Dan Ahlstrand and Clinton Wilkins are joined by Mario Cloutier of Manulife to discuss the importance of risk insurance for home additions, creditor insurance, and the importance of financial literacy.
What is Financial Literacy Month all about?
Tomorrow, we kick off the start of yet another Financial Literacy Month! November is all about financial literacy, and with the holidays and spending temptations around the corner, it comes right on time. While facing our finances can seem scary, the more you understand, the less intimidating your money is. Here’s what Financial Literacy Month is all about and how you can get involved!
What is Financial Literacy Month?
The Financial Consumer Agency of Canada (FCAC) started dedicating the month of November to improving Canadians’ financial wellbeing back in 2011. This initiative has been labelled Financial Literacy Month. The FCAC, part of the federal government, aims to help Canadians develop their financial knowledge and confidence to create a country of fiscally responsible residents. Throughout November, The FCAC teams up with various companies and organizations within the country that specialize in, or have an emphasis on, money and finances. These include banks, law firms, insurance and accounting companies, etc. Together, these groups put together various resources for Canadians to absorb, like websites, webinars and online events, in-person events, workshops, presentations, and more. You can read more about Financial Literacy Month here.
How do we participate?
Here at Clinton Wilkins Mortgage Team, we’re big on financial literacy. We like to treat every month like Financial Literacy Month in terms of how we approach these essential topics and conversations with clients. As you know, we’re always open to discuss your mortgage needs and your finances. In November, we just take things one step further. We will be bumping up our blog post volume this month to ensure you can find information on any topic you need on our site. There’s no shortage of financial topics to discuss, but we try to cover the most essential issues! You will find blogs about debt, creating money goals, budgeting, investing, credit, and more. Apart from our blogs, Clinton joins Todd Veinotte on the monthly radio show Mortgage 101 on CityNews 95.7 to chat about mortgages and all things related to them. Check out all the episodes here!
How can you get involved?
So, how can you dive into Financial Literacy Month? You don’t need to do anything drastically different from what you might be doing year-round. This month is just about recognizing what you should know and learn about your finances, but it doesn’t have to become a full time job.
Listen to podcasts
They say there’s a podcast for everything, and it really is true. If you’re a podcast fan, you might enjoy absorbing Financial Literacy Month this way. You can find quick-hit podcasts that just give you the basics, or more in-depth explainers. Two podcasts we like are Simple Money and Real Money Talk. It’s easy to find financial podcasts on Spotify, Google Podcasts, or wherever you like to listen!
Follow financial news
There are tons of news sources that have a big emphasis on money and finances. If you’re worried about your finance-based stories getting buried in other breaking news from your usual news sources, try a couple dedicated money sources. Financial Post, BNN Bloomberg, and Canadian Business are great options, as are the business and money sections of places like CBC News and the Globe and Mail. It doesn’t hurt to keep up with international business news either — check out Forbes and Reuters if that interests you.
Reach out to a mortgage professional
Of course, this is most relevant if you’re a home owner or buyer looking for mortgage guidance, but if you are, this step is essential. Mortgage professionals like brokers, and other real estate professionals like agents, will be an invaluable resource for you during this process. It’s a bit like having a personalized stream of financial and mortgage information. We help you with your budget, debt, housing needs, mortgage products, offers, and paperwork, all of which surround your finances. Mortgage and real estate experts build your financial literacy so you can manage your money confidently.
Big topics to develop financial literacy
Wondering what the big topics are you should focus on to achieve the best financial literacy skills? We’re always learning and updating what we know, so you can never know absolutely everything! However, there are certainly some big topics that make up the foundation of financial literacy. For example, we recommend learning about things like credit, budgeting, and debt. These are basic things that likely affect you, and it’s important to understand how to manage them. You will be able to create a personalized budget for your lifestyle, master a debt repayment strategy based on your income, and keep your credit score strong. Again, you can always revisit our blog page to learn more.
Financial Literacy Month is a great chance to brush up on your knowledge of the financial issues that impact your daily life. Take advantage of resources available to you to help you feel more confident in your ability to manage debt, improve credit, or create an accurate budget. Most importantly, feel free to reach out and ask questions! We’re here for your financial and mortgage needs, not just in November, but year-round.
If you have any questions about your mortgage, get in touch with us at Clinton Wilkins Mortgage Team! You can call us at (902) 482-2770 or contact us here.
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