For many Canadians, sticking to a healthy diet, staying focused at work and keeping that trusty budget in check tend to take a back seat to treats, parties, presents and more. But the thing is, right now is actually a great time to focus on some of these ticklish areas, as they can otherwise get away from you during this festive time of year. And since no one here is going to tell you how many gingerbread cookies you can eat this month, let’s talk about the financial side of holiday revelry.
While it’s no secret that Canadians are going to spend more money now compared to other times of the year, spending can get away from even the most budget-conscious consumer without a clear line of sight on what their money is doing.
According to last year’s RBC post-holiday spending report, 51% of Canadians said they overspent their budget, a number on the rise. The previous year, 41% of Canadians said they overspent.
So What If Budgeting and Saving for the Holidays Was Easier?
Research has consistently found that Canadians have the best of intentions when it comes to reining in their spending, with plans and promises to themselves to save up, cut back, and stick to a budget.It just doesn’t always work out that way.And given that most of us are short on time (and patience!) over the holidays, adding extra money management tasks right now may seem unfeasible.
The good news is, there are some new digital services that are making managing money and finding savings easier than ever before.
Helping You Make Good Spending Decisions
Using your transaction history to identify trends, unusual activity and savings opportunities, NOMI Insights does what the name suggests – it provides you with valuable insights that help you manage your money.No more spreadsheets or calculations, or wondering where the heck all your money went this month. With proactive and timely trends and alerts about your spending, the tool guides you to spend wisely, letting you know when your money is coming in, going out, and when it’s staying put.
Blogger James R.C. Smith from socialdad.ca says it’s like “having a financial advisor in your pocket, ” praising it as a tool that can give you an edge in your everyday spending and money management
RBC is the first bank in Canada to use Artificial Intelligence to automatically track customers' spending and fast track their savings. Way to pave the way RBC!
Automating Your Savings
NOMI Find & Save, on the other hand, uses advanced technology that predicts your expenses and spending patterns, actually finding money in your cash flow. It then identifies opportunities to save and then automatically moves money into your savings when you’ve got a bit extra on hand.
Personal finance blogger Jessica Moorhouse couldn’t be more excited about NOMI Find & Save, stating that “automation is literally the secret sauce when it comes to managing your money better.” Why? Because it makes saving so, so simple.
Doing all the heavy lifting for you, NOMI Find & Save is able to predict how much you can save based on your historical spending. That means that the tool will never sock away more than what you can afford, and will never put you into overdraft.
With holiday events, gifts and travel expenses piling up – not to mention rising heating bills and maybe a set of winter tires – your everyday spending can get out of whack pretty quickly at this time of year. Having a clear understanding of where your money is going, getting real-time tips on how to manage it, and giving your savings an automatic boost when there’s a bit extra might just roll up to the best holiday gift of all time.Being in great financial shape can make for a guilt-free, stress-free, debt-free new year too.
RBC Mobile app users have access to NOMI Insights and NOMI Find & Save. These services went out to Android users as of Oct 25 and to all iOS users as of Nov 9. There are over 2.9 million users of the RBC Mobile app.
Meet NOMI today. Visit us online and learn more about how these services can help you manage your spending and saving today – and throughout the year.
This article is intended as general information only and is not to be relied upon as constituting legal, financial or other professional advice. A professional advisor should be consulted regarding your specific situation. Information presented is believed to be factual and up-to-date but we do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed. All expressions of opinion reflect the judgment of the authors as of the date of publication and are subject to change. No endorsement of any third parties or their advice, opinions, information, products or services is expressly given or implied by Royal Bank of Canada or any of its affiliates.