Skip to main content

9 ways to achieve financial freedom.

Financial freedom is different for everyone.

For some, it might mean being able to make rent without struggling. Or, perhaps splurging on a specialty coffee without guilt from time to time (Double-Shot Vanilla Latte, coming right up!).

The recipe for financial freedom

However unique your goals, what connects most of us is a desire for financial independence. It’s about being in control of your finances, so you’re not overwhelmed by your financial responsibilities, which can include bills, debt repayment and financial planning.

Check out these nine tips to help you achieve financial freedom.


Budget and go!

A budget is your springboard for financial freedom. It gives you a picture of your current financial situation and allows you to stay on top of what’s coming in and what’s going out. If the thought of building one intimidates you, fear not – there are many free and easy-to-use apps and templates available on your phone and online. Once you’ve chosen a digital budgeting tool that works for you, just input your data and let the tool take care of the math.



Set it and forget it

If you have a hard time staying on top of bill payments and savings contributions, you can automate them by setting up automatic bill payments and transfers to your savings account through your financial institution. Isn’t technology great? Embrace it!


In case of emergency … be prepared

An important category in your budget, your emergency fund is money you set aside for unexpected situations, like job loss or illness. Try to aim for enough to cover about three to six months worth of basic expenses, like rent and groceries. Don’t worry, you don’t need to put it all away at once. Start small and consider a savings schedule like this one.


Saving is best

Once you’ve built your emergency fund, think about putting extra savings in a high-interest savings account (HISA), if you can. A HISA allows you to earn a higher rate of interest on your savings relative to a typical savings account. As your financial situation improves through additional earnings or windfalls, it’s always good practice to prioritize your savings.


Managing your debt

While debt might feel like an annoying sibling tugging on your ear or a heavy burden weighing you down, it’s normal, as long as you’re taking steps to pay it down. If you need some help, we’ve shared two ways to tackle it, depending on your financial situation and debt repayment style. You’ve got this!


What’s timeless: being frugal

Ah, the age of sponsored links and fast fashion. Social media has a way of contributing to lifestyle creep, which is when disposable income leads to frivolous spending. But thinking about spending as an emotional response might give you more control over your impulses. If you find you’re in a spending loop, take a moment to pause and take stock of what you have before you visit your favourite online store. This, along with keeping track of your budget, can help you stay focused on your financial goals.


Money 101

From podcasts to essential reading (*cough*, *cough*, like this blog), staying informed about finances can set you up for success in the long run. Here are a few of our favourite resources:

  • Podcast: The cost of living
    Learning about finances doesn’t have to be boring. Find out what’s happening in the economy, straight from experts and regular people, in this entertaining format. New episodes are uploaded weekly.

  • Overcoming debt: Credit Canada
    Credit Canada is a non-profit credit counselling agency offering confidential financial advice, low-cost debt repayment assistance and interest relief, and financial wellness education. Check out their website for more information.

  • Credit tips: Life & Credit, of course!
    We’re committed to helping Canadians understand that a credit card is a small but mighty tool. Using it responsibly can have a big impact on your future (just as using it irresponsibly can). So we’re spreading the word: build your credit, build for the future! Articles are uploaded regularly.



Got goals? Be S-M-A-R-T about it

No, no, we already know you’re smart. We’re talking about SMART goal planning. It’s a method of setting your goals and holding yourself accountable. Here’s how you can break it down:

Specific – Identify your goals and be specific about them. For example, winning the lottery isn’t a goal. Saving a certain amount of money for retirement is.

Measurable – Measure your progress over time by keeping track of your savings or debt repayment.

Achievable – Make sure you’re setting realistic goals within a realistic period of time. Again, winning the lottery – realistic and achievable? Not likely.

Relevant – Are your goals right for you? Have you done the necessary budgeting and self-reflection to ensure you’re working towards the things that are important to you? If you have a partner, this is an especially important step.

Time-bound – Give yourself a deadline. Goals without end dates are just fantasies. Make them happen!


Talk to a trusted advisor

It’s OK to ask for help. If you need information about setting up a savings account or guidance on long-term financial planning, reach out to your financial institution and ask about speaking with an advisor. If you have any questions about debt repayment, remember, Credit Canada can offer support.

Financial freedom is within reach. Take a few steps at a time; no rush. You’ll get there.

* If Quick Check pre-approves a card, you can be 100% sure we’ll approve your application as long as:

a. There’s been no change in your credit file information, personal information or financial status from the time you receive your Quick Check results to the time you apply for one of our credit cards;

b. You’re at least the age of majority in the province or territory you live in;

c. Your application isn’t flagged for fraud prevention;

d. You don’t have an existing Capital One account; and

e. You haven’t applied for a Capital One account in the last 30 days or had an account with us that was not in good standing in the last year. In good standing means not past due, over limit, fraudulent, restricted, or part of a consumer credit counselling program or bankruptcy.

In some cases, we may not be able to open an account for you even though your application was approved. This can happen if we’re unable to verify your identity, or you don’t provide the required security funds if you’re approved for a Secured Mastercard®.