% of your income.

It may be tempting to reduce expenses in this category before others when adjusting your budget, but we recommend trying to reduce elsewhere, like your living expenses before adjusting these expenses. Setting 10-20% of your income towards paying off your debt sets a plan in action for eliminating your debt and helps towards your financial freedom.

It’s important to always budget money to ensure your debt’s monthly minimum payment is covered and then apply extra money to your debt to reduce the amount owed even faster. For additional advice and tips on eliminating debt, we recommend checking out our Eliminating Debt blog.

Savings

For savings, we recommend putting 10% or more of your income into savings each month. This includes savings for your goals (short-term, intermediate and long-term), retirement, emergency savings, RESPs and more.

This category is truly about being sure to pay yourself first. Not sure what we’re talking about – discover more here.

To make budgeting easier for you, we recommend checking out our online Budget Calculator. All you have to do is insert your monthly income, expenses and savings and you’ll get a clear picture of where you are financially. You’ll also be able to see how your expenses fit within the recommended percentages we just discussed.

At the end of the day, setting a budget can help you stay focused on what’s important and give you guidelines on how you’ll spend your money. As for ensuring you stick to this budget though, that will be up to you.

computer by picture of stick figures with word finance

The power of financial literacy

Financial literacy is a critical life skill that helps you to make smart, responsible decisions about your money. Build your financial knowledge using these tips.


When it comes to your knowledge of finances, how confident are you? Would you be able to answer basic financial literacy questions, such as:

  • What’s the difference between a savings account and a chequing account?
  • What is compound interest?
  • What’s the difference between a variable rate and a fixed rate?
  • What is an emergency savings fund and how much should you save?

According to an Ipsos poll conducted in 2017 on behalf of LowestRates.ca, 78% of Canadians believe they’re financial literate. When it came to taking a basic financial literacy test though, almost 57% of Canadians failed.

Financial literacy is a critical life skill and just as important in life as any other basic life skill. Why? Because money is all around us and something we deal with every day. Being financially literate means you understand all things money – how it works, how it’s generated, how to manage it, how to invest it and more. It means having the knowledge and confidence to make smart, responsible decisions about your money.

Improving your financial knowledge

It’s never too early, or too late, to improve your financial knowledge. Here are a few ways you can expand your financial knowledge and confidence with money:

  1. Take the Fin-Lit Challenge: Testing your financial knowledge will you see how much, or how little, you may know. This will help you identify topics that you may want to focus on to expand your knowledge.
  2. Talk to a Financial Advisor: Your financial advisor is an excellent resource for advice and knowledge, ensuring you’re not alone when making financial decisions.  There is no such thing as a dumb question. Meet with your financial advisor often and ask questions to ensure you understand your money and financial decisions.
  3. Read a Conexus #MONEYTALK Blog: Each week, Conexus #MONEYTALK publishes a blog providing expert advice, solutions and guidance on financial topics important to you. Savings, budget, investment 101 – we cover it all. Commit to reading the blog each week to continually expand your financial knowledge.

What financial topics would you like to know more about? Share below and we’ll be sure to do an upcoming blog on them.

girl taking picture of food

Do you have the fear of missing out?

In a society of technology, we continually face the pressure of spending money – seeing what our friends are doing and purchasing and feeling like we have to keep up. This fear of missing out (FOMO) can have a big impact on our finances.


The fear of missing out (FOMO) is real. In a time where social media impacts spending habits, people are often urged to “keep up” and are constantly looking for the next big purchase, rather than save – because you can’t Instagram your savings account balance, but you can Facebook that vacation and Tweet that new pair of shoes. So, is the fear of missing out putting you into debt?

FOMO & debt

According to a recent study by public relations firm Citizen Relations, 56% of Canadian millennials (those aged 18 to 30) feel driven to live beyond their means because of social media. It’s the “fear of missing out” on trips, events, meals, shopping, sales – the list goes on.

Keeping up with your friends’ spending can be linked to social media as often when you make a big purchase you share it. If you miss that trip with your friends you are constantly reminded through social that you’re not there from their posts. Another study from Credit Karma found that nearly 40% of millennials have gone into debt to keep up with their peers. In an age of destination bachelor and bachelorette parties and destination weddings – how do you limit yourself to only spend what you have while still being able to afford the important life moments.

