December 2022 Newsletter

With 2023 just around the corner, this newsletter we are focusing on budgeting for the year ahead, financial resolutions AND Lower Mainland Festival Suggestions!

Budgeting for the Year Ahead

With the recent inflation and rising prices occurring across the country, it is time to take control of your finances. One of the quickest ways to understand where your money is going and where you can make changes, is to create a monthly budget.

This will help you get a snapshot of your income compared to your spending, and provides an avenue to review all of your outgoing costs and helps you make changes to increase your monthly cashflow - or just feel less stressed!

Step 1: Calculate Your Income
The very first step to creating any budget is determining your income – knowing exactly how much money you bring in is important to understanding what you have available to spend. Remember to focus on NET INCOME versus gross salary, as budgeting for more than you can afford will lead to overspending.

Step 2: Track Your Spending
Once you have determined your income, you will want to take a look at your spending. Reviewing and categorizing all your monthly bills can help you breakdown exactly where your money goes and make some priorities to mark where changes can be made. To start, first list out your fixed expenses – these are things like car payments, loans, rent or mortgage costs that do not change on a monthly basis. Next, you will want to take a look at your variable expenses – things like groceries, gas, entertainment, etc. and determine your average spend. This is typically the area where people are able to cut back.

Step 3: Set Realistic Goals
Realistic goals are vital for long-lasting financial health. It is important to determine what you cannot live without and where you can cut costs or scale back on spending. Ideally, when it comes to your monthly budget, you want to consider the 50/30/20 rule, which applies the following:

50% of your spending is for NEEDS such as rent or mortgage payments, car payments, utilities and groceries
30% of your income goes to WANTS such as shopping, vacations, streaming services, etc.
20% of your income goes to SAVINGS OR DEBT such as emergency funds, retirement, child’s education and/or credit card payments

The Government of Canada has an online budget planner tool available as well if you need further assistance!

2023 Financial Resolutions

After the whirlwind economic year we have had, making your finances work for you is already top of mind for most Canadians as we head into 2023.

Here are some ideas to make your finances work for YOU in the New Year:

Purge Expenses: One of the best goals you can have for the New Year is cutting out all those things that didn’t work the previous year. For instance, have you recently looked at your phone plan? Consider decreasing services or comparing costs to get a cheaper plan with the same functionality. Consider where and how you spend your money to determine areas to reduce costs!

Make a List of Goals: Once you have made your budget and reviewed your existing expenses for any opportunities to reduce costs, the next step is to make a list of goals! For some people this will include paying off that credit card or loan, but for others it could be saving up for a family holiday you want to take in the next 5 years. Whatever your goals are, be clear about them and make a resolution to achieve them!

Consolidate Your Debt: Are you dealing with multiple debt sources? From a car loan to a credit card bill, having multiple payments each month can add up and quickly become more than you can manage. If you are struggling with lofty bills and hefty interest rates on your credit cards or other bills, consider consolidating your debt into your mortgage for a single, monthly payment - typically at a lower interest rate!

Lower Mainland Festivals

In the midst of everything that is going on with our economy, we know that it is also important to spend quality time with family and friends this month. Here are a few Lower Mainland Events that you might want to check out:

Stanley Park Bright Nights: Dec 1, 2022- Jan 1, 2023 - A favourite holiday tradition for the community and fire fighters alike, Bright Nights is also the single largest fundraiser for the BC Professional Firefighters' Burn Fund, which provides life-saving, life-supporting, and life-enriching services to burn survivors and their families from across the province.
Abbotsford Santa Shuffle: Dec 10, 2022 - The Santa Shuffle began 32 years ago in Edmonton, Alberta, to fundraise for local Salvation Army initiatives when local Running Room members decided to use their passion for running to raise money and support the less fortunate in their community. In 2001, the Santa Shuffle became a national event with locations in every province in Canada.Today, the Santa Shuffle is a 5km Fun Run and 1km Elf Walk for all ages and skill levels. Participants fundraise throughout the season to make a difference in their community.
CP 2022 Holiday Train:Dec 18th, 2022 in Port Coquitlam - The Canadian Pacific (CP) Holiday Train will return to the rails this season on its first cross-continent tour in three years. The train will again raise money, food and awareness for local food banks in communities along the CP network. The final show will be in Port Coquitlam, on the 18th.
Lumagica Surrey: Nov 25- Dec 31, 2022 - Lumagica is a holiday experience of lights, and a magical celebration of all things festive with:- breathtaking twinkling lights and light features; lots of interaction and surprises galore for kids of all ages; various festive characters (including Santa); live music; local artisan market; seasonal food and drink options, and so much more.
Canyon Lights Capilano Suspension Bridge: Nov 19, 2022- Jan 22, 2023 - Cross the world-famous bridge, lit end-to-end with a changing multi-colour display, and gaze at the illuminated Capilano River below. Journey into a glowing rainforest and walk high above the forest floor on Treetops Adventure’s seven suspended bridges, twinkling from treetop to forest floor. Wind your way through the mesmerizing “Arc de Lumina” light tunnel, which wraps along a portion of Cliffwalk.