Are you Financially Free?
How to regain control of your finances
Car break down? Need a new dishwasher? Want to renovate? Don’t be held back from doing what you want with your money - you’ve earned it. Take control and follow these few tips to get back your financial freedom.
Living paycheque to paycheque
Is your paycheque spent before payday arrives? You’re not alone. Everyone lives paycheque to paycheque at some point. It’s hard to consider saving when there’s no extra cash for new clothes, outings with friends or emergencies.
Making a budget is simple, but it works. Write out your expenses to identify where costs can be trimmed. Shop at thrift stores for housewares and clothing, make dinner for friends’ birthdays, and host movie night at your house instead of going to the theatre. Cutting a few simple costs can save you an extra $50-100 per month, which you can put towards debt or savings.
Paying Down Your Debt
Debt is a part of life. If you have a loan, credit card, line of credit or all three, the first step is to consolidate. Look at the interest rates. The average credit card rate is 18%. If you’re part of favourite department store's credit card program, you’re probably paying closer to 30%. Yikes! Consolidation loans have low rates and specific payment plans to get you out of debt.
Worried about your credit rating? There’s more to your financial health than your credit score. Talk to us, we’ve got options.
Treat Savings like a Bill
Do you always pay your bills on time but can’t seem to save a penny? Treat your savings like a bill. Start with $50 per month. That’s $600 per year. Open an interest building savings account and make that $600 work for you.
Staying on Track
Now that you’re sticking to your budget, cutting costs, paying down debt and even saving a little, what’s next? Have you begun contributing to your Registered Retirement Savings Plan? Contribute and get some great tax breaks. What about investing in something else? Learn the basics about investments.
Ask for Help
If this isn’t enough to get you on track, talk to us. We’re here to help. As a credit union, our financial services representatives take a special interest in removing barriers to banking and creating financial freedom for everyone in the community.
Book an appointment today to start saving today.
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