Say no to FOMO

  • Ask yourself “why”
    Before making a purchase ask yourself, “Am I making this purchase because I can afford it and it will make me happy?” or are you purchasing because your friends have it? Being able to identify a want vs. a need is an important question to ask yourself before you spend.
  • Limit yourself
    Figure out what works within your budget and set that as your limit. If you can afford to go out once a week for dinner and drinks with friends then stick to that. Find other solutions to going out, like inviting friends over and everyone brings a bottle of wine and appetizer.
  • Social media detox
    Limit your time on social media. Constantly keeping up with social media can directly relate to the feeling of keeping up.
  • Evaluate who you’re following
    Clean up the accounts you are following on social media by unfollowing stores and blogs. The less you see, the less temptation you will face to “swipe up” and swipe your credit card.
  • Buy for you – not your friends
    Recognize that everyone’s budget is different. We all have different incomes and expenses, so going on the expensive trip or upgrading your kitchen may have fit into your friends budget, but might not fit in yours and that’s OK.
  • Ignore the pressure
    Just like in high school, saying “no” to your friends might seem hard, but your friends should understand that sometimes you have other financial obligations. Finding an alternative hang out plan or trip that is affordable or further in the future that gives you time to save are great solutions to avoid the pressures of going out to spend.

Remember, FOMO is not an excuse to put you into debt. We’re not saying you should deny yourself of every experience, but instead when making purchases ensure 1) you can afford it and 2) it is making you happy – not your friends. Folding to the pressures of social media and your friends will not help your budget and will affect your finances later in life. It’s important to recognize the pressures of FOMO spending habits so you can spend responsibly.

couple looking at tablet

Pay Yourself First

Paying yourself first means saving first and spending what’s left over. This blog teaches you all about the why, how and where.


You’ve heard the term ‘pay yourself first’ many times, but what does it actually mean? For us, ‘pay yourself first’ means saving first and spending what’s left over – to put money into your savings each payday, as soon as you get paid and before you’re tempted to go and spend on something else.

But why?

Paying yourself first not only helps you reach your short and long-term goals, but you may also be surprised with all the benefits you’ll begin to see, including:

  • Setting saving as a priority;
  • Creating positive financial habits;
  • Being in control of your finances and future; and
  • Improving your overall financial well-being.

By spending only what’s left over after you save, you’ll also begin to understand your needs vs. wants a bit more, and understand how your previous spending habits may have impacted your saving habits.

But how?

Determine your short and long-term goals and the amount you want to save. Prioritize these goals from most important to least important.

When starting the pay yourself first method, start small to become comfortable with saving first, and spending what’s left. As you become more comfortable with the method, increase your contribution amounts.

A great way to ensure you don’t break away from this habit is to set up automatic money transfers each payday to move money automatically over into your savings.

But where?

There are many different ways to save money and your short and long-term goals can help determine which type of account you may need.

For example, if you’re saving for retirement, you may consider putting your savings into a Registered Retirement Savings Plan or Tax-Free Savings Account. If you’re looking to build your wealth, you may consider putting into a term investment or Guaranteed Investment Certificate (GIC).

Talk to a financial advisor to help understand what savings tool may be best for you and to set up an account.

Being in control of your finances helps you be in control of your future. By paying yourself first, you’re taking a positive step in creating good financial habits and contributing to your overall financial well-being. Now it’s up to you – start paying yourself first… on your next payday!

#MONEYTALKs to have before marriage

Money is an important conversation to have in any relationship. Our Conexus experts share their advice on important #MONEYTALKs to have with your partner.


Wedding season is upon us and love is in the air. Have you had the #MONEYTALK with your significant other yet? Money can cause stress in a relationship and having discussions about money with your partner can help ensure you’re on the same page, and not become a bigger issue down the road.

So what type of #MONEYTALKs should you have with your partner? We asked our Conexus experts to give us their best marriage financial advice – here’s what they had to say:

“These conversations can be complex and sometimes uncomfortable to have. Everyone’s situation is unique. I would advise having many smaller conversations around priorities, resources and goals to find common ground.” ~Jason A.

 

“What are your goals and dreams and what does success look like for you? For some people, it’s all about saving, while for others, they want to focus on enjoying life. Making sure you’re on the same page about saving vs. spending is absolutely key.” ~Nicole H.

 

“It’s important to agree on a process for discussing finances and building that as a regular part of the relationship. Over time, life happens, goals change, etc. and having money chats as a regular discussion in your relationship is a great way to ensure that money doesn’t become something that pulls you apart over time, but rather, something that can help bind the family together.” ~Eric D.

