Financial Literacy Month – 10th anniversary
Tips and tools to understand your finances
This year, Financial Literacy Month aims to help Canadians learn how to manage their finances in challenging times.
Keep track of your money
Making a budget will help you stick to a spending plan and stay on top of your finances.
Minimize debt: borrow only what you need
If you must borrow money, understand the cost of debt and have a plan to pay it back.
Reassess your financial goals
During challenging times, it may be necessary to reassess your financial goals.
Protect yourself from financial fraud
Protect yourself from fraudsters who prey on peoples' fears and misinformation about the COVID-19 pandemic.
Set up an emergency fund
If you can, set aside some money to pay for unexpected expenses and avoid taking on more debt.
Understand financial products and services
Know your rights and the rules for your financial products and services.
Tools and resources
Text version: 10 Things you should know during times of financial uncertainty
- Keep track of your money
- Commit to a spending plan
Did you know? Making a budget will help you stick to a plan and stay on top of your finances.
- Minimize your debt
Borrow only what you need
- Protect yourself from financial fraud
Did you know? 1 in 5 Canadians say they were a victim of a financial fraud or scam in the last 2 years.1
- Build good financial habits
Did you know? FCAC’s Budget Planner is a free, interactive tool that allows you to create a personalized budget that you can save and update online.
- Understand your financial products and services
Did you know? If you are having trouble paying your bills, your financial institution may be able to offer you some relief options, such as mortgage deferrals.
- If you can, set aside some money for unexpected expenses
Did you know? Setting up an emergency fund will help keep you from having to take on debt in the future if something unexpected happens.
- Order your credit report
Did you know? You can order a copy of your credit report for free from Equifax Canada and TransUnion Canada.
- Have a plan to repay your debt
Did you know? FCAC has a step-by-step guide to repaying debt and free tools, such as the Financial Goal Calculator.
- Reassess your financial goals
Did you know? Budgeting helps you understand what goals might need to be postponed or changed.
1FCAC (2019) “Canadians and their Money: Key Findings from the 2019 Canadian Financial Capability Survey”.
We open on Elise and Floyd organizing some papers on their desk.
ELISE VO: This past year has been full of surprises. We learned things that we didn’t even know we were capable of!
We see Elise and Floyd browsing the FCAC website on their laptop and phone. They scroll and windows pop up behind them.
ELISE VO: Like how to be better at managing our money with the help of the Financial Consumer Agency of Canada’s free tools and resources.
Camera zooms out to show the windows/app and Floyd/Elise interacting and scrolling. Floyd clicks and a new window pops up showing different diagrams. With another click, windows minimize and camera pans down back to Floyd and Elise. Floyd puts his laptop away.
ELISE VO: That’s not all we learned though. My husband picked up knitting as a hobby.
Floyd grabs his knitting needles.
ELISE VO (deadpan): We have never been closer.
Zoom out to show family on couch in one sweater.
SUPER: Learn how to make informed financial decisions at Canada.ca/financial-tools
Money management tips
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