Canadian Women, This is How to Reach Your Financial Goals

Low to no interest rates are key so if you're working on getting out of debt, you can try to reduce the amount that you pay in interest. Contact your credit card company (companies?) to see if they can offer a lower interest rate, or transfer the balances you have to an interest-free card to help you save while you're paying off debts.

Also? Know your income. Every part of it.

You've been sweeping your debt under the rug long enough. It's one thing to lament over how much you spend (and maybe overspend) but it's another to not do anything about it. Take baby steps to get on budget; once you do, it'll become easier and part of daily life.

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It's time to get real. It'll take you years to pay off that debt; doubling it, or more, will make a huge difference.

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If you travel for work and are given money for meals, don't use all of it and pocket the rest.

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Using credit or debit is too easy nowadays. Instead, use actual money (paper and coins) for daily expenses, leaving you more accountable and making you more aware of what you're spending than when you swipe or tap. Also, when you run out of cash, then that's it. You can't spend money you don't have.

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Instead of going to the food court or the local pub, pack a lunch and bring your own snacks to work. Oh, and make your own coffee. Those lattes may be pretty but they also get pretty pricey once you total it all.

As with grocery stores vs. convenience stores, the same should be done for dining out as opposed to eating at home. Factor in the travel, the tip and the cost of how much one meal costs compared to how much you'll save by dining in and you'll be cooking more often before you know it.

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Increase your purchasing power by making better choices. Avoid impulse purchases, buy generic brands and use coupons whenever possible (it's basically free money), compare prices and/or go to stores that price-match, and buy large quantities of things you use often. And if you can get these items on sale, stock up — but realistically.

It helps if you do a regular grocery run but if you do happen to get things as you need rather than do big, all-encompassing shops, do it at a proper supermarket. Don't go to a convenience store or a drugstore where the prices are jacked up significantly.

Many grocery stores now offer online shopping (and sometimes even deliver). While there is typically a fee, those services stick to the list provided, unlike you who may tend to add more impulse buys to your overall purchase. The money and time saved make this feature worth it.

Instead of buying new and paying those heftier prices, head to Kijiji, eBay, consignment shops or garage sales for what you're looking for. Now keep in mind, this doesn't work for everything but secondhand stores are typically ideal for things like electronics, phones, furniture and clothing.

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If there's something you need to buy, see if you can wait until the price drops. Whether it's electronics or even clothing, if you don't need it the day it's released or new in stores, you can usually save a huge chunk of change.

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Obviously you can't eliminate these but there are money-saving strategies you can implement to cut them down. Adjust your thermostat a bit higher in the summer and lower in the winter, use energy-saving light bulbs, install low-flow faucets in your showers and sinks, air-dry your clothes instead of running the dryer and seal the cracks around windows and doors. You'll see the savings almost immediately.

Take care of minor home and car repairs and maintenance yourself. The Internet is a beautiful place where you can find how-to videos, be it swapping out your regular tires for the winter ones or installing a new light fixture. Obviously, if it's an intimidating job, ask someone for help. But if you're a quick learner, changing your oil as needed will not only save you money but make you feel pretty damn good too.

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This may have a bit of a shaming effect but, hey, whatever works. Because did you really need another pair of shoes? Or that jacket? They're pretty, but ...

Even if it's small, write down any budgeting wins, be it "May 15: Packed a lunch so I spent $5 rather than $15." Or "May 18: Needed a new dress, borrowed one from Christina so I didn't spend anything at all!" Celebrating even the tiniest of victories will only boost your confidence and help you stay on course.

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For some people, reaching a zero balance is enough but for others, knowing there's a treat waiting for them at the end of the road will motivate them all the more, be it that jacket you've been eyeing, that expensive face cream you've always wanted or a weekend getaway.

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By organizing your most important personal documents, you organize your time too. Make sure your bank and investment statements, credit card info, insurance policies and tax returns are in a box that's easily accessible and fireproof. Other papers you should keep safe are birth certificates, your marriage license and wills, though you may want to consider a safe deposit box at your bank. Collecting and organizing this information in cloud-based storage or a filing system that works for you will make future financial decisions easier.

If you weren't spending your money on coffees or lunch or that bag, you could use it to help accomplish other life goals like paying for your kids' future. So instead of that daily french vanilla cappuccino or bag you thought you needed, make contributions to an RESP to save for your child's post-secondary education.

Save for your future by paying yourself first. Whether it's contributing to RRSPs or regularly putting money tax-free into a TFSA, it's the best way to start investing in your retirement. Otherwise, you're going to retire broke.