Prioritizing financial literacy year-round

November and Financial Literacy Month are already approaching their end! Over the past few weeks, we have focused on sharing insights and advice to help Canadians improve their own financial well-being and understanding. However, prioritizing financial literacy isn’t something to only think about in November. It should be a year-round topic on your mind! It’s essential to stay informed and updated, so here are some key ways to maintain and improve your financial knowledge throughout the year.

Keep updated on financial news

One of the key parts of financial literacy is staying up to date with financial news. While understanding money is something that is perhaps most emphasized during Financial Literacy Month, building up your knowledge of this topic is crucial all year. Financial shifts can occur at any point, including changes in inflation, global economic news, and interest rate increases or decreases. The Bank of Canada makes eight interest rate announcements throughout the year, and it’s important to understand what those announcements mean. Whether you are a home owner or not, these are valuable insights that allow you to better understand today’s financial landscape. You should make a habit of checking financial news sites to stay updated on important events and improve your understanding of how economic factors affect you. This will empower you to make the best decisions for yourself.

Create clear financial goals

As we mentioned above, one of the biggest aspects of financial literacy is to help you make informed decisions. Now that we are reaching the end of Financial Literacy Month, it is the perfect time to set some goals based on what you’ve learned. We addressed many financial topics in November, but everyone has unique goals they want to focus on. For example, you might want to work on creating a realistic budget for yourself, recovering from debt, or buying a home. Think about what you need to do to reach your objectives! Do you need to start saving for a down payment, secure a mortgage pre-approval, or start doing research on the housing market? Being clear about what you want to accomplish and setting short-term and long-term goals can help guide your actions. By breaking your goals down into smaller chunks, you are able to track your progress and hold yourself accountable more easily.

Build up your economic vocabulary

Before we go any further, rest assured that you don’t need to become an economic expert overnight in order to grow your financial knowledge and vocabulary. However, understanding the most basic terms will help you feel more confident. Things like inflation, interest rates, and economic downturns are all relevant and important terms to learn about today. These words are frequently used in financial news, and understanding their meaning will help you get a better grasp on trends and how they might impact you. Plus, the more you know about important economic concepts, the more confident you will be in your abilities to make financial decisions for yourself and navigate the market.

Always use a mortgage broker!

Of course, the best thing you can do when you are looking to improve your financial well-being or purchase a home is get involved with an industry professional, and that’s where we come in. Mortgage brokers are an invaluable resource for borrowers who are looking to get involved in the market. If you are hoping to buy a home, we are your key to securing the right lender and product for your needs. If you are an existing home owner looking to reevaluate your mortgage, we can help you decide if a refinance is right for you. Finally, if you are struggling with debt, we can play a key role in your debt recovery journey. Educating yourself is essential, but that doesn’t mean you should try to do everything on your own! The smartest decision you can make in regards to your financial well-being is allowing experts to be part of your individualized experience. 

Prioritizing financial literacy is essential for all Canadians, all year long! Whether you want to buy a home, refinance your mortgage, reduce debt, or just increase your own understanding of today’s economy, your experience will be unique to you. The good news is you don’t have to do it alone! Working with a mortgage broker is the best way to ensure you have access to the best options and can secure the best products. As we exit Financial Literacy Month, remember that every step you take brings you one step closer to achieving financial well-being!

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.