Manage your financial life

Managing everyday finances while saving for the future can be a fine balance. When you’re planning a kitchen renovation, dreaming about a vacation, or paying down debt, your CIBC Imperial Service financial advisor can help with a range of flexible banking and borrowing services.

How CIBC Imperial Service helps

CIBC Imperial Service can help bring together the pieces of your financial life. Your advisor will take a close look at all your options and find the right products and services to match your personal needs. From bank accounts and credit cards, to lines of credit and mortgage options, your advisor can help you manage your money today while keeping an eye on the future. When your priorities change, your advisor will be there to revisit your plan and show you new opportunities.

Things to consider

  • Smart borrowing is as important as smart saving and investing
  • Paying less interest leaves more money in your pocket
  • Different expenses and your personal situation call for different kinds of borrowing — a line of credit may be best for a home renovation, while a personal loan may be a better choice for a new car

Budgeting and borrowing checklist

  • Have you analyzed your spending?
  • Are there areas in your spending you’d like to improve?
  • Do you pay yourself first, putting money into savings?
  • Do you think you’re paying too much interest?
  • Will a life change or new plans affect your budget?

Top reasons for taking on debt

Saving for the future is important, but it’s also important to consider today’s necessary and discretionary purchases. The top reasons Canadians have taken on debt include a new vehicle, home repair or renovation, a financial emergency1, vacation and education.

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Chart illustrates the top reasons Canadians took on debt between June 2014 and June 2015. New vehicle twenty six percent. Home repair or renovation twenty one percent. Financial emergency nineteen percent. Luxury item or vacation seventeen percent. Education fifteen percent. Bought a home nine percent. Medical expenses nine percent. Loss of job 8 percent. Other twenty two percent.