Financial Literacy Tips to Prepare for Financial Literacy Month
November is Financial Literacy Month in Canada—a perfect time to brush up on money tips to prepare you to feel more confident and resilient with your finances. This month, we’ll be sharing some helpful resources from the Government of Canada that you can use in your day-to-day life. To get you started, here are a few easy tips:
Make a Budget You Can Stick to
A budget helps you see where your money goes each month and can make a big difference in reaching your goals. Set aside amounts for things like groceries, outings, savings, and emergencies. The tricky part? Sticking to it! If you hit your limit in one category, try not to dip into other funds to keep yourself on track.
Need a little help? The Financial Consumer Agency of Canada has a free Budget Planner to help you get started.
2. Separate Your Needs From Your Wants
A big part of budgeting is knowing the difference between needs and wants. Needs are the essentials (think groceries, rent, transportation), while wants are those “nice-to-haves” (like dining out or that new gadget). By focusing on your needs first, you can start setting money aside for those fun extras or save for something special down the road.
3. Avoid the “Buy Now, Pay Later” Temptation
“Buy now, pay later” plans can be tempting, but they often lead to spending more than planned.
Examples of these types of plans include:
Retail financing plans
Installment loans
Credit card installment plans
Retail credit services
With terms that are sometimes hard to follow, these options can add to debt. Canadians are already among the most indebted in the world, so keeping debt low is a big win for your future. Whenever possible, stick to what you can pay upfront to avoid added stress.
Smart financial choices can make a big difference! This Financial Literacy Month, let’s take small steps toward building a stronger, more secure financial future.
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