No matter when the year is, it may be a good idea to adopt better financial habits.
1- Make a financial assessment
You can use Alvie’s Monthly activity and Budget features in the Desjardins mobile services app to track your income and expenses. Your expenses will be grouped by category, like home, transportation, restaurants, and more. By creating a budget and using Alvie's Financial insights to track your cash flow, you’ll find it easier to stick to your spending and savings goals
Maybe you spend a lot more on restaurant orders than on groceries. Maybe your budget isn't quite as balanced as you thought. Taking a closer look at where your money goes is a good way to check in with yourself and think about some changes to make sure your budget and your lifestyle add up.
It feels great to pull on a new pair of designer jeans and unbox the latest gadget, and it feels blissful to spend the day at the spa. But you might not feel the same way when you look at how much you've spent on clothing, electronics and entertainment. Instead of acting on impulse, it can be a good idea to plan ahead for purchases and treats like these.
Taking a step back and thinking about where your money's going isn't about feeling guilty. It's about being mindful of your spending habits. Who knows, you might just find some wiggle room to save up for something special.
2- Plan inspiring projects
It can be easier to save when you have a specific goal in mind, like getting a new car, going on vacation or buying your first home. When you know exactly how much you need to reach your goal, you can set up automatic transfers into a dedicated account to put a little aside every pay day. Once you're in the habit, you'll be surprised how quickly your savings grow and can earn interest—getting you closer to the big day. You might want to start with a very small amount and gradually increase it. Try putting $5 aside the first week, then $10 the next, and so on. When you get to an amount you're comfortable putting aside, then stick with it.
How much do you need to save each week to reach your goal?
The Savings goals - This link will open in a new window. tool in AccèsD is designed to help you reach your goal. You can use it to create a goal, enter how much you want to save and set a target date. Then you can choose the best investment product for your needs and set up automatic transfers to save at your own pace.
To see how much you need to save on a regular basis, check out our handy calculator: How much will your regular installment savings be worth?
3- Build an emergency fund
There are some surprises we’d rather avoid. Surprises like a flat tire on the highway, a refrigerator that stops refrigerating or a smartphone that takes a nosedive down the stairs.
An emergency fund can cover these types of contingencies without affecting your other plans. This means setting aside enough money to cover all your regular expenses for at least 3 to 6 months, even if you’re not working. Since you can’t predict when you’ll need to withdraw your savings, it’s best to put them in an easy-to-access account like a tax-free savings account (TFSA). TFSAs can be an attractive registered plan for an emergency fund. for an emergency fund account. Your money can grow tax-free and you can withdraw amounts at any time, depending on the investment vehicle you choose.
Creating an emergency fund is just like saving for anything else. Choose a goal, set up automatic transfers and let time work its magic on your savings. The Savings goals tool in AccèsD is designed to make it easy. See how much you need to set aside based on your situation, and set up automatic transfers to your emergency fund account. You're always in control of how much you transfer, and how often.