 

“Have a discussion around personal feelings related to debt (i.e. what the couple is willing to go into debt for vs. what they’re not.) If one person is okay with debt and the other is not, it can cause strain. Communication and ensuring you find someone that shares your financial values helps to support a strong relationship.” ~Kim M.

 

“Discussions about money seem to be awkward for many. Early on, establish a mutual agreement to keep no secrets. Be upfront and honest with each other about your individual financial health and set goals together. And let’s not forget that this usually means compromise by all parties!” ~ Susan S.

 

“Include your financial experts early on in the conversation to help alleviate fears and concerns and help come up with the right plan and approach for you and your partner!” ~Kyle D.

 

“Have a good degree of financial knowledge. When both people have a good understanding of the topic, the conversations will be stronger and one person won’t be making all of the decisions while the other merely accepts what is happening.” ~ Marcie A.

 

“Share the responsibility of paying bills, budgeting, savings, etc., if you decide to have only joint accounts. It’s important that each partner have this knowledge and share the responsibility so that if something were to happen to the other person, they’d be able to continue these financial tasks.”~Kyla F.

 

“Understand how your ‘love language’ relates to finances. If one person’s language is gifts and the other prefers quality time, this could play into budgeting and lifestyle goals. Be sure to have conversations around as many aspects of finances as possible to ensure you understand each other’s feelings towards money and are on the same page.”~Lisa C.

Money is one of the biggest causes of issues, arguments and stress in a relationship. It may not always be easy to talk about, but starting early and discussing frequently can reduce stress and make these difficult conversations easier to have. It can also help prevent bigger issues from happening further down the road.

Do you have advice for other financial #MONEYTALKs couples should have before getting married? Comment below!

brown paper bag lunch of a sandwich and apple

What’s your daily lunch costing you?

Buying lunch may be convenient – and tasty – but the costs can add up over time. Learn how much your daily lunch purchases may be costing you and tips on how to save.


If you’re like me, you’re not a morning person. You hit snooze as many times as possible and you’re usually rushed to get out the door to get to work on time. You haven’t made lunch and decide you’ll just grab something quick from a local restaurant.

Depending on where you work, you may have easy access to a variety of restaurants that makes the temptation to purchase lunch even greater. Add the ‘cheap’ lunch specials and it becomes more of a habit than a once-in-awhile thing.  Unfortunately, it’s not so great for our wallets – let’s look at a few numbers to see the impact.

Looking at 10 different restaurants, I found lunch meal prices vastly ranged with the average person spending anywhere between $8 -$20 – and that sometimes wasn’t even including a drink! A typical lunch purchase will cost you about $14. The number may not seem high, but what does that look like over a year?

Thinking about your lunch routines, how often do you go out for lunch? Once a week? Two – three times per week? More? The more often, the greater the costs:

1x per week = Approx. $728 annually
2x per week = Approx. $1,456 annually
3x per week = Approx. $2,184 annually
4x per week = Approx. $2,912 annually
5x per week = Approx. $3,640 annually

The numbers are substantial once you start adding them up. So how do you save?

The simple answer… pack a lunch. Packing lunch costs a fraction of the cost of eating out and reduces the temptation to run out and grab something. The money you save can then be put towards something else such as a vacation, your retirement or even into your emergency savings fund. Check out the Pay Yourself First video to see how easy it can be.

Bringing the same lunch can become boring, which also can increase your temptation to buy. If this happens to you, consider making one of the great lunch ideas found below.

Packing your lunch the night before will help you save time in the morning and help fight the urge to go out. Even better, you’ll still be able to hit that snooze button one extra time – sounds great to me!

man kick boxing

Kick-start your finances: goal setting

Setting financial goals helps you to figure out what’s important, focus on priorities and analyze your wants vs. your needs. 


We all dream about what we want to do and what we want to achieve. From going on a vacation, paying off debt, putting money away for our child’s education or having enough money set aside for retirement; these dreams become our goals and like most things, have a financial component to them.

Unsure of where to start? Taking the time to set goals will provide you with an understanding of your big picture. It allows you to figure out what’s important to you, focus on priorities and analyze your needs vs. your wants. Below you will find some advice on creating realistic and achievable financial goals, helping you make tomorrow, today.

