Financial wellness is the ability to meet basic needs and manage money for the short- and long-term. Review the information and resources below to enhance your financial literacy and start taking charge of your finances.
What’s your financial literacy score? Take this Canadian financial literacy self-assessment quiz to find out. Start the quiz now.
Creating a budget is an important step in your university financial plan. Your budget will help you manage your money and prepare for upcoming expenses. Before you begin, evaluate your needs and wants.
Do I need it? or Do I want it?
Defining wants vs needs is not a ‘one size fits all’ approach. A ‘want’ for one person might be a ‘need’ for someone else. For example, consider transportation. A bus pass is certainly the most affordable option, but riding the bus may not be feasible given where you live. Be realistic with what you require and then budget for it.
Create a Budget
You can make a budget in 3 easy steps using the Financial Consumer Agency of Canada’s Online Budget Planner. Get started here.
SMART Financial Goals
Using the SMART method to set financial goals will help you focus and see results.