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Pattie Lovett-Reid

Chief Financial Commentator, CTV


By now, most of us have moved on from our New Year’s resolutions. But when it comes to your financial well-being, it is important to stay disciplined. This is the year to get real about your financial situation.

Here are six habits you can adopt to keep you motivated:

1) Change your money mindset. Have a positive attitude and seek out resources to expand your knowledge. Look at old situations in new ways.

2) Choose a financial destination. Set goals.

3) Sweep away financial dust balls. Don’t buy into these myths:

  • Self-worth equals net worth. (It does not.)
  • A little bit of debt never hurt anyone. (Yes it has.)
  • I need at least $1 million to retire. (No you do not, but you do need to know your numbers.)
  • I need to be a math major. 
  • I do not have enough money to start saving. (Put aside as little as $25 per month.)
  • It is too late for me to start building a nest egg. (No it is not. Say you are 50 years old. There is still plenty of time to start saving, especially if you plan to push back your retirement.)
  • Personal finance is all about investing.
  • I can do it alone. (Perhaps, but it is unlikely.)

4) Eliminate the spending habit. Live below your means and ditch your bad debt.

5) Create a savings habit and pay yourself first.

6) Invest to benefit from the compounding effect. Make your earnings work for you.

Just do it and keep going, and hopefully in 2021 you will be in a better place financially and mentally.

February is Your Money Month at BNN Bloomberg. For more content like this, visit