Newsletter
Better Finances for a Better You
← 059 Neontra Newsletter Issue #058 057 →
Estimated reading time: 6 minutes
Did you know?
According to TransUnion, the average credit card balance for Canadians at the end of 2023 was $4,265.
Use our credit card payoff calculator to help you plan for a brighter future →Word of the week
80/20 Budget
According to the 80/20 budgeting strategy, 20% of your income is allocated to savings and investments and the remaining 80% is used for monthly expenses and spending. Of course, not everyone will benefit from the 80/20 budget rule. If you have a specific financial objective in mind, such as debt repayment or an early retirement, you may allocate more than 20% of your income to that purpose.
Find other budging methods that may work better for you →Budgeting
The “budget” has been known to make people cringe, cry, and bury their heads in the sand, but budgeting challenges don’t have to keep you from getting the job done. Budgets are just a set of guidelines to help you manage your money.
3 Common Budgeting Challenges to Overcome →Quote of the week
"Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort."
- Franklin D. Roosevelt
Infographic of the week
Visualizing America’s Average Retirement Savings, by Age
Painting a concerning picture, the median retirement savings for Americans stands at a mere $87,000, a figure far lower than what is needed for a comfortable nest egg. This savings gap—the amount people have actually saved versus what they believe is needed for retirement—is significantly rising. In fact, a recent survey from Northwestern Mutual reveals that $1.46 million is the ideal savings target for retirement, up from $1.27 million last year.
America’s Average Retirement Savings, by Age →Smart saving tips to make your money go further by Caroline Bloor
With savings rates climbing, it's a good time to squirrel away what you can and get your money working harder.
- Save first, spend later
- Don't pay interest on debt
- Spend mindfully
- Keep switching!
- Check your workplace benefits
- Remortgage!
- Claim back money with your name on it
- Don't splurge on payday
- Shop and earn cashback
- Entitled to Marriage Allowance?
- Rent a room out
- Do a financial fast
- Do you work from the ‘coffice’?
- Check out what you are entitled to
- Get a free overdraft
- Do you really need your packaged bank account?
- Ask the question: can I get it cheaper?
- Manage your energy guzzlers
- Make the most of resale platforms
Investing
From staying in cash to going it alone, here are the most worrying errors we’re seeing investors make at the start of 2024.
It’s easy to get emotional about money. Various behavioural biases—such as overconfidence, loss aversion and bandwagon-jumping—can push investors into making decisions that undermine their efforts to reach their goals.
The five most popular investing mistakes of 2024 by J.P.Morgan →Serious stuff
Learn what financial wellness is, why it's important, and how it can improve your overall well-being. Plus, 10 tips to guide and improve your financial wellness.
Financial wellness: what it is, benefits, and 10 ways to get there →