It’s that time of year again! Now celebrating its 10th anniversary, Financial Literacy Month is an initiative organized by the government of Canada that takes place every November. The month-long tradition puts a focus on empowering citizens with the knowledge and tools needed for effective financial management and building brighter financial futures.
At Spergel, we fully support this initiative and carry the spirit of Financial Literacy Month with us year round in our Online Learning Centre. This particular month, however, is a wonderful time for Canadians to increase their financial literacy before the mad rush of the holiday spending season begins. By gaining such knowledge now, setting New Year’s resolutions for eliminating that holiday debt in January also becomes much easier.
To help you navigate the nuances of debt, debt relief, and debt management as part of your financial literacy education, here is a compilation of links to some of the best resources from our team of expert Licensed Insolvency Trustees…
What Is A Licensed Insolvency Trustee?
For the advice on this page to make the most sense, a good starting place would be to learn what a Licensed Insolvency Trustee is and what they do.
Though most people know what a banker, bookkeeper, or financial advisor is, it’s pretty rare to hear someone talking about the meeting they had with a trustee. This is unfortunate, because LITs are a Canadian’s biggest ally when it comes to protecting your rights while dealing with debt.
Now that YOU know they exist you can include them on your list of resources and team members to consult when making financial decisions for your future. If you can imagine a debt problem, our LITs have seen it – and helped people through it.
Learn more in our article about Licensed Insolvency Trustees
The Red Flags of Money Problems
The next step would be to learn how to identify the warning signs of insolvency. Sometimes money trouble hits us hard and fast. Other times, it’s a slow build (like a snowball growing in size as it rolls down a mountain). If you know the tell-tale signs of money troubles, you and your loved ones can recognize them and take corrective action before they become serious money problems.
Learn more in our article about Identifying & Avoiding Money Problems
In Canada, major life events tend to coincide with major expenses, bills, and (often) debt. Going to university costs money, having children costs money, getting married and throwing a reception costs money, buying a home costs (a lot of) money, getting divorced costs money, getting sick costs money, it even costs money to be buried when you die! It’s no wonder, then, that so many people experience financial hardship at some point in their lives. Here are a few of our best guides for navigating debt through major life events:
- How to Manage Debt During A Health Crisis
- How to Pay Off Debt During Unemployment
- How to Help Aging Parents Through Financial Difficulties
- How to Deal with Student Loan Debt
- How to Deal with Tax Debt
- How to Deal with Debt Collectors
Whether you are wanting to avoid debt or dig yourself out of it, a little budgeting can go a long way. Here are some helpful tips for how to manage your spending and savings year-round.
- Holiday Spending Tips
- Grocery Budget Tips
- Budgeting Tips For Post-Secondary Students
- Summer Vacation Money Tips
- Tips for Saving Money with Irregular Income
You can also watch videos about success stories and debt tips on our YouTube Channel.
Debt Freedom Calculator
If you have debt and want to know how long it will take to become financially free or are curious about how much it will cost you to get your freedom back, our Debt Freedom Calculator will do the math for you quickly and easily (so you don’t have to crunch the numbers). It will also show you the different options you have (some of which you may not yet be aware of!) and how they compare.
Of course, we’ve saved the best for last. There is no substitute for the kind of attention, knowledge and personalized solutions you can get from a one-on-one meeting with another human being. Especially when that human being gets what you’re going through and is qualified to help. Consultations with our Licensed Insolvency Trustees are free of charge, can be done remotely (by phone or video conference call) and are available year-round. There is no obligation to hire our services. This is simply an invitation to chat and we are more than happy to work with your schedule to find a time that serves your needs.
In whatever ways you choose to increase your financial literacy this month, we wish you all the best in your money management studies and financial future.
From all of us at Spergel, Happy Financial Literacy Month!
Knowledge Is Power. Let’s Go!