Helpful Tips

How to Navigate Your Finances with Confidence

calendarFebruary 25, 2022

peopleThe Mortgage Advisors

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The hot housing market, rising inflation, the ongoing pandemic, and an increasingly complex and digital financial marketplace can sometimes make money decisions feel overwhelming. You may be surprised to learn that just feeling more confident can actually help you make better choices. Here are some simple, practical things you can do to boost your financial confidence when it counts.

Shop around

Compare products and services from different providers to better understand your options. Whether you’re considering credit card options or renewing your mortgage, you don’t have to stick with the same bank where you have your chequing account if you can get a better interest rate or product for your needs elsewhere. Make an informed decision about your options by using unbiased financial tools such as the Financial Consumer Agency of Canada (FCAC)’s online credit card comparison tool and mortgage calculator.

Just-in-time knowledge

Major life events –living as a couple, buying or selling a home, having children, getting divorced– can involve the most important and complicated financial decisions. It doesn’t matter if you’ve never budgeted for a wedding or saved for a child’s post-secondary education before. The best time to brush up on your knowledge is while you’re planning for these milestones.

Have a plan

Whether you’re stressed about debt, saving for retirement or want to build your financial resilience in case of an emergency, a plan will give you peace of mind. You don’t need to be an accountant or financial planner to set goals and track your income and expenses. Try FCAC’s budget planner, financial goal calculator or credit card payment calculator, which are all free and easy to use. Find resources, clear information and interactive tools at canada.ca/money. www.newscanada.com
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