2. Set fresh financial goals

Now it's time to set some clear, achievable financial goals. Setting goals is one of the best ways to increase your confidence in managing your money. Depending on your family situation and how your budget review goes, your goals might be paying down debt, growing your emergency fund, saving for a house, or having money left over to donate to a cause you care about (bonus: this last one lowers your taxes). Setting specific, measurable goals helps you track your progress and stay motivated throughout the year as distractions come up.

3. Check your credit report

Your credit report is a key indicator of your overall financial health and now is the perfect time to give it a once-over. It’s quick and easy to request a free copy of your credit report from one of the three major credit bureaus (Experian, Equifax, or TransUnion). Check your credit report for any errors or suspicious activity and, if you find any issues, you can work to resolve them quickly and get your score back on track.

4. Consolidate your debt

You may have taken on different types of debt with varying interest rates and payment due dates that cause you stress and worry. Think about consolidating your debts into a single, more manageable loan. Then you’ll make one payment instead of many, pay less in interest, and get out of debt sooner so that you can get back to growing your savings. Work with our team to get your debt under control and tackle it with confidence.

5. Automate your savings

Think of automated savings as paying yourself first. Save consistently by setting up automatic transfers from your chequing account to your savings account every time your paycheque comes in. Future you will be thankful for that emergency fund, vacation money, or home improvement opportunity. Coastal Community’s online banking platform makes this super easy.

6. Negotiate your bills

Recurring bills like your cable, internet, or mobile phone plans can sometimes be negotiated. Many service providers may be willing to offer discounts or promotions to keep you as a customer. It might seem like a stretch, but you’ll never know if you don’t ask. So try picking up the phone and give it a shot.

7. Increase your retirement contributions

Check your income sources and try to find some wiggle room to increase retirement savings. If you're already contributing to a retirement account like an RRSP, consider increasing your contributions, even if it's just by a small amount. The earlier you start saving for retirement, the more time your money has to compound and grow.

8. Start an emergency fund

Keeping money stress at bay starts with being prepared. If you lose your job, your car breaks down, or you have a medical emergency, you’ll have a softer landing and you’ll be able to build your savings back up sooner. Aim to build up an emergency fund that can cover at least three to six months' worth of living expenses.

9. Review subscriptions and memberships

Recurring payments can be a small but mighty hit to your long-term savings. Cancel any subscriptions that you no longer use or need so you can put extra cash towards your financial goals or spend it on things you actually care about.

10. Plan for major expenses

What’s on the horizon for you? A trip? A home renovation or a new car? Whatever it is, major expenses do come up and should be part of your financial planning. Identify these expenses in advance so you can start setting money aside every month to contribute to your goal.

With these 10 steps, you'll be well on your way to a fresh start for your finances that will go perfectly with that fresh, clean house . Remember, the key to financial success is consistency and discipline, so be patient with yourself and celebrate your progress along the way.

If you’d like to chat about these financial tips or need a plan to achieve your goals, get in touch with us any time. We’re here to help!