General

Becoming financial independence is one of the dreams for nearly everyone. Here are some tips that will help:

THINK ABOUT YOUR GOALS

You’re more likely to save if you know what you’re saving for. Do you want to be able to graduate from college or university debt-free? Do you really want to buy yourself a car? Or maybe you just long for a new laptop. Having a mix of long, medium, and short-term goals helps you enjoy life now without forgetting about the future.

OPEN A BANK ACCOUNT

If you haven’t yet, now’s the time. Think of a bank account as virtual piggy bank. The big difference? Your money can grow over time through the beauty of compound of interest. This is how it works: When you put your money in the bank, you get paid interest on the principal. Bank accounts can help you deal with short term emergencies and longer-term goals.

ALWAYS PAY YOURSELF FIRST

The first ‘bill’ you should pay every month should be to yourself. So, before you give your debit card a workout at the movies or the tech store, set aside a consistent portion of your pay cheque or allowance to help you meet those future goals. Your bank may be able to automatically take a few bucks off your pay cheque before you even see it! Start with $5 or $10 every week, or even option to set aside a percentage of your overall pay cheque. Out of sight is out of mind, and you will be surprised at how quickly that money will add up.