Seven New Year's resolutions to make your finances less daunting
December 17, 2014, Vancouver, BC – Fear and uncertainty can be big obstacles when it comes to New Year's resolutions, particularly when it comes to financial goals.
This new year don't aim for perfection—try setting smaller, more realistic goals that you're more likely to achieve. It's easy to fall into all-or-nothing thinking, but remember it's better to do some than none.
"Thinking about your finances can feel very overwhelming at times, but taking a few small steps can boost your confidence and build some momentum," says Sophie Salcito, investment advisor at Vancity.
Here are seven resolutions to consider for the coming year:
- Identify your dreams. Your dreams for the future should be the starting point for all financial decisions, so take some time to write them down.
- Organize your financial clutter. Get a handle on where your money is and what you owe, so you have a clear picture of your current finances.
- Prioritize your list of to-dos. Focus on top priorities like reducing expenses, paying down high-interest debt and starting to save.
- Tame your budget expectations. If the thought of budgeting makes your palms sweat, choose one area of spending—maybe food, clothing or entertainment—and focus on budgeting and monitoring that.
- Learn from your past. Review your statements and bills from the past year, then start brainstorming ways to manage your spending in 2015.
- Ask friends to help motivate you. Peer support and self-help groups can be helpful, so make a commitment with friends to save and regularly share your progress to motivate each other.
- Talk to a professional. Talk to someone at your financial institution who can help you organize your accounts for daily banking, and savings for short and long-term dreams.
Vancity is committed to increasing the financial literacy of its members and others in the community because having the knowledge, skills and confidence to make financial decisions greatly impacts overall well-being.
Additional Information:
About Vancity
Vancity is a values-based financial co-operative serving the needs of its more than 501,000 member-owners and their communities through 58 branches in Metro Vancouver, the Fraser Valley, Victoria and Squamish. As Canada’s largest community credit union, Vancity uses its $17.5 billion in assets to help improve the financial well-being of its members while at the same time helping to develop healthy communities that are socially, economically and environmentally sustainable.
Tweet us @vancity and connect with us on facebook.com/vancity.
For more information:
Lorraine Wilson | Vancity
T: 778-837-0394
mediarelations@vancity.com