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Coast Capital relieves post-holiday debt stress with #ColdHardCash

With the holiday shopping season now over, many Canadians are suffering from financial hangovers as their holiday bills start to arrive. We wanted to help with that.

Morning commuters throw cash-filled snowballs to get payback on their holiday bills.

So we gave morning commuters the chance to throw snowballs at a large ice sculpture built to represent their holiday bills. Yes, seriously. And inside each snowball was a hidden cash prize. Some snowballs containing as much as $1,000!

Watch what happened.

 

How much did you spend on the holidays? See if it lines up with the Canadian average.

A November 2016 survey of Canadians by ebates.ca found that on average, Canadians planned to spend around $600 on holiday shopping, compared to $402 during the 2015 holiday season.

Now, for some help.

Here are five easy things that can help you to achieve financial well-being in 2017:

  1. Manage: review the budget you set for yourself last year and rate how closely you stuck to it. If you didn’t stick to it, consider what factors contributed to this. If you didn’t have a budget, now is a great time to start one.
  2. Save: review your savings plan from 2016. If you met your targets, consider whether you can maintain or revise your 2017 targets, based on any changes in your personal or family situation. Consider setting up automatic transfers to your savings accounts to make saving easier.
  3. Grow: take the time to assess the performance of your investments (RRSPs, RESPs, TFSAs, mutual funds, Term Deposits, etc.) last year, and write down any questions you may have for your financial advisor.
  4. Protect: pull out all your insurance documents and check your policies (life, home, mortgage, renter’s, auto, critical illness/disability, etc.). Assess whether you still have adequate coverage, considering any changes in your life, your property, and/or your possessions.
  5. Reduce: look for other ways to find savings with your finances, such as reducing the administration or banking fees that you pay. One good option is Coast Capital’s Free Chequing, Free Debit and More Account, which has no monthly fee, no minimum balance requirement, and no charge for day-to-day transactions. Talk to us to learn more.