Make financial wellbeing the ultimate goal

By looking at your income and expenses, you’ll see where your money is going so you can be strategic with your spending and even find opportunities to save. To get started, it helps to have a snapshot of your cash flow so you can see how much money is coming in and going out each month. Take the first step toward building your saving and spending strategy with our Budget Calculator.

Debt repayment is the number one financial goal for Canadians in 2022, and for good reason. Feeling like you can manage the amount of debt you have can make a big difference to your financial confidence. One of the most important things to do when figuring out if your debt is manageable is to look at your debt-to-income ratio . A good balance to aim for is 35% or less.

Ready to shrink down your debt? Making debt repayment a regular expense that’s part of your monthly budget, can help you chip away at it. You don’t have to figure it out all on your own though. An advisor can help you explore different options including debt consolidation.

Knowing that you have a buffer for unexpected expenses, like trouble with your car’s transmission or a basement flood, can help you sleep better at night. But how big should your slush fund be? Ideally, you want to have enough savings to cover 3 to 6 months’ worth of expenses. It’s a good idea to keep your emergency fund in a conservative, open investment such as a savings account or a money market fund so your money is there when you need it.

Life is meant to be lived, and nearly 70% of Canadians say that spending money on experiences they enjoy can have the biggest positive impact on their overall wellness. That’s why one of the keys to financial wellbeing is striking a balance between short-term goals like saving for a vacation, and long-term goals like retirement. To help you see how much you’ll need to save each month towards your goals, try our Savings Calculator.

Strong relationships and support are a vital part of your wellbeing, and that includes help with money management too. If you’re feeling unclear about whether you’re in a good spot financially, or unsure of where to get started, an advisor can help you take stock of your situation and create a plan that makes your financial wellbeing a priority.

The past couple of years have shown us how important it is to take care of ourselves, from getting enough sleep and exercise to staying connected with friends and family. Reframing money management as a form of self-care is a good reminder of how closely tied our financial wellbeing is to our overall wellness. After all, it feels good to feel good.

¹ Financial stress and its impacts (Financial Consumer Agency of Canada) Opens in a new window.

² Financial well-being in Canada: Survey results (Financial Consumer Agency of Canada) Opens in a new window.