Reminders For Your 2025 Finance Journey

January 6th, 2025

The new year offers the perfect opportunity to refresh your financial approach, set meaningful goals, and pave the way for a stronger financial future in 2025. While creating a budget, building savings, managing debt, and investing wisely are common steps, here are a few additional tips to help you make the most of your financial journey this year:

Create a Financial Calendar

If you don’t trust yourself to remember to pay your quarterly taxes or periodically pull a credit report, think about setting appointment reminders for these important money to-dos in the same way that you would an annual doctor’s visit or car tune-up.

Regularly Reassess Goals

Review and adjust goals every quarter or after significant life events. Do not forget to celebrate milestones to stay motivated.

Review Financial Products

You may be satisfied with the products you are currently using with your financial institution, but it is always best to check for better rates on insurance, loans, or credit cards. Also investigate maximizing benefits from cashback or rewards programs.

Check Your Interest Rate

Which loan should you pay off first?

A: The one with the highest interest rate!

Which savings account should you open?

A: The one with the best interest rate that also aligns with your savings goals.

Paying attention to interest rates will help inform you which debt or savings commitments you should focus on.

Track Your Net Worth

Your net worth—the difference between your assets and debt—is the big-picture number that can tell you where you stand financially. Keeping an eye on it can help keep you apprised of the progress you’re making toward your financial goals—or warn you if you’re backsliding.

Invest Strategically

Review your investment portfolio for diversification and risk alignment. Take advantage of tax-advantaged accounts like RRSP or TFSA. Stay informed about market trends but avoid knee-jerk reactions to volatility.

Start Planning for Your Retirement

A Registered Retirement Savings Plan (RRSP) is a cornerstone of financial planning for Canadians aiming to secure their retirement. An RRSP offers valuable benefits, including reducing your current tax burden, achieving compound growth over time, and providing flexible contribution room. YNCU’s RRSP options are well worth exploring to help you reach your financial goals.

Stay Educated

Keep learning about personal finance topics through books, podcasts, or online courses. Platforms such as YNCUniveristy provide free and accessible financial literacy resources designed to benefit you. For more complex financial planning, don’t hesitate to seek professional advice when needed.

YNCUniversity is here for all your financial literacy needs. Need one-on-one help? We got you! Reach out to our advisors. Don’t forget to follow us on Instagram and Tik Tok for more Honest Money Talk tips!