How five Canadians are planning to spend (and save) their money in 2021

Chances are, no matter how precisely you budgeted or how carefully you projected your earnings, 2020 probably was full of surprises for your bank balance. There may have been some challenges, like pandemic-related layoffs, and maybe some unexpected silver linings.

As we turn the page on this year (finally!), we chatted with five Canadians about how they’re carrying the lessons of this year into their financial resolutions for 2021.

Financial Resolution: Build a budget based on paying down my debt

“My biggest financial goal for next year is paying off my student loans from getting my Master’s degree. I’m almost there! To do this, I’ll keep doing what I’ve been doing since I started focusing on paying off the debt from my undergrad degree: I set goals for how much I wanted to pay down that year, divided it into monthly payments, and set a budget that aligns with those amounts. Sometimes I had to adjust when unforeseen expenses came up, but mostly I’ve been able to stick to that plan.” - Jessica, 28, Alberta

Financial Resolution: Up my financial literacy game, and start a side hustle

“As a small business owner who started during the middle of a world pandemic, I think the most important financial resolution is to up my financial literacy game, by learning more about debt management and budgeting. We are incorporated, so it's important to understand how to clearly separate personal and corporation accounts, and it's been a challenge since this is all still new to me! I certainly want to "chip away" at the debt that I have after building a beautiful clinic. Money is coming in strong, but in unpredictable times, it's difficult to gauge how much or when this goal will be achieved.

I think that another financial resolution would be to start a side hustle. I have a second room in my clinic which I might rent out to make more cash on the side.” - Michiko, 38, Ontario

Financial Resolution: Cut back on unnecessary spending to account for upcoming expenses

“My wife and I are expecting our first child in the spring, so I’m preparing financially for that exciting new chapter. I’ve already been focused on saving—I have automatic debits set up on my banking account every week so it’s a non-negotiable—but next year I’ll really make an effort to cut back on unnecessary purchases like dining out.” - Kevin, 34, Ontario

Financial Resolution: Help others make their money go further

“I’m retired, and my only financial goal for next year is to help women and young adults understand money better, so I’m thinking about starting a mentorship program. I worked in finance for 44 years, and I’ve always been surprised by how little people know about things like how mortgages work, the importance of saving versus spending and so on. I’m a firm believer that women need to take charge of their finances, and educate themselves.” - Jackie, 66, Nova Scotia

Financial Resolution: Stick to my spending limits so I can save up for a down payment

“As someone who is self-employed, I am always trying to be smart with my spending. I keep a strict budget, and limit my monthly spending as much as possible so I can meet my personal savings goals by putting a certain amount of my paycheque each month toward the future. My goals for 2021 are a bit different because of how 2020 went, but I would like to get back on track with the progress that I made in 2019. The ultimate goal is to create a strong financial foundation to support my future goal of home ownership.” - Martin, 34, Ontario

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