Digital content for Financial Literacy Month
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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”.
canada.ca/financial-literacy-month
Text version: Keep track of your money
Keep track of your money
It’s important to carefully track your money so you can make informed financial decisions and find areas where you can save.
Did you know? FCAC’s research shows that when people get started and continue with a budget, they are better at managing their money than those who do not budget.1
1 FCAC (2019) “Sustained behaviour change through financial education: A budgeting longitudinal study using mobile technology”
Text version: Commit to a spending plan
Commit to a spending plan
Making a budget and reviewing it regularly will help you stick to your plan and stay on top of your finances.
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.
Text version: Reassess your financial goals
Reassess your financial goals
During challenging times, you may need to reassess your financial goals to make sure they are still realistic and a priority based on your situation.
Did you know? Budgeting helps balance your income and expenses, so you can understand what you can afford and what goals might need to be postponed or changed.
Text version: Minimize your debt
Minimize your debt as much as you can
If you must borrow money, understand the cost of debt and borrow only what you need.
Did you know? A budget is important if you have trouble paying your bills. It will help you balance your income with your expenses and guide your spending.
Text version: Have a plan to repay your debt
Have a plan to repay your debt
There are free tools to help you make a plan to pay it back.
Did you know? FCAC’s online resource includes a step-by-step guide to repaying debt and free tools, such as the Financial Goal Calculator and Credit Card Payment Calculator.
Text version: If you can, set aside some money for unexpected expenses
If you can, set aside some money for unexpected expenses
Setting up an emergency fund will help keep you from taking on more debt if something unexpected happens.
Did you know? Whether it’s $50, $20, $5 or just a few dollars, the important thing is to start saving. Eventually, your goal should be to save the equivalent of 3 to 6 months of living expenses.
Text version: Protect yourself from financial fraud
Protect yourself from financial fraud
Fraud is on the rise. Fraudsters are preying on people’s fears and misinformation about the COVID-19 pandemic.
Did you know? 1 in 5 Canadians say they were a victim of a financial fraud or scam in the last 2 years.1
1 FCAC (2019) “Canadians and their Money: Key Findings from the 2019 Canadian Financial Capability Survey”
Text version: Order your credit report
Order your credit report
Checking your free credit report can help you understand how you are managing your debt and detect any fraud on your accounts.
Did you know? You can order a copy of your credit report for free from Equifax Canada and TransUnion Canada.
Text version: Understand your financial products and services
Understand your financial products and services
When dealing with a financial institution, know your rights and the rules for 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.
Text version: Build good financial habits
Build good financial habits
Take time to educate yourself and your family about basic money matters.
Did you know? During Financial Literacy Month and throughout the year, you can search the Canadian Financial Literacy Database for educational resources and events offered by organizations across Canada.
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