3 Financial Goals to Kickstart Your New Year

Over the holidays many Canadians set resolutions around career, health and family. If financial goals weren’t on your list yet, now is an excellent time to add them. Below are three practical steps you can take this year to strengthen your financial position and build long-term security.

1. Make your cash work harder for you

Saving money is important, but where you park that cash matters. Moving deposits into a high-interest savings account (HISA) is an easy, low-risk way to earn more on your emergency fund and short-term savings while still keeping your money accessible. A HISA typically pays significantly more interest than a basic chequing or standard savings account and allows you to withdraw funds when needed without penalty.

When choosing a high-interest savings account, consider the interest rate, any promotional or welcome offers, monthly fees, transaction limits, and minimum balance requirements. Also check how interest is calculated (daily, monthly) and whether the rate is variable. For many savers, a competitive HISA provides a reliable place to hold cash for upcoming goals—such as a home down payment, a major purchase, or building an emergency fund—without locking money away in a long-term product.

If you are evaluating options in Canada, compare current rates, account features and promotional offers to find the best fit for your needs. Even small increases in interest can add up over time, helping your savings grow faster while keeping funds accessible for whatever life brings.

2. Check and protect your credit score

Your credit score affects many aspects of daily life—from qualifying for loans and getting the best interest rates to being approved for rental housing. Given the rise in data breaches and identity fraud, regular credit monitoring is a smart and proactive habit.

In Canada, two major credit bureaus—TransUnion and Equifax—maintain credit reports and calculate credit scores. Lenders review these scores to evaluate your creditworthiness when you apply for a mortgage, auto loan, line of credit or credit card. Landlords and some employers may also request credit information to assess reliability.

Make it a practice to review your credit report and score at least once a year. Look for inaccuracies such as unfamiliar accounts, unexpected address changes, or hard inquiries you don’t recognize. Catching errors early helps protect your financial reputation and can prevent small problems from becoming major headaches.

You can obtain a free credit score and report through several providers and directly from the credit bureaus. If you spot suspicious activity, consider adding a fraud alert or flag to your file with each bureau; these measures add verification steps before new credit is approved in your name. If you suspect identity theft, file a police report and notify the Canadian Anti-Fraud Centre immediately so they can guide next steps and help document the case.

3. Consult a financial advisor to see if you’re on track

Financial situations change over time. Your income, family circumstances and long-term goals may have shifted since you last reviewed your finances. Whether you already have a plan in place or you’re starting from scratch, a comprehensive check-up can help you prioritize actions to reach your goals sooner.

A Certified Financial Planner (CFP) or another qualified advisor can review your full financial picture: budgeting and cash flow, debt reduction strategies, insurance protection, tax planning, retirement savings, and investment allocation. If you’ve never done formal financial planning, a professional can help create a clear, realistic roadmap tailored to your objectives.

You can work with an advisor for a single review or on an ongoing basis. Advisors have different compensation models—some are fee-only or charge flat fees for advice, while others earn commissions or charge a percentage of assets under management. When interviewing potential advisors, ask about their fees, services, credentials and whether they act as fiduciaries, meaning they are required to act in your best interest. Also confirm their professional designations and standing with their accrediting body.

Helpful questions to ask during an initial meeting include: What services are included in your planning process? How often will we review my plan? Do you have experience with clients in situations similar to mine? What should I bring to our first meeting? Comparing a few advisors will help you find one who communicates clearly and fits your financial needs and comfort level.

Focus on your financial health

As you plan for the year ahead, don’t let financial health fall by the wayside. By moving cash into higher-yield savings, regularly monitoring your credit, and consulting a qualified financial advisor, you’ll be better positioned to reach short- and long-term goals—whether that means paying down debt, buying a home, or building a secure retirement.

Read more about personal finance:

• HISAs vs. bonds and GICs: Where should Canadians hold their cash?
• Your home sold—now what? Where to hold the cash while you make plans
• The best free personal finance and investing courses in Canada
• Financial planning for the first time? A guide for women on a single income