How you handle money over the next few years is key in reaching your future financial goals. One of your goals may be financial freedom – having enough money down the road to travel, pursue your passion and enjoy life. 

Given the challenges millennials face, this may seem like a daunting goal. 

For many New Brunswickers, money worries are top of mind during this difficult year. Financial stress can have a serious impact on your physical and mental health. Below find ways to help you cut back and make small changes that can have a big impact on seven spending areas. 

What does it mean to spend smart? It’s more than just finding the best deal. It means knowing your spending limits, knowing your rights and responsibilities as well as being informed before you buy. Don’t be tempted into a fast purchase by a flashy red sale sticker. Look for a good, reliable product that is reasonably-priced.

Does it seem like all of your friends are living large and spending more? It’s common for people to feel the Fear of Missing Out (FOMO) -- when they think others may be experiencing better things or having more fun. Buying based on FOMO has increased with the rise of social media.

Everything seems to cost more these days. At the gas pumps and grocery stores, New Brunswickers are seeing higher prices, largely due to inflation. 

What is inflation?

Inflation relates to how the value of your money changes over a period of time. What your money can buy today compared to a period of time in the past is the measurement of inflation.  

Financial literacy plays a key role in a person’s ability to build financial resiliency and weather life’s storms. The importance of financial resilience was exemplified during the pandemic when many people lost their jobs, became caregivers for family members, or experienced major financial struggles due to decreased savings or inflation.

Co-signing can be viewed as a gesture of support, helping someone qualify for a loan when they might not meet the eligibility criteria on their own. It can be a way to provide financial support to loved ones, but it is important to understand its potential impact on the co-signer as well.