Financial Literacy Month: Free Resources
Financial Literacy Month is upon us and for this reason, we wanted to spotlight some of the free tools available to you and steps you can take to prepare your kids for financial success.
We’ve previously discussed some ways to talk to your kids about Financial Literacy. Head to https://www.furthered.ca/single-post/teaching-kids-about-financial-literacy for ways you can talk to your kids about spending and allowances.
Tips for making a budget:
A budget is a plan that helps you manage your money. It helps you figure out how much money you get, spend and save. Making a budget can help you balance your income with your savings and expenses. It guides your spending to help you reach your financial goals.
Why you should budget:
have problems paying off your debts
feel overwhelmed by your finances
feel like you’re not in control of your finances
want to make the most of your money
are planning for a major purchase or a life event
Budgeting tool: https://itools-ioutils.fcac-acfc.gc.ca/BP-PB/budget-planner
Debt and Borrowing
For most people in 2021, you will have to borrow money at some point in your life. It opens doors for schooling, home ownership, mobility, and other essentials. The flip side is most people must live with the stress of debt. In Canada, as of 2019, 69.8% of Canadians have some form of debt.
What you can do to pay down debt:
Make a plan
Identify your debts: find the total amount owed, minimum monthly payment, and interest rate.
Figure out how much money you get, spend and save. Balance your income with your regular expenses. Guide your spending to help you reach your financial goals
Decide on a strategy. Choose a reasonable timeframe, which debts to pay first, and close any accounts that are no longer being paid.
Use the Financial Goal Calculator: https://itools-ioutils.fcac-acfc.gc.ca/FGC-COF/home-accueil-eng.aspx
Sign up for a Financial Literacy Basics program
Talk with a trained FESA Facilitator with any Financial Literacy questions you have.
FESA offers free online financial literacy programs that connect you with a trained FESA facilitator. If you have questions about how to save for a house, how to manage your debt, or how to discuss money with kids in a way that they will understand, contact our Education Manager, Shradha Rupakheti, to for information and to sign up: 403-250-5034 or email@example.com