For many, the New Year can mean that the holiday spending hangover is in full force as credit card bills from seasonal splurging arrive. Rather than worrying about past financial decisions, it is a good time to focus on taking positive steps to set yourself off on the right financial foot for 2016.
Small sacrifices lead to big savings
From morning coffee to takeout lunch, the money spent on small everyday purchases can add up over the long term. Try setting a simple and attainable savings goal by forgoing an everyday indulgence and redirecting that money into a savings account. For example, an average latte can cost more than $5 – at three lattes a week, that's $15. Over an entire year the amount saved would be $780. A little bit can go a long way.
Convert fees to savings
Another simple option to improve your finances is to look for a no-fee banking alternative. Many financial institutions offer no-fee everyday banking products including chequing accounts, savings accounts and credit cards.
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