470 reviews
250 Consumers Road Suite 810 Toronto, ON M2J4V6
Financial Literacy Month

Financial Literacy Month

Currently, the average Canadian owes $1.70 for each dollar of annual income received after taxes. Credit card, loan, and line of credit debt collectively total about $24,000 for the average Canadian. However, in the ’90s, an average Canadian owed only 85 cents on the dollar.

It’s clear that there is a higher need for and demand for financial education. Simply put, too many Canadians lack the financial literacy necessary to make wise financial decisions, which results in protracted debt, poor credit scores, and a lack of savings. No matter one’s income or degree of education, financial illiteracy can impact everyone and can permeate all facets of life.

What steps can you take to boost your financial literacy?

1. Examine your financial situation.

Make a list of the money you earn, identify where it is going, and determine what you owe. Writing everything down can help you have a clear understanding of your income and financial standing. Get as precise as you can while accounting for every dollar spent.

2. Evaluate your finances to see if you’re making any mistakes.

Have you established an emergency fund? Are you making the most of your finances? What about your bills—do you pay them on time? Perhaps you’re not making enough payments toward your bills. To fix our problems, we must first identify and own them. Know what you are not doing right.

3. Improve how you handle your credit.

Use credit cards only when you have the money to pay them off in full, and make an effort to pay more than the minimum amount due. If using your credit cards is too tempting for you, think about leaving them at home. Misusing your credit results in debt that will only continue to increase. 

4. Create a budget and write it down.

Create a budget and write it down

Writing things down makes it much more difficult for you to disregard them. Having a budget and not sticking to it is like buying a car and never driving it. The essence of creating a budget is so you can live within your means and not make whim purchases. In your quest to be more financially literate, writing your budget and sticking to it is important.

5. Continue to educate yourself.

We are in the information age. You have no shortage of options for learning about finance. There are countless options, including podcasts, forums, our blog post here at EmpireOne Credit Solutions, and YouTube channels that are dedicated to money management and financial literacy.

Financial literacy is not something that is taught in schools, but it is something that you can learn on your own. By making the decision to become more financially capable, you are taking charge of your circumstances! 

6. Consult with financial consultants at EmpireOne Credit Solutions about your finances and debts.

Consult with financial consultants

Two heads are always better than one! Having a conversation with a trustworthy financial advisor about your finances can help you gain some perspective on your present situation. Keep in mind that competent money managers can assist you in carrying out your personal financial strategy.  Additionally, if you are struggling with bad debt, the debt experts at EmpireOne Credit Solutions can assist you in locating the best debt solution option that would bring you the peace of mind that you have long craved for. Don’t let this Financial Literacy Month pass by without scheduling a free consultation with one of our debt experts.

Share on:

Follow Us

Reduce your debt by up to 80% and Stop All Interest

  • Reduce your Debt by up to 80%
  • Stop All Interest Immediately
  • Stop Wage Garnishment
  • Stop Collection Calls
  • Stop Court Actions