November marks the 5th anniversary of Canadian Financial Literacy Month (FLM), an awareness campaign which aims to educate, promote, and strengthen the financial skills and knowledge of Canadians as it pertains to managing their personal finances.
For small business owners, startups and entrepreneurs, we know that personal finances and business finances can quite often be intertwined, so it’s even more critical to be financially literate. These skills can help you make informed and sound decisions about your business.
The theme of FLM 2015 is “Count me in, Canada”, with the fundamental belief that promoting financial literacy to Canadians involves the collaboration and commitment of the private, public, and not-for-profit sectors.
During the month of November, organizations across Canada will be present resources, host workshops, seminars, and other key events to help Canadians learn how to manage their finances successfully. And with the holidays around the corner, the timing could not be better.
It’s never too late to improve your skills and knowledge about financial matters. Here are 3 things you can do to improve your financial literacy:
- Do Your Research
Personal and small business finance resources are available everywhere – online, magazines, television – you just have to know where to look! It’s important that you not only gather data from trustworthy sources, but also look to multiple sources for diverse opinions and perspectives, as it’s not uncommon to receive conflicting advice. Ultimately, you know what’s best for you and your small business – but make sure you’re well informed. We recommend the Financial Consumer Agency of Canada – their website has a wealth of information and is an excellent starting point for credible and reliable information.
- Know Your Spending Habits
According to a recent survey done by the Canadian Payroll Association, almost half of Canadians claim they are living paycheque to paycheque and experience difficulty in meeting financial obligations if their pay is delayed just by a week. Being honest with yourself about how well you’re managing your money is key. Take the time to break down your monthly income/revenue and expenses and get a clear view to whether you’re on track with your financial goals. Not sure what your financial goals are? That’s the best place to start.
- Get Educated
Financial literacy seminars and workshops led by credible and experienced financial experts and organizations are a great way to learn how to manage your finances. Take a class from a local adult education centre or a community centre. Financial literacy classes are also available as online courses or self-help books for individuals who prefer to learn from home. Personal finance-related podcasts are another great option for productivity junkies who want to boost their financial literacy while commuting or exercising!
As a responsible leader in the FinTech industry, Lendified is committed to supporting the National Strategy for Financial Literacy – Count me in, Canada, by raising awareness and the importance of financial literacy in the community. We will be using the hashtags #FLM2015 and #CountMeIn throughout November to share information in social media. We hope you will join the conversation!