As the average household debt-to-income ratio in Canada reaches a record high of 163.4%, it’s important for all of us to build our financial life skills and begin saving for the future.
November is Financial Literacy Month in Canada – a month dedicated to improving our ability to understand basic finance and helping us all develop good money habits.
As Canadians we are faced with an endless number of financial options in our day to day lives. In order to make these decisions we need to be able to understand the difference between a wide range of financial products, services and providers. But without strong financial life skills, these choices are made without understanding how they will affect our financial well-being.
Whether you are trying to balance a family budget, buy a home, purchase a car, fund an education or plan for retirement, we can all gain by learning more about money.
This November, take some time to build your financial life skills. Learn a little more about budgeting, or managing credit and savings. By improving your financial literacy, you can make better financial decisions and build a healthier financial life.
To help you build better financial life skills, Consolidated Credit Counseling Services of Canada offers these tips to help you increase your level of financial literacy and become informed about your finances:
• Read: Find information in books, magazines, online and in newspapers. Reading about money will help you better understand the world of finance.
• Be Patient: You are not going to become financially literate overnight. It takes time and patience to get a grip on your finances.
• Take a Class: Look into financial classes that are available at your local community centre or library. Or talk to your employer about having Consolidated Credit present a financial literacy seminar at your work place. Contact [email protected] or 1-800-656-4120 x 1034 for more information.
• Ask for Advice: If you don’t know where to begin, if you have questions about your financial life skills, or you need help, call Consolidated Credit at 1-888-294-3130 to speak with a trained credit counsellor.
• Look Online: Websites like www.ConsolidatedCredit.ca offer a wide variety of resources and information that will help you learn more about money management, budgeting and saving.
• Don’t Make Excuses: Everyone has trouble with money, and we never think we have enough of it. Instead of making excuses, learn how to change your money habits and make the most out of your financial future.
Being financially literate allows people to increase and better manage their earnings, and therefore better manage life events like education, illness, job loss and retirement.
If you are looking for the skills necessary to manage your debt, create a budget and save for your retirement, Consolidated Credit Counseling Services of Canada has a number of free resources – like the iPhone Budget Tool App, Saving For Your Golden Years information guide and downloadable budget worksheets – all designed to help you take control of your finances and build a healthy future.