Use FLM 2015 to Create Your Debt Management PlanNov 26, 2015
Now is the perfect time to take stock of your finances and examine your debt management of all kinds of debt, whether it’s your student loan, your credit cards, or your mortgage. It’s the 5th annual Financial Literacy Month (FLM) in Canada this November, and with it comes a wealth of resources to help you strengthen your level of financial literacy. The Financial Consumer Agency of Canada (FCAC) has created this campaign to help Canadians improve their knowledge about personal finance.
You can start by organizing your thoughts on the matter and asking yourself the following questions:
- How much do I know about my personal finances?
- Do I have a financial plan ready to tackle my debt?
- What would I do in the case of an emergency life event?
- Have I stuck to my budget this year? (Did I have one in the first place?)
If you’re new to the debt planning process, the FCAC has a Financial Literacy Self-Assessment Quiz to help give you a better understanding of your own financial literacy. You can then utilize some of the FCAC’s resources available such as how to make a budget and stick to it, as well as, useful tools and calculators to learn more.
After becoming more familiar with the subject of personal finance, the next step is to apply your learning. If you’re a millennial, you might be looking to take control of your student loan debt. In Ontario, students are given an integrated loan, which comes from both the Government of Canada and the province of Ontario. CanLearn.ca has a great deal of information on how to make payments and how to pay off your loan faster.
If you are looking to better manage your spending, take advantage of the FCAC’s budget calculator. Using this tool will outline where your money is going and whether you have enough to cover your expenses. It can help you better understand your budget overall.
Furthermore, are you aware of everything you are being charged for? You could be saving more if you avoid unnecessary account charges:
- Learning more about your chequing account options can save you from over-paying on service and overdraft fees. The FCAC offers an account selector tool that will help you determine the account that best suits your needs.
- The FCAC also has a credit card selector tool. You can use this to select a credit card that doesn’t have annual fees and other options that will work best for you.
Finally, if you would like a more personal touch, consider contacting your local Trustee in bankruptcy to learn more about all your options when it comes to debt management. A Trustee will walk you through several debt relief options, like debt consolidation, where you can consolidate your many debts into one, with a potentially lower interest rate, making it much easier to maintain a budget.
You can join the conversation on Twitter by using the hashtags #CountMeInCA, #FLM2015 and #BDODebtRelief. Make the most out of Financial Literacy Month and share this knowledge with your friends!