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financial literacy

How to carry Financial Literacy Month year-round

Financial Literacy Month may be coming to an end, but that doesn’t mean you should stop building your own financial literacy! In fact, it’s important to make an effort to keep learning as we move into 2024, so you can enter the new year with confidence. Here are some tips to help you build upon your financial foundation on your own, as we leave November behind.

Stay up to date with financial news

The simplest way to maintain financial literacy is to know what’s going on in the world of finance! There are several publications that make it easy to stay in the loop with financial news. Some of the top options here in Canada include the Financial Post, Canadian Business, and the Globe and Mail. Forbes, the Wall Street Journal, and Bloomberg are some great choices for international news too. These are all great publications for people who are looking to expand their knowledge, but aren’t necessarily financial experts. You can learn all about the Bank of Canada, interest rates, housing prices, economic trends, and more. Financial news publications can help you quickly read up on the top headlines without having to spend hours searching for what you should know.

Set personal goals

All through the month, we have discussed budgeting, buying a home, saving, refinancing, and a whole lot more. We have focused on helping clients create financial goals for themselves to help them achieve and maintain personal financial freedom. Of course, the goal is for you to continue setting these kinds of goals for yourself year-round! If you have identified any areas where you might benefit from goal-setting, we encourage you to do so. Perhaps you want to save up for a big trip, or you are looking to move to a new home. Creating goals to help you reach these milestones can be a big help throughout your journey. For example, you might want to commit to putting a certain amount of money into a savings account each month. Holding yourself to this goal will give you a huge boost!

Hold yourself accountable

It’s very important to hold yourself to the goals you set. You are the only one who can keep yourself accountable for your personal financial literacy. Be sure to check on your savings, evaluate your budget, go over your expenses, or do whatever else you need to do so you can stay on top of your goals. It can feel scary at first, and it’s easy to feel discouraged if you realize you haven’t quite achieved what you set out to. However, the only way you can improve is to keep track! You are not competing against anyone else, and it’s not a race, so you don’t have to feel pressured to accomplish anything. It’s just good practice to check in on yourself so you understand your current situation.

Learn some basics

Financial literacy is a lot easier to understand when you know some basic terms. Things like inflation, recession, and overnight rate are all related to financial literacy. You probably have an idea what these things mean, but maybe you aren’t quite sure how to define them. You definitely don’t need to be an expert, but building a foundation really helps you stay in the loop. You can check out this post from last year, where we discussed the most important economic terms to know. This will help prevent you from feeling like you’re reading a different language when you are checking out financial news.

Questions about homeownership? Contact a broker!

The most important takeaway from Financial Literacy Month is to use professional help when you need it. If you have any questions about buying a home, refinancing, debt consolidation, or anything else mortgage-related, consulting a broker is the best move. We can discuss any concerns you may have, and give you the tools to help you move forward. Being financially literate does not mean you should do everything yourself! A person with financial literacy knows when to take on tasks alone, and when to consult a professional.

Financial Literacy Month is meant to give Canadians a chance to learn and develop their knowledge base so they can achieve their financial goals. The best way to do this is to treat every month like Financial Literacy Month. Do your best to carry these lessons with you into the new year and beyond. Your opportunities for learning are endless!

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.