Financial Literacy in the Digital World
November is an important month for Canadian consumers. Financial Literacy Month is a great time to focus on improving your money management knowledge and skills.
This year’s theme, from the Financial Consumer Agency of Canada (FCAC), is “Managing Your Money in a Changing World,” reminding us how important it is to have strong and adaptable financial habits so we’re ready when unexpected things happen.
The Digital Shift
The rise of digital banking and financial technology tools has changed how we handle money, from simple phone payments to navigating online investments. This shift towards a digital-first financial environment offers convenience, but it also presents a new set of challenges that require us to be more cautious and informed than ever.
Here are some key tips for managing your money in the digital world:
Digital Budgeting
Switch from paper to digital resources to keep track of your finances. There are user-friendly tools that can track your spending and income, send payment reminders, and give practical tips for saving money, like the FCAC’s Budget Planner:
Set Goals with Digital Help
Use digital tools to set and reach your money goals. These platforms can offer built-in calculators that not only makes setting and achieving financial goals easier and more fun, but also provides a visual representation of your progress, helping you stay motivated and on target.
Visit the FCAC’s Financial Goal Calculator today!:
Mindful Online Spending
Be thoughtful about your online purchases. Before finalizing any online transaction, take a “mindful minute” to review any terms and conditions and assess whether what you’re buying fits into your financial plan. Even a brief pause can help prevent impulsive spending!
Understanding Digital Investments
Educate yourself on the digital resources available for understanding investments. Take a look at the information available through the Nova Scotia Securities Commission before you choose to invest online.
The NSSC’s user-friendly information can guide you in choosing the right investments based on your financial situation, making it a great starting point for beginners.
During Financial Literacy Month and throughout the rest of the year, the FCAC offers a wealth of tools and tips to assist you. Make sure to visit them as you plan your budget and start on the path to better financial habits.
Other Tools and Resources from the FCAC:
- Mortgage Calculator: Helps you understand how a mortgage works with your finances (Mortgage Calculator — Canada.ca (fcac-acfc.gc.ca)).
- Financial Health Check: A way to see the strengths and weaknesses of your financial health (Managing your money in challenging times — Canada.ca).
- Financial Emergencies: Advises on preparing for unexpected financial troubles (Managing your money in challenging times — Canada.ca).
