5 Tips for Your Financial Resolutions
The new year is often a time to refocus.
Many people opt to create New Year’s resolutions and they often centre on finances.
Financial expert Barry Choi joined CTV Morning Live with five tips to finesse finances in 2022.
1. DESTROY YOUR DEBT
Always focus on high interest debt first. Choi recommends considering a consolidation loan to lower the amount of interest being paid.
2. USE CREDIT CARDS RESPONSIBLY
Credit cards can be a useful tool when managed correctly. Choi recommends the PC Financial MasterCard. PC Optimum points are earned on every purchase. Just be sure to pay off the balance every month to avoid accruing interest charges.
3. BECOME A BRILLIANT BUDGETER
Choi says that everyone needs a budget as otherwise you are just spending blindly. A tracking app like You Need a Budget is a great tool to create one that makes sense and help focus on saving on money.
4. MAXIMIZE LOYALTY REWARDS
Get in the habit of checking your loyalty app weekly. Choi used the PC Optimum app as an example. Rewards are targeted on items you already buy and the app is easy to scan upon check out. The app provides a seamless way to take advantage of redemption offers.
5. BUILD AN EMERGENCY FUND
Anything can happen and having an emergency fund is vital. Choi says ideally the aim should be to set aside three to six months' worth of expenses. That may not be possible for some people so start with $100 a month of whatever can be afforded.
Check out the full video from CTV Morning Live to learn more.
CTVNews.ca Top Stories
Poilievre will do 'anything to win,' must condemn Alex Jones endorsement: Trudeau
Prime Minister Justin Trudeau is ramping up his attacks on Conservative Leader Pierre Poilievre as he promotes his government's federal budget.
'My stomach dropped': Winnipeg man speaks out after being criminally harassed following single online date
A Winnipeg man said a single date gone wrong led to years of criminal harassment, false arrests, stress and depression.
New evidence challenges the Pentagon's account of a horrific attack as the U.S. withdrew from Afghanistan: CNN exclusive
New video evidence uncovered by CNN significantly undermines two Pentagon investigations into an ISIS-K suicide attack outside Kabul airport, during the American withdrawal from Afghanistan in 2021.
'One of the single most terrifying things ever': Ontario couple among passengers on sinking tour boat in Dominican Republic
A Toronto couple are speaking out about their 'extremely dangerous' experience on board a sinking tour boat in the Dominican Republic last week.
All Alberta wildfires to date in 2024 believed to be human-caused: province
There are 63 wildfires burning in Alberta's forest protection area as of Wednesday morning and seven mutual aid fires, including one in the Municipal District of Peace.
Suspects waving weapons, smashing glass in Toronto jewelry store robbery caught on video
Arrests have been made after five men were captured on video rampaging through a jewelry store in Toronto, waving weapons and smashing glass display cases.
Pilot proposes to flight attendant girlfriend in front of passengers
A Polish pilot proposed to his flight attendant girlfriend during a flight from Warsaw to Krakow, and she said yes.
Ottawa injects another $36M into fund for those seriously injured or killed by vaccines
The federal government has added $36.4 million to a program designed to support people who have been seriously injured or killed by vaccines since the end of 2020.
Ex-SNC executive sentenced to prison term in bridge bribery case
The RCMP says a former SNC-Lavalin executive has been sentenced to three and a half years in prison in connection with a bribery scheme for a bridge repair contract in Montreal.