Financial Literacy

Investing in your financial well-being and money skills influence the quality of life of each and every one of us, and thanks to initiatives like Financial Literacy Month throughout November and Credit Education Week November 13-16, a growing number of Canadians are becoming more financially empowered.

Dealing with personal debt mindfully

The theme for the first week in November’s Financial Literacy Month is Invest in Your Financial Well-Being and the goal is to encourage families and individuals to take control of their finances, deal with personal debt in a mindful way, and to ultimately reduce financial stress, which we know can have a significant impact on our overall health and well-being.

In Canada, we live in a time when personal debt continues to soar despite concerns over rising interest rates on borrowed money. Today, the average Canadian owes more than $22,000 in unsecured, non-mortgage debt while the cost of living continues to rise. Canadians are stressed about their finances on a day-to-day basis, and without any real plan or next steps, it’s easy to feel powerless and accept financial worry as just another part of everyday life.

Financial well-being

You’ve got the power

Everyone can start creating and building a happier, more fruitful financial future today! There is no such thing as too late or not enough time when it comes to securing your financial well-being. You owe it to yourself and the time you have dedicated to your career and job to ensure you are maximizing every dollar earned and the value of every dollar spent. There is no better time to be investing in your financial well-being.

It starts by creating a realistic monthly budget or spending plan that is attached to specific goals, whether that’s becoming debt-free, creating an emergency fund, saving up for a wedding or a down payment, or saving for retirement. Whatever your goals may be, your monthly budget is your roadmap for achieving them.

We can help increase your financial well-being

Not-for-profit credit counsellors are helping thousands of Canadians achieve financial wellness. The truth is, many Canadians are having trouble meeting their monthly financial obligations (e.g., rent or mortgage payments, utilities and groceries) let alone have any funds left over for savings. But there are free resources, such as not-for-profit credit counselling, that can help individuals manage their spending more efficiently and effectively and rebuild their credit. If you are having trouble managing your debt, budget and making ends meet, not-for-profit credit counselling can be an incredible resource, and in some cases, a necessary first step.

 

Take time to invest in your financial well-being and secure a better tomorrow, because if you won’t, no one else will.

Submitted by: Elena Jara, Credit Canada Debt Solutions

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