The DOs and DON’Ts of saving!

So the end of January is getting closer … how are your 2020 financial resolutions holding up?

Despite the best intentions, the truth is, most people abandon their goals just a few weeks in. That doesn’t mean it’s a pointless exercise, but it does underscore the importance of understanding why resolutions don’t stick, and what you can do differently when it comes to your financial goals.

If you’re struggling to see your financial ambitions through, here’s a quick list of Dos and Don’ts to support your efforts: They are worth it!

DO set realistic, achievable goals. There’s nothing more discouraging than aspiring for something that seems virtually unattainable. Instead of pledging to eliminate all your debt, for example, commit to halving your credit card debt by 2021.

DO write down your goals. Setting a goal in our heads is fine, but writing it down helps make it real. The process also lets you fine-tune the goal and underscore the benefits to yourself. By paying down those credit cards, for example, you’ll relieve your debt anxiety, boost your credit score and pay less in interest, giving you more money in the long run for those things you want to do.

DO stay focused. You’re proud of yourself for taking this step and you’re excited to see the results. Maybe you should do even more, right? While multitasking is useful in some things, this isn’t one of them. When savings goals become too scattered, you risk becoming frustrated and losing focus, which brings us to our next DO…

DO monitor your results. No matter how attainable, when you strive for a longterm goal, you need to be able to measure – and celebrate – your progress. By committing a certain amount each month to pay down your debt, you can track how far you’ve come!

DON’T get discouraged by setbacks. Little in life happens without hiccups, and working toward your financial security is no different. So when those unexpected expenses take a bite out of your plan one month, climb right back on track next month!

And know that when you hit a setback – maybe a family emergency, or unexpected trip to the mechanic – help is available. Resources like a short-term, online loan from MyCanadaPayday.com can get you back on track.

“The solution is quick and simple,” explains Sundeep Thind, manager of MyCanadaPayday’s Surrey office. “Using the latest technology and encryption, clients feel secure and confident filling out the one-page online payday loan application. The MyCanadaPayday team does the rest, so you’re on your way with the funds you need in as few as five minutes.”

Prefer the phone? Customer service agents are happy to help!

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My Canada Payday is a fully licensed, Canadian-owned and operated direct lender. Learn more at 604-630-4783 or email getpaid@mycanadapayday.com.

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