Your new life in Canada is full of opportunity. You may decide to go back to school, build a new career, or start your own business. Living in Canada is exciting, but it can also be expensive. Whatever you plan to do, you will need to manage your money carefully. We are here to help.
To manage your day-to-day costs, you will need a bank account. With a CIBC chequing account you can:
- Pay for goods and services using your bank card or by writing a cheque
- Pay your bills online or by telephone
- Get cash from a bank machine or from a CIBC branch: find the one nearest you
In addition to day-to-day expenses, you may find you suddenly have to pay for something you were not expecting, like a new pair of eyeglasses or car repairs. If you earn more money than you spend, you will have money left over once you have paid all of your expenses. If you put this extra money away safely in a CIBC savings account, you will earn interest on your money and be better prepared for unexpected costs.
Understand where your money goes
Even if you think you are managing your money carefully, you may find you have less in the bank than you thought. That is why it is important to create and follow a budget. A budget is designed to make sure you do not spend more money than you make. You can learn a lot about the money you spend and what you spend it on by using our online Budget Calculator.
Smart ways to spend less money
There are many ways you can spend less money without giving up things you really need. For example:
Pay your bills on time. If you pay a bill late, you will have to pay a late payment fee. Paying your bills on time will save you money. It will also help you build a good credit rating in Canada. To make sure you pay your bills on time, you can set up pre-authorized withdrawals or online bill payments from your CIBC chequing account.
Pay off your credit card balance every month. If you pay the full balance of your credit card each month, you will not have to pay any interest. Paying your full balance will also help you build a good credit rating.
Pay less in banking fees. Most bank accounts have special fees and rules around how you can use your account. Some allow you to write a certain number of cheques for free. If you write more cheques than you are allowed, you will be charged an additional fee. Some allow you to use their cash machines for free. However, if you use cash machines that belong to another bank, they will charge you a fee. Find out what the rules are for your account and follow them to save money.
Manage your accounts online. To help you pay your bills on time and not spend more money than you make, it is a good idea to manage your bank accounts online. With online banking, you can use the internet regularly to see what your account balance is, set up automatic bill payments, and transfer funds.
Follow your plan. To understand where your money is going, follow your budget. If you follow your budget and find that you are spending more money than you make, make changes to your budget.