Whether you work for a business or you own one yourself, you'd be hard pressed to find someone who doesn't have a goal in mind.
At the beginning of the year, many resolve to improve their finances. However, as 2014 nears its conclusion, a new survey indicates that many Canadians didn't reach their fiscal objective.
Nearly 1 in 3 Canadians don't anticipate reaching their financial goal before the year is out, recent polling data from CIBC bank showed.
For many, this was through no fault of their own. Of the nearly one-third of Canadians who expect to come up short, nearly half – 47% - said a lot of it had to with an unexpected expense.
Approximately 40% said they didn't make enough with their employer.
Poor discipline appears to have played a role in some cases as well. Roughly 1 in 5 said that they couldn't stay the course, the CIBC survey showed.
Jeff Smith, vice president of consumer deposit product at CIBC, indicated that the report speaks to the good intentions that Canadians have when it comes to improving their financial well-being, which unfortunately aren't always accomplished due to complicating factors.
"This is why it's so important to work with an advisor to set realistic goals based on your income, to have the discipline to stick to your plan and to be prepared for the unexpected when life throws you a curveball," said Smith.
He added that though it's rare for everything to go exactly as individuals plan, a separate survey also done by CIBC found that of those who had experienced a major unexpected event, nearly three-quarters had to borrow money to cover the cost or utilize savings they had accumulated.
Establishing an emergency fund might have enabled individuals to reach their financial goals because of their setback.
Meeting Monthly Expenses No Easy Task
Managing finances rarely comes easily for small business owners or private consumers in general. One quarter of Canadians say that they are experiencing difficulty meeting their monthly expenses, according to a newly released poll from CPA Canada. Additionally, 38% said that they expect their situation will be the same 10 years from now, with 31% predicting it will get worse.
Cairine Wilson, vice president of corporate citizenship at CPA Canada, said that one of the most common things she hears from clients is people wishing they had put a greater portion of their money away for later use.
"With experience comes wisdom, so it is no surprise that many respondents wished they had saved more," said Wilson.
Financial experts say that one of the most reliable ways in which people can achieve their financial goals is by getting organized. Whether it's saving receipts, establishing a monthly budget or determining how much money is going to purchases, getting your books in order fosters accountability and responsible spending.
Small business owners may want to consider setting up two accounts so that they can keep their personal and business purchases separate, which promotes efficiency and makes things a whole lot easier come tax season.