Are You Financially Fit?
(Image Credit: Micheile Henderson on Unsplash)
Whether you are a leader, business owner, or employee, having your finances in order is a top priority. The month of November is Financial Literacy Month in Canada, and we’re here to help you get back to basics with your finances and your overall well-being!
Now more than ever financial management is important considering the COVID-19 worldwide pandemic. Many have lost their jobs, taken pay cuts, or had to do a complete overhaul of their home finances. Taking time to review your finances and prepare a budget to plan where your funds are going can put your mind at ease. And it’s never too early to start!
According to Debt.ca and their information on Canada’s Financial Literacy Month along with the Financial Planning Standards Council, about 4 in 10 Canadians say that money is a cause of daily stress. On the other hand, those who are confident with their financial knowledge and decisions with their money are proven to be better at managing their finances which shows the importance of being financially accountable.
But financial accountability and saving money doesn’t have to be stressful. With the right tools and resources, you too can take back control over your finances and eliminate the stress of saving and managing your money.
Here are some tips on how to become financially fit.
Create a Budget.
As a business owner, if you aren’t forecasting or planning your spending and expense management you may be unprepared. The pandemic was an unfortunate example of not having an “emergency fund” to help out. Creating a budget is one of the best ways to save money and focus on your finances because it gives you the opportunity to really reflect on where your money is going and whether or not the purchases you’re making are really necessary.
On a personal level, budgeting will not only help you to save money in the long run on necessities like groceries and rent, but you will also be able to save more funds in case of an emergency as well. More organizations should offer some financial support or advice as part of their programs to help employees alleviate some of the stress that debt and money challenges can cause.
And as we said, starting to understand finances can begin at a young age. You can also get the kids into budgeting too with these fun financial accountability activities for kids!
Read. Read. Read.
The internet now offers many resources and tools to help you manage your finances. One of our favourite websites that offer resources is from the Government of Canada and it’s the 10th Anniversary of Financial Literacy Month! The Government of Canada offers lots of tips and tools to help with saving money, reassessing your financial goals, and protecting yourself from financial fraud in order to make the most out of your money. They also offer a budget planner to track your expenses. Check them out here!
Get a Mentor.
Mentors are beneficial for many aspects of your life and that includes finances as well. A financial mentor can help you open your eyes and set clear goals to help you figure out what you want in terms of your finances. A mentor can also guide you and steer you towards your financial goals and get you that much closer to being financially literate and able to control where your money goes.
In our recent Life Works Well Mentor Circle “Back to Basics and Finishing 2020 Strong”, we talked to Bissett Financial Fitness founder Tracey Bissett about how to get your finances under control and the different steps you can take to become more financially stable.
“Financial acumen is so important because it affects not only our financial life but it actually affects our physical well-being, it affects our relationships with other people, so if we’re not handling it, we’re probably going to feel stressed and that’s going to come out in different places and you may not be physically well after that.”
Getting guidance when you need it is a must when focusing on your finances because when you focus on your financial well-being, you focus on your physical well-being too!
Becoming financially accountable may seem daunting at first, but once you take that first step, you will be on your way to a less stressful well-being. Financial accountability is important because when you can talk about your finances and focus on what’s important, that’s another aspect of your life you can control.
If you missed the first webinar of the series with Tracey Bissett, check out our YouTube page.
For more helpful information be sure to join us on November 30 for part 2 of our Financial Literacy Month webinar series with Financial Advisor, Louise Stevenson.
You can do it!
Happy Saving!