Financial management for newcomers: RBC

Forty per cent of newcomers to Canada say that managing finances is more difficult than they expected, according to a recent RBC
poll. Additionally, close to half (47 per cent) are worried that they will not have enough money to live comfortably.
While two-in-three (63 per cent) newcomers are excited to see what the future holds in Canada, they indicate that higher than expected day-to-day living expenses (41 per cent) and items costing more than anticipated (26 per cent) are the biggest
financial obstacles to overcome.
“Setting up your day-to-day banking and establishing a budget are important pieces in a complex puzzle that people need to deal with when moving to a new country,” said Camon Mak, director, Multicultural Markets at RBC.
Mak suggests:
1) Choosing the right banking account to meet your needs. You will save money on service fees if you choose the right account and RBC offers the flexibility to choose an account that fits your needs.
2) Build your credit history. RBC now offers a range of credit solutions to help skilled workers new to Canada get started without prior credit history being required.
3) Track your spending and follow a budget – Take advantage of RBC’s online banking tools, such as myFinance Tracker, to help manage your monthly spending so you know exactly where your money is going.