Now or never is an easy choice: Start hitting your financial goals with these 5 personal finance tips

While the older generation continues the ever-exhausting, outdated war on avocado toast and tells us to cut streaming services out of our budgets, the fact is young Canadians are more susceptible to rising interest rates and inflation which are preventing them from reaching their financial goals. 

There’s a lot of outdated advice out there to just “pull up your bootstraps;” to scrimp and to save. But shouldn’t you be getting financial advice from a modern institution that knows what you’re going through? Not Steve Buscemi undercover in a backwards baseball cap.

While many banks sell a vision for the future, the reality is that for more than half of Canadians, now is the most important time when it comes to their finances. Simplii Financial knows that we can’t bank on the future if we don’t do something about it today.

Redesigning its entire brand perspective and look to help young Canadians thrive, Simplii has reinvented itself to help you navigate today’s economic landscape.

Helena Lopes/Pexels

Cutting outdated fees from their daily banking products way before the competition, Simplii delivers a unique set of services to help clients make the most of their money.

The bank’s bold approach also comes with some extra perks that’ll put more money in your pocket for the things Boomers don’t think you actually need — like fidget spinners and therapy.

To help you get a better handle on your finances, here are a handful of quick things you can do right now to start your journey to saving more.

Still paying monthly fees? You deserve better

energepic.com/Pexels

The idea of banking fees for a chequing account is so antiquated, it’s a wonder they’re still common practice.

If you’re not sure if you’re being charged a monthly fee for simply having an account, double-check your balance and monthly statements. It may be a small amount, but if you multiply every month you’ve had the account, you’ll see the overall cost can actually set you back hundreds of dollars. 

There are plenty of other financial institutions that won’t take your patronage for granted, offering chequing accounts without any fees or minimum-balance requirements.

Simplii Financial offers a no-fee chequing account that helps you enjoy unlimited debit purchases, bill payments, and withdrawals — which means more money in your pocket — now.

Automate your savings and investment contributions

Emile Guillemot/Unsplash

If you’re trying to save money, it’s always best to work smarter, not harder. A savings or investment account is not a piggy bank where you dump in random leftover change, and these types of accounts are no good sitting empty and collecting dust.

Making regular contributions to whichever account works best for your needs is crucial to growing the account, so setting up some automated contributions is a no-brainer.

If you can afford to regularly put money away, automating any amount will help you grow your savings without even thinking about it. That way, you’ll be putting money aside and be pleasantly surprised when you do realize it’s there.

Shop around and take advantage of sign-up bonuses

Priscilla Du Preez/Unsplash

Banks are always offering promotions to get you to sign up with them, like a higher interest rate on a savings account for a short period of time, or a cash bonus when you sign up and meet the minimum deposits.

Simplii Financial is offering a few of these promotional welcome offers right now to new clients. Not only are you able to get $400 for opening a No Fee Chequing Account by October 31, 2023, but they’re also offering rates of 5.25% on new High-Interest Savings Accounts.

Do yourself a favour and don’t let your money stay stagnant. Doing some research and switching to a new financial institution may be the best way to protect and grow your money.

Delete phone apps that tempt you

David Sager/Unsplash

With internet browsers and shopping apps remembering your credit card, getting that sweet boost of serotonin when you buy something you like is only one click away. And that, my friends, is a dangerous game you’re playing.

It’s best to remove temptation from your life, even if you think you’re just adding things to a cart for later. While inconvenient in the short term, setting up a few roadblocks for yourself before you purchase something will stop you from immediately checking out your finds.

Financial expert Jessica Moorhouse suggests you avoid scrolling and spending out of sheer “boredom.” So delete those delivery apps, remove the autofill for your credit card number, and set up a system where, if you want to spend, you’ll take a moment before you actually hit purchase. 

Be more mindful of your spending habits

Clay Banks/Unsplash

Often, whether you’re shopping online or in person, it can feel easy to just put your card down and spend your little heart out — but that may not be good for your savings goals, no matter how cute that top is.

It’s okay to let your emotions dictate some of your spending decisions — we all need a bit of retail therapy sometimes! But, the next time you want to go on a shopping spree, ask yourself: Do I need this or do I want this? If you really want to buy something, it can feel better to sit on it for a few days.

Pro tip: put the amount of money you want to spend on that item into a savings account before you buy it. That way, you can feel a bit better about your purchase knowing you can really afford it.

Looking to hit your savings goals with a team that understands that there’s no time like the present? Sign up for a Simplii Financial account now, check out their new look, and take advantage of their active welcome promotions.