Home Trust Blog

A new approach to money for the new decade

As we welcome the new year (and the new decade!), we’re offering a fresh outlook for your home, your health and wellbeing, and your finances with a series of blog posts. In this, the third and final post in the series, our focus is on improving your relationship with your finances.

The most important message we’d like you to take away from this post, and indeed from the whole series, is that when it comes to achieving your goals – from getting more out of your home to improving your financial circumstances – small, manageable changes are key to making a big difference.

Living for the moment…

The advice to have a household budget is widely shared; in fact, making a budget is a recommendation we made as part of a series on financial literacy. You could always use a spreadsheet or even a pen and paper, but with the amount of time we’re all spending on smartphones these days, choosing a budgeting app may be a better approach.

The thought of creating a household budget can bring to mind a feeling that the figurative party is over, but it doesn’t have to mean the end of fun as we know it! There are a number of ways to overcome financial challenges while still leaving room to have some fun on a budget. Taking the time to make sticking to a budget feel less onerous is critical to the success of long-term financial plans because it helps to stave off a sense of deprivation.

So yes, use the tools available to you to make a household budget. Collect receipts and track spending to help figure out where the money goes. If possible, identify areas where you can cut back so you can pay off debt or increase savings. And then, add a line in that budget to make sure you can enjoy yourself, whether that means going to see a movie next week or setting aside a little extra to indulge in a special trip next year.

… while still planning for the future

The ultimate goal of any household budget is to ensure there is enough money to cover your monthly financial obligations. And, one of those financial obligations should undoubtedly be to ensure there is enough coverage for emergencies and savings for your family’s future. In some cases, the funds you set aside for the future can be a tool to make money on their own when, for example, they are held in an interest-bearing account like a High Interest Savings Account (HISA).

The advantage of a HISA is that unlike investments, like a Registered Retirement Savings Plan or a Tax-Free Savings Account, a HISA makes it is easy to access the money whenever it is needed.

Visit our website to discover the products available to you from Home Trust and Home Bank. Then, speak with your broker to learn more about how you can adopt a fresh approach to money in the new year.

This post is one of a three-part series to help you get a fresh start to the new year and the new decade. Visit the rest of the posts in the series: Start the year with a fresh approach to home improvement. How to achieve success with realistic goals.


The information, materials and opinions contained in this Blog are provided for your information only. This Blog does not constitute legal, financial or other professional advice and you should not rely on it as an alternative to specific advice based on your particular circumstance. This Blog contains links to third party websites. These links are provided for information and convenience; Home Trust does not endorse the content of any third party website, and it makes no representation or warranty as to the information on such third party sites. By clicking on any link to a third party site, you leave Home Trust’s website and do so at your own risk. Home Trust disclaims all liability for any damage or loss that results from your access to or reliance on information contained in this Blog or any third party site.

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