Is your strategy already well established, or are you looking for new approaches to get off to a good start in 2025?

Whether you’re looking to save more, reduce debt, build wealth, invest wisely, or manage your money better, our checklist offers some strategies to help you achieve your financial goals.

It takes into account your current financial situation, assesses your net worth (assets and liabilities), your budget (money inflows and outflows), your tax situation, your retirement planning, your estate plan and, in some cases, your insurance coverage to help you achieve your short, medium and long-term financial goals.

A financial plan gives you greater control over your finances and peace of mind knowing you can rely on the strategies in place through good times and bad.

1 . Contribute to a registered savings account

Investing in a registered account is a great way to build wealth and save for some of your financial goals because it’s a tax-free way to grow your money.

A registered account is an investment account that allows you to grow your assets tax-free or tax-deferred by the government. This means that the income you earn in the account is not taxed until you withdraw the money, or eligible withdrawals are not taxable, similar to a TFSA or TFAPP.

2. Establish a budget to better manage your money

Creating a budget can help you track your income and expenses; this way, you will better understand your finances because you will know where your money is going and will be able to determine how to rebalance your spending and optimize your savings to achieve your goals and maintain the lifestyle you want.

Your budget can be as simple or detailed as you like. The important thing is to implement it and ensure it helps you achieve your short- and long-term financial goals.

Even if you’re having no trouble paying off your debt, there are some tips that can help you get rid of it faster. If you’re worried about debt, we offer three strategies to help you reduce it.Make a comprehensive list of all your debts. A digital spreadsheet is a great way to track this information.Now is the time to create a budget if you don’t already have one. Make sure to include all your expenses. If you occasionally enjoy going to the movies or concerts, include a budget for these activities.

3. Save automatically

Investing regularly through Direct Debit (DDC) is a convenient and flexible way to build your savings to achieve your short- and long-term goals.

With a PAC, you set the amount and frequency of your contributions—for example, weekly, biweekly, or monthly. Over time, even small amounts add up to a substantial sum. When you have more cash, you can increase your contribution amount.

4. Increase your contributions over time

Once set up, automatic contribution deduction helps you stay on track with your savings goals; however, it’s easy to forget to adjust your contribution amount as your financial situation changes. It’s a good idea to regularly reassess your contributions, especially after significant changes to your financial situation, such as when you finish paying off your student loans or get a promotion at work. While it’s tempting to set up a PAC and forget about it, you’d be surprised at the impact a small, occasional adjustment can have on your savings.

For example, let’s compare the growth of a monthly contribution of $200 over 15 years to that of a monthly contribution that increases by $25 each year for the same period.