A recent survey by the Canadian Payroll Association showed that almost half of Canadians say they live pay cheque to pay cheque. Here in Saskatchewan, 44% of employees agree and stated if their pay cheque was delayed by just one week, they'd have a hard time meeting their financial obligations. So what is the secret to getting out of this pay cheque to pay cheque cycle?

The answer… there is no secret or quick win when it comes to your finances. Everyone is different – the bills we pay, our rent or mortgage payments, the food we eat and the things we like to do – one solution that works for someone else may not work for you. In order to break the cycle, you must first determine your individual situation and develop a personalized plan from there.

“The biggest mistake people make with their finances is trying to do it alone,” said Krista Schmaltz, Manager Financial Services, Conexus Credit Union. “The most important thing you can do is talk with your financial advisor regularly. They’re experts in their fields and can help you create a personalized financial plan for success.”

Schmaltz also says in order to be successful in reaching your financial goal, you need to be open and honest when talking to your financial advisor. When it comes to your finances, there is nothing to be embarrassed about. By being honest with your financial advisor, and yourself, you are able to understand your finances better, allowing you to identify areas of strength and things that you may need to work on. You can then set goals and create an action plan to help reach those goals. Taking the steps to reach these goals though, will be on you.

Accountability is key in order to see results. It’s not just about saying you’ll do it but actually taking actions to break bad habits or changing behaviours. For example, if you've identified eliminating your morning coffee purchase from your routine as a way to save money, you must change your behaviours. To break the spending habit, consider making a to-go coffee every morning to take to work. Not only will you remove the temptation to stop and purchase a coffee, but you will also save money to put elsewhere within your budget.

When it comes to your finances, there is no one-size-fits-all solution or quick win. In order to see change, you must first be honest with yourself and your finances. You can then set goals and an action plan to help you reach your goals. Once set, hold yourself accountable to get results. 

So what are you waiting for? Contact your financial advisor and start the conversation today!