Amid our country’s wealth, it’s paradoxical that many Canadians grapple with persistent financial challenges. Despite a lifetime of hard work, some retire with economic and financial uncertainty. This issue is not isolated; startling research reveals that 1 in 4 Canadians borrow money daily to cover basic needs, while one out of six Canadians struggles to meet monthly expenses — Saving Your Future, 3rd Edition.
As we navigate the new year 2024 in Canada, we must have created a “new year resolution” for ourselves, which allows us to reflect on our financial habits and chart a course toward a more secure future. The key lies in understanding the importance of reducing debt, saving for emergencies, and adopting a proactive approach to managing our money.
One fundamental shift that can pave the way to financial stability is paying ourselves first. Treating savings with the same priority as other bills, we gradually build a safety net for unexpected expenses. When you prioritize savings, combined with disciplined financial planning, you are laying the groundwork for a robust financial foundation for ourselves and our families.
It is a personal responsibility to comprehend the basic rules governing money. Despite the complexities of the financial world, a commitment to understanding its dynamics is essential for securing our family’s future. The sooner we embrace a culture of saving and debt reduction, the healthier and more resilient our finances become. Remember, procrastination is the adversary of saving, and just like spending is a habit, so is saving. It’s an achievable feat; you can take control of your financial future.
As a Financial and Investment expert, I aim to empower individuals to navigate and optimize their financial landscapes. Join me as we explore and journey the path to financial empowerment! Feel free to connect with me for one-on-one consultation as well.
About the Author:
Ene Ochigbo is a Licensed Canadian Insurance and Investment Professional. She has over a decade of experience in Banking across various functions. She is a wife, mom, professional, financial educator, and community resource person for immigrants and locals in Moncton, NB. In her spare time, she volunteers as a Child Volunteer in her Redeemed church and at Peter McKee Community Garden.
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2 comments
This is amazing, reading the introduction alone was an eye opener to want to solve financial crises. Thank you for the piece
Excellent I am interested