The holiday period is right around the corner, and although that means
quality family time and some rest and relaxation, it can also be a
rather financially uncomfortable time of year without proper
With this in mind, OCP’s financial advisors have compiled a few simple
strategies to help you ease into the holiday, stress free:
Write a budget
Write down how much money you receive from your salary, bonuses,
benefits, reimbursements and other sources. Is this a higher number
than your expenses? If not, make immediate changes, today!
Spend less, by trimming day-to-day costs
Such as your cellphone, Netflix and internet plans
Try planning meals and groceries to lessen takeout lunches and last
minute ordering in
Eliminate unecessary costs
Make a list of your current bills and their due dates, and pay your
bills on time to avoid late fees and penalty charges. If you can’t
make a list, refer back to point one and take action today!
Find ways to pay less interest on your debts
Focus on paying off debts with the highest interest rate first
Keep up with required payments (such as monthly minimums) on all
Consolidate your debts into an “all-in-one” loan or secure line of
credit so you can make a single payment each month.
Set clear goals to help accelerate your savings
Write down all the things you’re saving for, and work out how much
you need to set aside each month to reach your goals in the time
frame you want, then pay yourself this amount each month as if it’s
Use online banking to:
Set payment reminders.
Schedule future bill payments.
Review your spending.
Make the most of workplace plans
Take full advantage of group retirement plans, including matching
programs, and reduce taxes and out-of-pocket expenses with flexible
spending accounts and healthcare benefits.
Start saving for retirement now, regardless of your age.
Plan to save enough to top up guaranteed government sources.
Work with an advisor
Reduce financial stress and start to feel financially secure. Your OCP
programme provides money management support at no cost to you — call
anytime to book an appointment.