Finder Money Newsletter: Jan. 10, 2023

Posted: 16 December 2022 11:03 am
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🔎 Earn 300% or more with simple savings switch | 3 tips to help with New Year’s Resolutions

Hi Finders!

Let’s get real for a moment.

We all make promises or set goals we don’t follow through on. According to Happy Habits, 46% of people who set a New Year’s resolution were still successful six months later, compared to the 4% of people with similar goals who didn’t set a resolution. On average, only 1 in 10 people who make a New Year resolution successfully complete the goal after 12 months.

The key to success is to:

  1. Limit the number of resolutions
  2. Opt for a realistic goal, and
  3. Develop a way to monitor and track your progress.

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For more than half of Canadians who will carry holiday-related expenses into the New Year, this is critical information. According to the recent Finder survey:

  • 30% plan to pay off holiday debt by the end of January
  • 18% plan to pay off holiday debt by the end of April
  • 9% will carry holiday-related debt for six months, or longer.

If one of your New Year resolutions is to pay off debt, consider the following helpful tips:

  1. Develop a budget.
    If you want to get out of debt, you need to know what and where you spend. Start by creating a budget. For tips, check out the Finder guide on budgeting for beginners.
  2. Start an emergency fund.
    A rainy day fund prevents you from having to rely on expensive debt, such as credit cards or payday loans. Even on a tight budget, you should get in the habit of saving a small amount as part of your rainy day fund. Read more on setting up an emergency fund.
  3. Pay off high-interest debt, first
    To get out of debt faster, concentrate on paying off high-interest debt, such as credit card balances or payday loans. To see how long it will take to repay a credit card balance on a high-interest vs low-interest card, check out the Finder credit card interest calculator. For tips, check out the Finder guide on how to get out of credit card debt or read about the two ways to get out of debt and map out a strategy that works for you.
  4. Pay less on your debt
    If you can’t pay off your high-interest debt quickly (or if you carry more than one high-interest loan), explore debt consolidation. Getting one loan with a lower interest rate (or consolidating debt to a lower-interest credit card) not only saves you money and reduces the number of monthly payments due, but also saves you money by reducing your interest charges and can help you get debt-free faster. To find out how much you could save (and how much sooner you could be debt-free) check out the Finder debt consolidation calculator.

For more tips check out the Finder guide on debt management.

Best Place to Save Your Money!

Switching to a high-interest savings account can earn you more money, quickly!

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To pick the right high-interest savings account look for the following:

#1. Higher interest rate

Look at promo rates, as well as regular interest rate earn rates. Use online calculators to determine how much interest you will earn based on these rates.

#2. No or low monthly account fees

To keep more of your savings, look for savings accounts with no or low account fees.

#3. Free transactions

Select an account that offers free transactions.

To find the right savings account, read the Finder guide on high-interest savings accounts.

Featured Brand

BMO Performance Chequing Account

  • $350 welcome bonus!
  • Unlimited transactions, including e-transfers
  • $16.95 monthly fee (waived with minimum $4,000 account balance)

đź’™Favorite findsđź’™

Still interested in Boxing Day deals? Start your online shopping by finding the most current deals.

Considering a new car or used vehicle purchase in 2023? Start your search for the best car loan interest rates.

Looking for ways to cut costs in 2023? Shop around for a better car insurance policy. Check out car insurance rates based on models.

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