For many women entering the workforce, balancing careers, relationships, new-found independence and financial stability can be overwhelming.
One way to achieve financial wellness is by using systems and habits that make managing money easier, less stressful and more aligned with your goals. Making a few practical shifts can have a real impact.
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1
Know how your money is protected
One place to start re-examining your financial status is by knowing which things you don’t need to worry about.
Canada has robust deposit protection provided by the Canada Deposit Insurance Corporation (CDIC), which exists to protect eligible deposits in the event of a bank failure. Coverage is free and automatic at each member institution for up to $100,000 per insured category. Consult the full list of our members.
Knowing whether your financial institution is a member can provide you peace of mind. It can help you be more confident in your financial decisions you do make, knowing that your funds are protected in case of bank failure.
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2
Cut the number of money decisions you make each month
Decision fatigue is real; the time it takes to pay bills or figure out how much of your paycheck to put away adds up quickly. But you can automate some of those actions:
- Build your savings on payday by determining a reasonable percentage of your paycheck to automatically transfer to your savings account each month.
- Turn on auto-pay for fixed bills, like rent, phone or subscriptions.
For anything you can’t automate, or that you always forget about, note it in a calendar and set up regular payment reminders.
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3
Use an expense tracking app
Many banks offer an expense tracking app that connects with your account. Apps can provide you with detailed insights on your financial habits, including how much you make and how much you spend, and in what categories.
You can also use it to customize your spending limits across various categories. To use transport as an example category, you can preset your monthly spending, with a portion towards your transit pass and a portion towards ride-sharing apps.
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4
Build your financial toolbox
Different accounts and financial products can help you reach different kinds of goals. For example:
- Tax-Free Savings Account (TFSA): Ideal for flexible, tax-free savings you may need in the medium or long term.
- Registered Education Savings Plan (RESP): Helps support education savings with potential government grants.
- Guaranteed Investment Certificate (GIC): Comes with a guaranteed return—useful for short-term goals.
All these products and account types are eligible for deposit protection through CDIC. You can check how your money is protected by using our deposit insurance calculator.
With some simple habits, you can build a system that reduces the mental load and stress while supporting your goals and lifestyle.