It’s always a good time to set some financial goals and we can help that happen.
The financial Consumer Agency of Canada (FCAC) recently reported that, from a recent survey of financial well-being in Canada, Canadians who practice active saving behaviours have much higher resilience as well as higher levels of financial well-being. Captain Obvious may show up here, but the FCAC say that those who use credit to pay for daily expenses because they are short of money at the end of the month, had lower levels of financial well-being.
One of the most interesting findings is that, regardless of the amount of money someone makes, regular efforts to save for unexpected expenses and other future priorities appears to be the key to feeling and being in control of personal finances.
According to the FCAC, more than half of Canadians surveyed do not regularly save money to cover unexpected expenses, and one in seven Canadians often use credit to purchase basic necessities like food. Nearly one in 10 Canadians report that they are impulsive in their spending, which leads to purchasing things they cannot afford.
The key to becoming an active saver is to make a budget. A budget will help you control your spending. You can find a simple budget form here that will help you and your family break down your expenditures and help you put away some money for unexpected expenses, a wedding, that family vacation, or retirement.
Another key is to set up that emergency fund and set some savings goals. Open a no-fee savings account (or even a Tax-Free Savings Account) with Encompass Credit Union online and set up a recurring transfer in your online banking to put a little of each paycheque into that savings fund. You’ll be surprised how fast it adds up! You can see and compare all your savings options with our simple, secure and fast online account opening here!
Go to encompasscu.ca for more information or come in to talk to one of our exceptional staff members who can walk you through your finances and help you get back on track, or help you with a savings goal!