It’s Financial Literacy Month! A great reminder to take charge of your finances and invest some time to improving your financial literacy during the month of November.
Financial literacy is about the knowledge, skills and confidence you need to help make financial decisions that are right for you. It’s never too early or too late to improve your financial understanding, no matter your age or your financial situation.
It is important to make sure that when you’re making a financial decision that you understand the basic financial principles and how that decision will impact you over the long-term. So, take the time to learn about managing your money and debt wisely, how to save for the future, and learn more about your financial rights and responsibilities.
Here are some basic financial tips* to help with your financial literacy:
- Start with making a budget – a budget is a plan that helps you manage your money and figure out how much you get, spend and save. It can be a highly effective tool to make sure you live within your means and stay on track. Learn more about making a budget,
- Set financial goals - Saving and investing can help you reach your financial goals. By setting goals and saving towards them, you will be able to make the purchases you want without taking on debt. Learn more about settings savings and investment goals,
- Borrow money wisely - Choose the best credit products for your needs and have a plan to pay down your debt. Learn more about debt and borrowing,
- Be a smart financial consumer - Financial consumers have certain rights and responsibilities when dealing with financial institutions. Learn more about your financial rights and responsibilities,
*Source: Canada.ca – Financial Consumer Agency of Canada