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Transform your financial future: 5 steps you can take now to improve your financial health

Kickstart the New Year with a financial fresh start with these practical tips from Coastal Community Credit Union, based on Vancouver Island and the Gulf Islands
Find the financial services you need to reach your unique goals.

January is the month of resolutions, fresh starts, and the promises we make to commit to our gym memberships. But let's park the treadmill and talk about a different kind of fitness – your financial health. Welcome to the fresh slate that is the new year, ripe with opportunities to slim down those debts and buff up your savings. 

Maintaining optimal financial health isn't about drastic lifestyle changes. It's about making informed choices, consistent actions, and understanding that every small step moves you closer to your goals. 

Even still, like building out a new workout routine, it can be difficult to know where to start. Luckily, Coastal Community Credit Union is here with some helpful tips to set you on the financial fast track to success.

Tackle your debt head-on 

High-interest debt can be a heavy burden, eating away at your hard-earned money. This year, prioritize reducing debt. Consider all options, from personal savings to lower-interest loan products. Tax returns? Bonus checks? Direct them towards diminishing your debt first. It's one of the most effective investments you can make in your financial future. 

Build a robust emergency fund 

If recent years have taught us anything, it’s that life's unpredictability calls for a financial cushion. An emergency fund is your safety net, designed to cover unexpected expenses or income loss. 

If you're among the many living paycheque to paycheque, start small. Gradually build a fund that covers at least three months of living expenses. Place it in an accessible (but growth-friendly) account like a Tax-Free Savings Account (TFSA) or a High-Interest Savings Account (HISA). This fund isn't just money; it's peace of mind. 

Maximize your retirement savings 

With debts managed and an emergency fund in place, now it’s time to focus on your future. Contributing to a Registered Retirement Savings Plan (RRSP) is a smart strategy. Not only do your investments grow tax-free, but contributions also reduce your taxable income. 

It's a win-win: securing your future while optimizing your current financial situation. Remember, these funds are for your retirement, so consider any withdrawals carefully. 

Budget with joy 

Budgeting doesn't have to be restrictive. It's about understanding your financial flow and making informed decisions that enhance your life. 

Start by ensuring you're spending less than you earn. Then, adopt the 'pay yourself first' strategy: automate a portion of your income to be deposited into savings or investments. Watch as these amounts grow over time, fueling your dreams and goals. 

Sit down with a financial consultant 

Every financial journey is unique, and you need someone who can understand your lifestyle, budget, and preferences. Coastal Community Credit Union’s experts are ready to help you craft a personalized plan that aligns with your dreams, whether homeownership, education, a dream vacation, or a comfortable retirement. 

Financial health is an achievable, empowering goal. Small, consistent steps lead to substantial, lasting change – and you’re not alone on your journey. 

Small, consistent steps lead to substantial, lasting change – and you’re not alone on your journey. Visit to learn more about Coastal Community Credit Union and how it can support your path to personal financial health. 


*Insurance services provided through Coastal Community Insurance Services (2007) Ltd., an affiliate of Coastal Community Credit Union. ** Mutual funds, other securities and securities-related financial planning services are offered through Credential Securities, a division of Credential Qtrade Securities Inc. Credential Securities is a registered mark owned by Aviso Wealth Inc. Life and health insurance provided through Coastal Community Private Wealth Group, a division of Coastal Community Financial Management Inc., a subsidiary of Coastal Community Credit Union.