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
Winnipeg man admits to killing four women, argues he's not criminally responsible
Defence lawyers of Jeremy Skibicki have admitted in court the accused killed four Indigenous women, but argues he is not criminally responsible for the deaths by way of mental disorder – this latest development has triggered a judge-alone trial rather than a jury trial.
Man banned from owning animals after fatal Calgary dog attack
The owner of three Calgary dogs that got loose and mauled a woman to death in 2022 has been ordered to pay a $15,000 fine within one year and banned from owning any animal for 15 years.
Mediterranean staple may lower your risk of death from dementia, study finds
A daily spoonful of olive oil could lower your risk of dying from dementia, according to a new study by Harvard scientists.
DEVELOPING Hamas accepts Gaza ceasefire proposal from Egypt and Qatar
Hamas said it has accepted a ceasefire deal proposed by Egypt and Qatar, which seeks to halt the seven-month war with Israel in Gaza, prompting Israel to say it would send a delegation to negotiate – though it warned the proposal remained far from the 'necessary requirements.'
NDP calls out Conservatives for effort to quash pharmacare legislation
The federal New Democrats are calling out Conservative Leader Pierre Poilievre and his party for trying to block the bill that could pave the way for millions of Canadians to access birth control and diabetes coverage.
An El Nino-less summer is coming. Here's what that could mean for Canada
As Canadians brace themselves for summer temperatures, forecasters say a weakening El Nino cycle doesn’t mean relief from the heat.
Competition Bureau launches inquiry into Lululemon over 'greenwashing' allegations
Canada's Competition Bureau has launched an inquiry into Vancouver-based Lululemon following a complaint from members of an environmental group.
An American soldier was arrested in Russia and accused of stealing, U.S. officials say
An American soldier has been arrested in Russia and accused of stealing, according to U.S. officials. The soldier was stationed in South Korea and was in the process of returning home to the United States, but travelled to Russia.
Manitoba Court of Appeal dismisses Peter Nygard's appeal of extradition order
The Manitoba Court of Appeal has dismissed Peter Nygard's application for a judicial review of an order to extradite the former fashion mogul to the United States, where he faces sex trafficking and racketeering charges.