The Reminder is making its archives back to 2003 available on our website. Please note that, due to technical limitations, archive articles are presented without the usual formatting.
With the hustle and bustle of holiday shopping and gift giving behind, people are turning their attention to the New Year and resolutions. While many will resolve to quit smoking, lose weight or get into better physical condition, consider becoming financially better off in 2005. To help, Scotiabank offers simple tips to get into tip-top financial shape this New Year: 1. Start to pay down debt - Consider consolidating your debt to lower-interest vehicles such as a personal line of credit or low-interest credit card. A simple switch can save you money in interest payments alone. 2. Enroll in an automatic savings plan - It takes just a few minutes to set up pre-authorized contributions to your savings account and RRSP. When it's done automatically, you never have to worry about missing a payment. 3. Max out your retirement savings - With the March RRSP deadline fast approaching, consider topping up those RRSPs. If you don't have cash on hand, consider borrowing to make your contribution. 4. Save for a rainy day - Prepare for the unexpected. As a rule of thumb, try to have at least three months worth of savings in the bank. A recent Scotiabank poll showed that 75 per cent of Canadians don't have enough savings to cover three months of living expenses in the event of unforeseen difficulty. 5. Protect your family - Although a difficult topic to approach, having a will or estate plan is important at any age particularly if you're married or have children. It gives you peace of mind to know that your loved ones will be protected and provided for in the future. 6. Invest in learning - Start saving for a child's education with an RESP. Putting money away early for a child means taking advantage of the benefits of compound interest - the government will also contribute up to $400 on your behalf. 7. Consider a well-balanced portfolio - Consult your investment advisor to ensure you have the proper mix of assets, given your short and long-term investment objectives. A professional can show you how to best allocate your investments, taking into account your risk tolerance and time horizon. For more information on ways to save money visit www.findthemoney.scotiabank.com or see your local Scotiabank branch.
