The first step when opening a new account is to assess how your financial goals intersect with your practical needs. 

 Things to consider include:

• The monthly fees.
• The number of included transactions and any additional fees.
• Any additional perks or benefits.

Learn more about selecting and opening a personal bank account.

Credit cards can be a convenient way to pay for purchases and build your credit score. Plus with the ATB Gold My Rewards Mastercard® you’ll get rewards for everyday purchases.

When you use our credit card, you’re basically borrowing money from ATB to make purchases. You’ll receive a monthly statement outlining how much you owe and when you need to pay it back. If you pay your credit card balance each month, your credit score will soon climb. Just remember, you only get charged interest on any outstanding balance you don't pay.

Your credit score is important because it tells other lenders (e.g., car dealerships or landlords) how likely you are to pay money that you owe. The higher your credit rating, the better off you’ll be (e.g., lower interest rate on your vehicle payments).

If you haven’t had a credit card before or don’t have any previous credit (meaning you also don’t have a credit score) an everyday banking advisor can help you determine which product is best for you and assist you in applying.

We created an interactive budgeting worksheet that you can download and update regularly.

To build your budget, start by looking at your total monthly income (the money you’re bringing in), and then list your different expenses (the money that goes out of your accounts every month). To get an idea of what you are generally spending and earning, look at your last three months of bills and income, including your credit card bill if you have one.

Your expenses can be organized into two categories: fixed expenses and variable expenses. Fixed expenses are generally consistent month to month (rent, car insurance), whereas variable expenses tend to change based on the month (entertainment, clothing). Identify areas where you could potentially cut down on your expenses or put that money to better use.

Your finances are a moving target. Income, expenses, and even what matters most to you can shift over time. Regularly reviewing your budget is key, and it's worth considering how even minor adjustments today can create significant changes down the road.

Debt is a result of spending more money than you are bringing in. A good first step is building a budget. This will help you organize your monthly expenses into fixed and variable expenses and better understand what you can afford based on your income. Budgeting helps you distinguish your "wants" from your "needs," and by reviewing your spending habits, you can identify areas where you can cut back.

Debt can arise from unexpected expenses for which you are not prepared. We recommend putting some money aside each month into an emergency fund. Having an emergency fund in place to support you through difficult times might save you from going into debt or being forced to dramatically alter your lifestyle should the unexpected happen. Calculate how much you should have saved in your emergency fund using our Emergency Savings Calculator.

A short-term financial goal, like saving for a vacation within the next year, should be approached differently than a long-term goal such as retirement.

With a short-term financial goal, you will want to put your money somewhere that is easy to withdraw from and offers a predictable return. For example, a savings account offers regular interest on the funds you've deposited and can be withdrawn at any time, with no notice required.

To simplify your finances and help you meet your goals on time, we recommend you set up pre-authorized contributions (automatic transfers) from your chequing account to your savings account. This savings calculator will help you determine how much you need to save each month to meet your savings goal.

Many people think they need a certain amount of money to start investing. If you have been contributing to a savings account, then you likely have enough money to make the transition to investing. Some investing platforms, like ATB Prosper, require an initial investment of only $100.

Some of the questions you should ask yourself are:

1. What is your investing goal?
2. What is your timeline?
3. How much can you afford to invest?
4. What is your risk tolerance?
5. Do you need access to your invested funds?
6. Are you hoping to use investing to get a tax break?
7. How do you want to manage your investments?