November is Financial Literacy Month
For many, 2020 has been harder than expected, with job loss and income shrinkage across Canada.
While times may be tough, there are things that you can do to strengthen your finances and protect yourself from future losses:
Keep Track of Your Money
Making a budget will help you stick to a spending plan and stay on top of your finances. Learn more.
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. Learn more.
Reassess Your Financial Goals
During challenging times, it may be necessary to reassess your financial goals. Talk to a financial expert at your bank or consider talking to a debt counsellor if you're struggling to adjust your goals. Learn more.
Protect Yourself From Financial Fraud
Protect yourself from fraudsters who prey on people's fears and misinformation about the COVID-19 pandemic. Older Canadians, in particular, are frequently targeted for certain types of fraud and may also be vulnerable to financial abuse. If you think you've been a victim of fraud, you seek help with the Canadian Anti-Fraud Centre. More information is also available online. Learn more.
Set Up An Emergency Fund
If you can, set aside some money to pay for unexpected expensed and avoid taking on more debt. Learn more.
Understand Financial Products and Services
Know your rights and rules for your financial products and services. Learn more.