Hearing about Credit Education Week and this year’s theme of Financial Wins got me thinking about my own financial wins (and some losses). My biggest financial win is owning my own home. It gives me security (and peace of mind). Have you thought about your financial wins?…
My Financial Win…
We bought a house as young marrieds. While our friends went and paid big bucks on beautiful weddings and exotic honeymoons…we made mortgage payments. Did this chain us down? No, I think of it more as -> it gave us roots.
Buying a home was my best financial win. Because it gave us stability. And a good credit history. And the responsibility of home ownership.
Our honeymoon came 20 years later…after we paid off our mortgage. Our priority was always “pay down the house”. By putting money aside every month and making our mortgage a priority — it ensured we’d have a nest egg — for retirement or whatever may come. We have peace of mind and I call that a huge win financially.
Canadians’ Financial Wins
The results of a study put out by Capital One Canada and Credit Canada Debt Solutions for Credit Education week found:
- 80 per cent of Canadians win say that they’ve had a financial win where they took control of their financial situation
- Nearly 40 per cent of all Financial Wins were to buy a house or get out of debt
- 25 per cent of Canadians say the most important financial win is to feel financially secure in everyday life
Canadians consider the most important Financial Wins to be:
- Feel financially secure in daily life (25 per cent)
- Become debt free (23 per cent)
- Save enough for retirement (20 per cent)
- Buy a house (12 per cent)
Best advice to give someone trying to achieve their own Win (from those who have done it):
- Be patient and stick with it (35 per cent)
- Be organized (22 per cent)
- Save every payday (22 per cent)
About Credit Education Week:
Credit Education Week Canada (CEWC) takes place on the second week of November annually (November 7-11, 2016) and is now in its 10th year. The week began in 2007 through a partnership between Credit Canada Debt Solutions and Capital One Canada. Both organizations have committed to raising financial literacy and credit education across Canada. CEWC proudly supports the initiatives of Financial Literacy Month through several events across the country. Over the last 10 years the week has grown and, this year, there will be more than 175 financial education events across Canada.
This year’s theme is titled “Financial Wins”, with a focus on helping Canadians successfully launch to reach their financial goals and encourage others to learn from their triumphs. CEWC continues to be part of a national effort to raise financial literacy awareness and the importance of proper credit education.
Visit the Capital One Canada Community Investment page for more.
Financial Wins are driven by a conscious decision to take control of your financial situation. They can be anything from saving enough to move out of your parent’s house or starting your first budget, to buying a house, starting an investment that will set you up for future success, or becoming debt free.
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SHARE: What are some great Financial Wins that you’ve had and how did you get there?..
Disclosure: This post is brought to you by Capital One Canada. As always, the opinions in this post are my own.
I love this. It’s so important for people to understand their credit, so they can understand how to keep it in good condition.
Owning my own home is a financial win for me. Congratulations on paying of your mortgage. I can’t wait until I reach that goal.
One of our financial wins was being able to pay off our outstanding debts. It took nearly 5 years but we did it.
It’s very important to understand your credit, and how to repair it , so you can understand how to improve it!
Owning my own home is a huge win for me, as is paying off my van. We also paid off debt and have built up some savings. Those are big wins.
We are very close to paying off our mortgage. Then we will be debt free!
I have been teaching my kids about finances and how credit works. It is so important for them to understand how important it is.
My parents started teaching me about my credit at a young age. I am thankful they did. It is so important.
I bought my home when I was 25. It was a great accomplishment, but I am not even close to paying it off yet. I have owned it for 7 years now.
I am sharing this for sure! So many people can benefit from this advice. I wish I had it about 10years ago!
Owning our home and helping our children and grandchildren when needed is a huge win for us. The security of our home is such a huge comfort.
I’m still working on those wins. We paid off the car, but could really pay off some other things as well. Can’t wait to be there!
I bought my first home just a couple of months ago. I think this is a wonderful post. Lots of great info and it’s very important.
Thanks for sharing these great tips! Owning my house is a great win for me.
We regret so much not buying a home years ago. We are now in the process of trying to get one as a second home, and I’ve learned credit is everything!
This is such great advice for anyone who is trying to establish good credit! One of our financial wins was being able to pay off our mortgage and I really hope that in doing so we are modeling the type of financial education and literacy and responsibility we want them to emulate!
I agree with those stats about financial security. I can see why so many people value it so highly.