With housing costs soaring and grocery prices climbing, the cost of living in Canada continues to put pressure on household budgets. Across the country, many Canadians are rethinking their finances — cutting back on small luxuries and focusing on meeting their core monthly obligations. Between rent or mortgage payments, food, utilities, transportation, and other essentials, money has become one of the biggest sources of stress for Canadians.
We’re taking a closer look at four key financial questions keeping Canadians up at night — along with practical ways to help you feel more confident about your financial future.
How can I get out from under my debt?
Are you feeling weighed down by debt and struggling to make real progress? Does it seem like your monthly payments barely put a dent in what you owe? You’re certainly not alone. For many Canadians — especially younger adults — high-interest debt can feel overwhelming, with balances that don’t seem to shrink no matter how often you pay them down.
One commonly recommended strategy is the debt avalanche method. With this approach, you focus on paying off the debt with the highest interest rate first, while continuing to make minimum payments on your other accounts. By tackling high-interest debt head-on, you can reduce the amount of interest you pay over time and shorten your repayment timeline. If this approach doesn’t fit your situation, there are other strategies available.
Is homeownership even realistic in today’s housing market?
Whether you live in a large city or a smaller community, the rising cost of homeownership is making it harder for many Canadians to enter the housing market. Bidding wars, limited inventory, and higher prices have left many prospective buyers wondering if owning a home is still within reach.
Before feeling discouraged, it’s important to get the right financial guidance. Speaking with a financial advisor at your financial institution can help you better understand your options and avoid applying for a mortgage before you’re ready. Many financial institutions — including credit unions — work closely with their members to create personalized financial plans that align with their income, goals, and budgets.
Exploring mortgage solutions and working with a knowledgeable advisor can help you build a realistic path toward homeownership.
Am I saving enough?
In today’s uncertain economy, many Canadians are questioning whether they have enough savings to handle unexpected expenses or maintain their standard of living. But how much is “enough” when it comes to savings?
You may be familiar with the 50/30/20 rule, which suggests allocating 50% of your income to essentials, 30% to discretionary spending, and 20% to savings or debt repayment. While this framework can be helpful, it may not feel achievable for those living paycheque to paycheque or facing job insecurity.
The key is to start where you can. Whether it’s $50 a week, $200 every pay period, or a larger monthly amount, building savings gradually can make a meaningful difference over time. Setting up automatic transfers to a savings account can help make saving easier and more consistent. From emergency funds to long-term goals like buying a home, there are many high-interest savings accounts and investment options available. If you’re unsure where to begin, a financial advisor at your local credit union can help you create a savings plan tailored to your income, risk tolerance, and goals.
Should I be saving for retirement already?
Many Canadians wonder when they should start saving for retirement — and how much they should be putting aside. The simple answer: the best time to start is now. Even small, regular contributions to a Registered Retirement Savings Plan (RRSP) can add up over time, especially when you benefit from the power of compound interest.
Not sure how to get started? A financial advisor can help you review your current financial picture and design a retirement savings strategy that works for you. Whether you’re in your 20s and just beginning to think about retirement, or in your 40s and ready to focus more seriously on long-term savings, there are options available — including RRSPs, employer-supported pension plans, and Tax-Free Savings Accounts (TFSAs). What matters most is taking that first step.
Rest Easier with the Right Support
Across the country, Canadians share common financial concerns — from managing debt and saving for a home to building savings and preparing for retirement. ABCU offers personalized banking solutions designed to help you navigate these challenges with confidence. By working closely with a financial advisor and exploring the tools available to you, you can build a more secure financial future — and sleep a little easier at night. Contact us today: general@abcu.ca
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