Creating goals

There are three types of goals:

  1. Short-term Goals: These are goals that you can achieve in a short amount of time – less than one year – and can include things such as a minor home renovation, paying off a credit card or starting an emergency fund. These goals can also be shorter goals that contribute to a larger, long-term goal such as starting to put a small amount of money away for retirement.
  2. Intermediate Goals: These goals take a bit longer to achieve – between one to five years. Saving money for a down-payment on a home or saving for a family vacation are great examples that may fit into this category.
  3. Long-term Goals: These goals tend to be longer – 10+ years. These goals are often re-assessed throughout the course of their timeframes to ensure you’re on track and often are adjusted due to changing situations/environments. Some examples of long-term goals may include saving for your child’s education, paying off a student loan or saving enough money to retire.

Now that you know the different types of goals, write down your short-term, intermediate, and long-term goals for 2018. When making a list think about things such as:

  • What makes you happy? (e.g., family, vacation)
  • What makes you stressed? (e.g., credit card debt)
  • What do you wish you had? (e.g., new furniture)
  • What things do you like doing? (e.g., traveling, spending time with friends)
  • Where do you see yourself in one year? (e.g., taking a hot vacation) Five years? (e.g., having a down payment for a home) Ten years? (e.g., having my student loans paid off)
  • What does having overall financial well-being mean to you? (e.g., understanding my money and not having to worry if I’ll have enough when I retire.)

When setting your goals include specifics, such as costs and timelines. Also look to see if your goals are realistic and achievable. Small goals are easier to reach and help train your brain into believing you can achieve it. This can also increase your chance of success in future goals. Below is an example of how you can take the things important to you and group into short-term, intermediate and long-term goals.

Prioritize. Prioritize. Prioritize.

Once you have your goals written and organized, it’s time to prioritize. This will help you understand what’s most important and where you should focus your time, money and energy.

Though it is great to have lots of goals, actually achieving them all may be difficult. You must take a look at your goals and ensure they’re also realistic and achievable when you look at them all together. It’s important to set yourself up for success and work within your means.

Prioritizing will also allow you to make any adjustments needed to make these goals achievable. When prioritizing ask yourself:

  • If you could only achieve one of these items, which one would it be?
  • Are there any goals on my list that are needs vs. wants?
  • How long do I have to achieve this goal – is that a must or can it be adjusted?
  • Can I break any of my larger goals into smaller goals?
  • Can I put a hold on any of these goals and begin working on only once I have completed another goal?

When prioritizing and making adjustments, be aware of how achieving these goals will impact your finances now. Online calculators can help you understand exactly what you need to do now to achieve your goal within your timeline. Depending on your current financial situation and the impact your goal will have (e.g., monthly contributions), you may need to re-adjust or plan your goals differently.

Team effort

If you are married or have a significant other in which you share financial responsibilities with, it’s essential you work together when creating your financial goals. Work together to develop a list of goals and discuss what’s a priority and what’s not. Together, determine what is achievable and ensure you’re on the same page – if not, you could be setting yourself up for failure. Once set, be each other’s motivation and hold each other accountable to help ensure success.

Talk to your financial advisor

The most important thing you can do once you’ve created and prioritized your list of goals is to talk with your financial advisor. They will be able to provide you with advice on your goals and help you look at the big picture. They may also identify any obstacles that impact you reaching these goals and provide guidance on what types of adjustments can be made. Your financial advisor will also be able to tell you which products, such as RRSPs, Tax-Free Savings Accounts, mutual funds, etc., you should consider helping contribute towards your success.

When it comes to kick-starting your finances, start off by understanding what’s important to you and what you want to achieve with your finances.  Create short-term, intermediate, and long-term goals and prioritize accordingly. Once you’re done, make an appointment with your financial advisor to discuss and determine what tools and resources are available to help you succeed. Don’t have a financial advisor, no worries – you can request financial advice here.

Credit unions vs banks: What’s the difference?

When it comes to managing your finances and choosing where to bank, there are many things to consider including whether you should choose a credit union or a bank. 


Credit unions and banks are pretty similar in the types of products and services they offer. However, there are many differences in how they operate. Whether you are looking for a new financial institution or just starting out, here are a few of the differences to help you determine which is a perfect fit for you.

Credit unions are part of the local community. They not only live, work and play within the communities they serve, but also give back to their local communities to help improve the financial well-being of their members. When it comes to managing your finances, you want to ensure the financial institution you choose has your, and your communities, best interest at heart,

At the end of the day, your financial institution should have you as their number one priority. Would you have it any other way?