Setting Yourself up for Success

I hope you’re all staying warm this winter in spite of Nova Scotia’s often unpredictable weather. To start this month, I’d like to share a few updates from CUA, as well as from around the Province. Our team knows that sometimes financial health, like the weather, can take an unexpected turn. But with the right preparation, we can feel confident facing even the stormiest days.

According to a recent report, credit card debt reached an all-time high of $11.34 billion in the fall of 2023, not including mortgage debt. We can attribute this to the higher cost of living, which is impacting individuals, families and small business owners alike. I know that these types of statistics can be intimidating for those who are working hard to make ends meet each month without taking on significant debt. But it’s not all dark clouds and rain. You can take some steps to protect yourself moving forward.

The first step in managing your finances is to always look at your current spending. You might see a few areas where you can cut back – even if it’s just $5 here and there, it adds up over time. I encourage you to use those savings to start building an emergency fund. Many experts encourage saving three to six months of living expenses, especially in the event of unexpected job loss. If you have any questions about your personal finances, the financial health of your business, or if you would like to open a savings account to begin building your emergency fund, please reach out to a member of our team.

In recent news at CUA, I would like to extend a huge ‘thank you’ to everyone who played a role in making this year’s Community Investment Grant Program such a success. I am excited to tell you that we had a wonderful response to our Program once again this year, with a total of 479 applications received from all parts of Nova Scotia. It’s amazing to see how many meaningful and creative projects are taking place across our Province. Our team will continue to carefully sort through the applications, and the successful grant recipients for the five categories will be announced at the end of March. For any organizations that would like to discuss other financing options, please reach out to a member of our team, or consider exploring our Small Business Loan Guarantee Program or Social Enterprise Loan Guarantee Program.

Finally, February is Black History Month in Canada, a time to honour and celebrate the many foundational achievements and contributions of Black Canadians to the Nation’s history, culture and economy. Nova Scotia also recognizes February as African Heritage Month, representing an opportunity for all of us to uplift members of our African-Nova Scotian community, both in February and year-round. Seeing the success of Black-led initiatives in the Province, including those we have supported directly through CUA’s Community Investment Grant Program, continues to inspire us. I would like to highlight some wonderful projects led by members of our Black business community, including Black Women in Excellence’s She Means Business program, and Sacred Lotus Holistic Wellness’s Healthy & Wealthy: Community Wellness Program.

Wishing you all a wonderful February and continued success in 2024. If you have any questions about one of CUA’s products or services, or if our team at CUA can help you along your financial journey this winter, please reach out to a member of our team at 902.492.6500 or info@cua.com.

Your CEO,