Boost your savings with one initiative a month

Each new year brings the opportunity to take concrete action that will help you achieve your goals. You’re motivated to take charge of your finances, but sometimes it’s hard to reconcile your ambitions with the demands of everyday life or even just decide where to begin. This monthly plan offers you a simple challenge: take one significant, constructive step forward each month to facilitate and maximize your savings. With targeted, strategic actions, you can transform your finances while working confidently toward your goals. Why not make this year a new financial beginning? 

The new year is the time to set priorities. Do you want to maximize your RRSP, TFSA, FHSA and RESP  contributions? Are you planning to buy real estate? Do you want to consolidate your investments? Maybe you have a travel plan? Better yet, are you ready to enjoy your financial independence and start living off your assets? If you clarify your ambitions, you can prepare for concrete action. Tip: Discuss these matters with a mutual fund representative or a financial planner for guidance that can help you make enlightened investment and decumulation decisions. 

February is the time to take action, if you haven’t done so already. Keep in mind that RRSP contributions made in the first 60 days of the calendar year can be deducted from the income you earned in the previous year. In this way, you can reduce your tax burden while increasing your tax refund as well as certain tax credits and allowances. If you’re having trouble determining the optimal amount, contact the Wealth Management team of FÉRIQUE Investment Services. 

▶ (In French) watch our RRSP video REER : quoi de neuf? for more tips on this topic.

Now that you’ve set your financial goals, set up pre-authorized deductions that will go straight into your investment accounts. For example, you can set aside funds by transfering a fixed percentage of each pay cheque. Automated deductions make it easier to save, eliminate the risk of procrastination, and allow you to periodically invest in the market to benefit from the magic of compounding as soon as possible.

Car and home insurance, life insurance and disability insurance are expenses that, although essential for robust financial health, can be seen as a necessary evil. So why not make sure that every dollar spent on this budget item is relevant? Review all your insurance coverage to see whether any of it is unnecessary or inadequate. And shop around to get the best possible price according to your needs. By adjusting your coverage, you could free funds while securing your financial future.

If you’ve contributed to an RRSP or an FHSA, chances are your bank account will get a cash infusion in the spring. The provincial and federal governments may have already issued your tax refunds.  If so, it’s a fine time to accelerate your financial goals! 

▶ (In French) watch our personal income tax video Impôt personnel : Bon à savoir for more tips on this topic.

Before summer arrives, analyze your spending since the start of the year. Have you always kept to your budget? Are you on track to meet your annual financial goals? It’s a good time to adjust your budget so that you can go on vacation with peace of mind. To make it easier to manage your budget, you can use the My Budget tool on the FÉRIQUE app. 

You’ve earned a break. Enjoy the summer weather with the satisfaction of having stayed on top of your personal finances since the start of the year. 

With the school year fast approaching, your children’s education is already central to your current concerns. Between buying clothes and school supplies, have you thought of a way to contribute to your children's postsecondary education, such as through the RESP? 

Are your children already in postsecondary education? If so, are you making sure the RESP is being used wisely by seeking advice from the Wealth Management team at FÉRIQUE Investment Services. 

Let’s say you don’t have young children, but you do have grandchildren or nieces and nephews. You can contribute to their RESP too! Are you rather thinking of going back to school yourself and enjoying the smell of chalk once again? Did you know that your RRSP can help you go back to school thanks to the LLP? 

▶ (In French) watch our RESP video REEE : Faites le point for more tips on this topic.

Just as you did for your insurance coverage, now is the time to review your subscriptions. Do you regularly use all the digital entertainment platforms you subscribe to? Are you getting the most out of your gym membership? Do you use all your mobile data every month?  This review will potentially not only increase your savings but also help you find alternatives or spend more wisely on products and services that make sense for you.  

Food is a major expense for Quebec households. And it’s perhaps the most difficult one to control. Despite our best efforts, food waste can happen quickly. But not as quickly as an impulse buy when a box of truffles beckons to you at the checkout counter. 

There’s no end of ways to save: buying items on special to stock your fridge and pantry, making meal plans, preserving and freezing. Use the methods that work best for you. You don’t have to become a penny pincher; simply managing your grocery shopping can lead to substantial savings. 

For your finances, December 31 is a key date in several respects. And, like Christmas shopping, it’s better to do it sooner rather than later. If you have investments in non-registered accounts, now is the time to think about tax optimization. Didn’t have time to tackle the RESP in September? Now is the time to take advantage of unused contribution room. 

It’s also time to get ready for the new year. On January 1, new contribution room becomes available for TFSAs and FHSAs. Some people max out these accounts early in January to get the largest possible tax-free compound return. If you can do so, it’s worth considering. 

Finally, November is Financial Literacy Month. No end of advice and analysis is available during this period. There’s an abundance of material, especially on our website, to get you thinking about your finances.

▶ (In French) watch our financial tips video Astuces financières for more tips on this topic.

It’s time to start implementing the decisions you made in November, such as maximizing your principal registered investment accounts: RRSP, TFSA, FHSA, RESP. 

Also, sit down and take stock of your finances. Have you achieved your goals? Which aspects could you improve in the coming year? This review will give you a clear picture so that you can start again in January on a solid footing. The Project tool and the My Balance Sheet tool on the FÉRIQUE app can help you track your progress.