Financial goals for the New Year

If you went over your budget during the holidays, you’re probably looking for ways to bounce back. Right now, you have the perfect opportunity to make a difference in your finances.

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Creating a concrete list of financial goals will keep them top of mind throughout the year. It’s time to make a plan!

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Get inspired to set New Year goals that will change the way you manage money in 2025. Here are some ideas to get you started:

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Watch your spending

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Do you feel nervous checking your bank account statements after the holidays? You may discover you spent more than you budgeted for.

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That’s why 2025 is the perfect time to find ways to cut back!

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Take a look through your transactions over the last month, or even the last year. This will give you a better sense of how much you’re spending and saving every month.

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Then, compare those numbers to what you’re striving to achieve in 2025.

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For example, imagine your goal this year is to set aside $200 to invest every month. With your current spending habits, is that possible? You may need to adjust other areas in order to free up money for savings.

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Here’s how to find your Cambrian account statements online. You can use this information to:

• Find out where your money is going and notice patterns with your spending.
• Identify areas where you can cut back.
• Figure out exactly what you can afford to invest or save every month.

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Prepare for big expenses

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Next year, you can expect to face similar costs when the holiday season rolls around. Get ready for it ahead of time by setting up a sinking fund.

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You can think of a sinking fund as a savings account for a specific purpose. For example, next December, you might expect to spend an extra $500 on travel plans, family dinners, and gift giving.

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Take this opportunity to set up your Holiday Sinking Fund. As a Cambrian member, you can open a separate savings account for your sinking fund and even give it a specific name.

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Look for ways to give back

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If you’ve got room in your budget, you might consider dedicating part of it to community giving.

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Choose to donate to a cause that’s important to you. Before you make a donation, be sure to confirm the organization is a registered charity through the Government of Canada’s website.

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Community Involvement is one of our core values at Cambrian. As a financial co-operative, we’re committed to creating positive change in the communities where our members live and work. Learn about Cambrian’s sponsorships and donations program.

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Save money on service fees

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Trying to cut down your expenses? We’ve got a way to eliminate bank fees from your budget.

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With Unfee, you can bank for free. Say goodbye to service fees and start saving up to $234 (or more) a year. Open your account and become a Cambrian member today!

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Get financial advice you can count on

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New Year, new goals! Set yourself up for success by checking in with a Cambrian Advisor. It’s the perfect time to get a second opinion on your finances.

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When you meet with a Cambrian Advisor, we can help you:

• Save for your first home.
• Take out a loan or line of credit.
• Discover how to achieve your financial goals, such as retirement or funding your child’s education.

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Ready to get started? Book a meeting today!