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.
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