Financial Fitness in Economic Uncertainty

Every month, Canadians play a challenging balancing act. With rising prices for essentials and higher interest rates, many people are looking for ways to make their money work harder for them.

Budgets may be stretched but it’s important to use savvy strategies to ensure financial fitness for the long haul. Whether you’re saving for your child’s education, retirement or building a nest egg for future goals, Northern Birch Credit Union is here to help.

It all starts with a few simple guidelines.

1. Explore the options.

The wide variety of financial products available can be mind-boggling. That’s why we’re committed to personal service. Whether you connect with our team by phone or in person, our team can help you understand the benefits of accounts and products like TFSAs, RRSPs, RESPs, GICs, mutual funds* and other savings and investment strategies.

2. Budgets are guidelines.

A budget helps you stay on track. Keep it simple. A good place to start is by listing your current financial commitments including rent or mortgage payments, household expenses and going from there. Some people prefer monitoring every detail and others need a more flexible process. Success is achieved in different ways, as each situation is unique and no one budgeting approach works for everyone. You can take advantage of interest and savings calculators on the NBCU website. You’ll be surprised how quickly you can identify where you’re spending and where you can save, putting your money to work for you!

3. Take advice from the tortoise.

Building your wealth starts with a plan and consistent follow-through. Get-rich-quick schemes rarely pan out. There may be times in your life when you have to pull in a bit, tightening the purse strings. Keep your longer-term goals in mind. Whether you are saving to purchase a home or an income property, pay for your child’s or grandchild’s education or go on a vacation, make a plan to reach your goal. Remember, start small with an amount your budget can handle. Small amounts invested wisely increase your financial fitness.

4. Choose a financial institution you trust. 

There are some clear advantages when you choose Northern Birch as your primary financial partner. We care about your goals. As a credit union member, you are a shareholder and an owner. We work hard to keep service fees low and our interest rates competitive to give you a financial edge. Your chequing and savings accounts are FREE. There are no hidden fees. Plus, with our secure online banking and mobile banking app, you get the convenience of Interac e-transfers®, online cheque deposits, bill payments and more.

5. Take advantage of the Northern Birch team.

We’re here to help you plan, find the best fit and encourage you as you work to reach your goals. 

And, good news in times of rising costs, we’ve increased the interest earned on our Premium Savings Account to 2.25%**. With no minimum balance, no account fees and no limits on the number of monthly transactions, this is a great return.

The only way to grow your wealth is to spend less than you make. Growing your wealth starts with a commitment to save. If you don’t have a plan to save, now is the time to start. It’s good to start small; the key to success is consistency. Begin now by setting up regular transfers into a savings account or a registered product and watch your money grow.

Not a member of Northern Birch? Become a member today!

If you are a member, optimize your financial health by taking advantage of no-fee accounts, high savings rates and competitive borrowing rates at Northern Birch. Open your Premium Savings Account today!

* Mutual funds are offered through Credential Asset Management Inc.
** Applies to active Premium Savings accounts and registered variable accounts. Interest is calculated daily, paid monthly. Rates are subject to change, some conditions apply.