5 Resources To Improve Your Financial Literacy
Financial literacy is the ability to use knowledge, skills and resources to make effective financial decisions. This can serve you in a variety of ways, from allowing you to achieve your savings goals to helping you protect yourself from financial fraud. Here are just some of the tools you can use to become more financially literate.
1. Books, blogs and newsletters
Reading up on matters of personal finance allows you to familiarize yourself with various concepts and benefit from expert advice on topics such as how to save money, build long-term wealth or retire early. Depending on your preference, you can get this information from books, blogs or newsletters delivered right to your inbox. Just make sure the author is a reputable professional with recognizable credentials.
2. Bank and government websites
There are financial resources and educational materials available on your bank’s website. Simply type a phrase such as “TFSA” or “RRSP” into the search bar, or consult the FAQ page. Similarly, the Government of Canada provides an abundance of online tools including budget planners and calculators for credit card payments, vehicle leasing, retirement income and more.
3. Apps and software
Before you can make sound decisions about your money, you need to know how much you have and where it’s going. Free budgeting apps make it easy for you to track your expenses and gain control over your finances. Similarly, using tax software can demystify the process of filing an income tax return and allow you to maximize your deductions and credits.
4. Podcasts and social media
Listening to podcasts by trusted experts is a great way to absorb knowledge and news about the financial sector while you walk the dog, do the dishes or commute to work. Alternatively, you can follow financial experts on Twitter, LinkedIn or YouTube, or join a personal finance group on Facebook to increase your exposure to the world of personal finance and obtain useful tips.
5. Financial professionals
Whether you have a question about your bank accounts, investments, taxes, retirement savings or other personal finance matters, there’s a financial planner who can help. For example, licensed insolvency trustees provide credit counselling and debt management services, whereas accountants are a great resource when you need to apply for a loan or file your tax return.
Personal debt management services in eastern Ontario
D. & A. MacLeod Company Ltd. is a trusted source for personal and corporate financial solutions across eastern Ontario. You can count on our team of licensed insolvency trustees for credit counselling as well as assistance with personal bankruptcy, consumer proposals and debt consolidation. Contact us today to schedule a consultation at one of our offices in Ottawa, Brockville, Cornwall, Kanata, Kingston, Pembroke or Smiths Falls.