Create a Financial Plan 

This is the first step to having good financial habits. Create a short-term financial tracker that will show your expenses, savings, and income. Then, think about your long-term financial goals and determine if there is something that needs to change in your short-term financial budget to meet those goals. Make sure to track your finances regularly and to revisit your financial plan throughout the year. 

Pay Yourself First 

It can be easy to have the intention of saving, but come to the end of the month and realize that you have no money left to put towards savings. One way to make sure you set aside money for your savings is to “pay yourself first”. When you get paid, put money into your savings account right away. The easiest way to do this is to set up an automatic deposit on the same day as your payroll. You can set this up in online banking or by contacting Provincial Credit Union.   This ensures you won’t forget about putting money into your savings so you can save more effectively to reach your goals.  

Build an Emergency Fund 

Your emergency fund is your security net. This is so you have money to live off in unexpected situations such as a job loss or family emergency. As a general rule, it is recommended to have three months’ worth of basic living expenses saved in your emergency fund. If you don’t have an emergency fund, this can be part of your financial savings plan.  

Keep Debt Under Control 

An important step in building good long-term financial habits is to keep your borrowing under control. Avoid maxing out your credit cards or taking on high interest debt for things that do not increase in value. Depending on your situation, you can consolidate your debt into one or more manageable payments with a possible lower interest rate. Send us a text at1-855-728-2211 or call your branch to book an appointment to chat about consolidating your debt at Provincial Credit Union.  

Find Where You are Overspending 

Track all of your expenses and take a good look at what you are spending your money on. Do you have subscriptions to apps or services that you haven’t used in months? Unsubscribe from services you don’t use and analyze where you are spending more than what fits into your budget.  

If you find yourself often falling into impulse online buying, try the 24-hour rule. If you want to purchase something you don’t need, wait 24 hours before purchasing. This can help take away the “shopping high” so you can make purchasing decisions with your clearest mind.  

Determine Your Priorities 

The fact is, you can’t have everything at once. You have a set amount of income, expenses, and leftover available money to spend. Evaluate your financial situation and decide what your priorities are. Is a vacation next year important to you? You may need to make money saving decisions now to save the extra dollars for vacation. It is all about figuring out what is important to you and creating a financial plan based on those priorities.