With interest rates rising in Canada, with apartment rental rates skyrocketing in Toronto, many of us are taking on more and more debt. Less saving is getting done. More and more Canadians are spending on things that don’t really matter. Are you headed towards bankruptcy or is there a better way?
In this world of hustle and bustle, where many of us have a full-time gig and at least one side hustle to pay the bills many Canadians have no balance in their lives. We are eating out more. Grabbing more coffees in cafes. Did you know the average Canadian family spends $300 on eating out or on take out? How much are you spending and could it make a difference in reaching your long-term goals? Are you able to reach for your dreams?
A number of years ago, I had racked up a huge sum of consumer debt. I declared bankruptcy. I am asking a hard question. Are the spending choices you make today leading you are towards bankruptcy? Are you one step away?
Take a hard look at where you are spending. Have you ever tracked your daily spends for a month? It can be an eye-opening experience. Simply write down every penny you spend for a month. It may lead you to make some changes.
Invest in Your Financial Well Being
Many years ago I started Common Cents Mom as a place where my readers could come and get smarter about money. I even started the very first personal finance chat in Canada. Now there are many resources. One of my favourite resources, one that helps everyday Canadians is actually put out by the federal government.
If you want to get a handle on your spending habits, learn more about money, use a budget calculator perhaps for the very first time, learn about the differences between a TFSA and a RRSP, and learn about your rights and obligations when it comes to financial institutions, this site gives you the resources that you need.
This week the theme is all about good habits, one of the best habits you can have when it comes to financial literacy is to have a budget and stick with it. It is a foundation ground that you can build on. Financial literacy is important not only for your well being for that of your family and the economy. The more we know the more we can invest in our futures.
Eight years ago, I started talking about financial literacy. I talked about my bankruptcy and through the #Cdnmoney chat encouraged Canadians to get money smart. That is still my goal. I was proud to participate in the first Finacial Literacy Month in 2012 and every year especially in November, I share ways for you to get money smart.
We all need to understand this financial ecosystem and how even our little spending choices can make a difference.
Let me know if you are participating and watching for the #FLM2018 hashtag and what you are learning.