In between all the excitement of Halloween and winter festivities, falls the most wonderful time of the year… Financial Literacy Month!
This is a month-long initiative that encourages Canadians to invest in their financial well-being. In addition to our on-campus events, we’ll be sharing our favourite articles, blog posts and resources to celebrate.
Having a solid understanding of money basics is a key to achieving financial well-being.
As a student, you know managing expenses can be challenging. But learning the basics of money management will make things easier. Having a financial plan for the semester, or academic year will help reduce stress and allow you to focus on school.
Do your research.
There are a ton of awesome resources online to teach you about managing your money. Two great websites to begin your research are with the Financial Consumer Agency of Canada (the organization behind FLM) and Chartered Professional Accountants (CPA) Canada.
FCAC has compiled helpful lists of online resources on such essential topics as:
- Managing your money
- Financial tools and calculators
- Debt and borrowing
- Savings and investments
- Financial rights and responsibilities
And from setting goals to conducting a personal financial assessment, CPA Canada has created practical worksheets to help you learn more about your relationship with money.
Create a budget: Know where your money goes.
Tracking your spending is the first step in taking control of your money. While this can be challenging with limited finances, it’s the most effective way to ensure you are living within your means. The budget calculator on our website can get you started on building your own. Or go back-to-basics by attending our Budgeting 101 session on November 28 in the Centre for Student Academic Support.
Want to learn more about how to create a budget if you have an irregular (student) income? Check out Desirae Odjick’s post on our CU Money Blog. Desirae is a Carleton graduate and the voice behind personal finance blog Half Banked.
Learning to curb impulse spending will help you stay within your budget. This article from Simple provides tips on spending less and saving more. You will learn how to create points of friction when shopping, batch your spending, and take a fiscal fast.
Want to learn more about controlling your spending? Come out on November 14 and hear Gary Rusyn’s talk on Cautious Consumerism.
People who are in control of their finances have greater peace of mind and overall well-being.
Financial worries are near the top of the list when Canadians talk about their sources of stress. You can reduce this stress by realizing that YOU are in control of your finances (not the other way around).
What about student loans? Are you graduating soon and worried about paying back your loans? Don’t sweat it. Our on-campus session with the National Student Loan Service Centre on November 27 will tell you everything you need to know about repayment and repayment assistance.
Speaking of graduating…. landing your first real job, understanding pay stubs, income tax and work benefits isn’t always easy. Luckily, Jessica Moorhouse will be on campus to help you navigate the financial transition between student life to recent grad. Join us on November 12 where she’ll help you prepare your Post-Grad Game Plan.
Jessica will cover:
- The magic money trifecta: make a budget, track your spending, track your net worth;
- Auditing your current bank to make sure it’s the best one for you;
- Understanding work benefits;
- Understanding your pay stub & income taxes;
- Making a debt repayment plan (for student loans/other debt);
- Setting financial goals; and
- The basics of investing.
This November, invest in your financial well-being by expanding your understanding of financial topics and products.
Join the conversation and stay updated by following CUAwards on Twitter and using the hashtag #FLM2018