Want to get better at managing your money? Try these resources to grow your financial wellbeing

                       

As a 25-year-old working three jobs and living at home with my parents, I must admit that digging into my finances is daunting. Especially in an economy where salaries are struggling to keep up with soaring living expenses. 

So one weekend, I decided to buckle down and do a deep dive, and I was pleasantly surprised to find out how much information and help is out there: guides and resources covering everything from how to budget, save and invest, to navigating all the jargon and complex financial concepts you’ll encounter along the way.

Of all the materiaI I looked at, these were the resources that helped me the most:

If you’re into long reads: books

Books can be a comprehensive source of financial information – if you have the patience and commitment to sit down and pour through them. If not, they can also do double-duty as home decor, which you can pick up anytime for a quick hit of financial inspiration. 

The great thing about books is that they usually contain a bibliography with a list of sources and references that can open you up to further research and reading. Here are some of the classics when it comes to financial matters:

If you learn best hands-on: courses

If you’re not likely to read a book without the structure and routine of classroom-style learning, then enrolling in a course might be a good way to keep you on track. Here are some courses to check out:

  • Skillshare: This online learning community covers just about every topic. With an annual subscription fee of $132/year, you can go from finance beginner to guru with these courses. 
  • Government of Canada Financial Literacy Programs: Did you know the federal government offers an e-learning program to help students and adults increase their financial knowledge and skills? Access the Financial Toolkit and Financial Basics Workshop to learn about things like credit and debt management, retirement and pensions, insurance and more. Also check out Learn About Your Taxes, an interactive course geared to people who are just starting to work, to help demystify everything from paycheque deductions to how to complete a basic tax return.

BC Institute of Technology (BCIT): Never overlook the offerings at your local college or technical institute. BCIT offers Continuing Education courses that don’t need prerequisite degrees on everything from Personal Financial Planning (FMGT 1810) and Taxation and Financial Planning (FMGT 3430) to Introduction to Finance (FMGT 2540). Check out all of their business courses.

If you want to learn on the go: apps

Everything you need to organize your finances can be right at your fingertips! These apps are great for figuring out your finances when you’re on the go:

  • YNAB (You Need A Budget): This app is similar to an excel spreadsheet in the sense that you have to manually plug in the values, but its category-based interface makes it more visually stimulating.
  • Quicken Simplifi: Manage your finances with a monthly budgeting system and an easy view into your debt repayments, investments, tax planning, and personal and business expenses. 

Google Home/Amazon Alexa: Want to keep up to date with the latest happenings in the economy and business world but don’t know where to start? Just ask your Google Home: “Hey Google, what’s the latest business news?” for a quick daily report!

If you want the most up-to-date info: websites

Unlike books, websites are constantly updated with trends and the latest happenings in the stock market. I have a few go-to websites that I keep in my bookmarks tab for easy access. Save these on your phone or computer to refer to any time!

  • Savvy New Canadians offers newcomers to Canada a platform for learning about personal finance, investing, retirement planning, freedom from debt, entrepreneurship, and more.
  • Investopedia offers a useful glossary to help you understand the financial landscape – and all the jargon that comes with it. 
  • Practical Money Skills provides interactive tools and educational resources to help individuals and communities build stronger financial futures.

MoneySense is a Canadian online personal finance and lifestyle magazine helping people make better financial decisions, at every age and stage.

If you learn best by listening: podcasts

Unlike books and courses that command your undivided attention, podcasts are great when you’re multitasking. Listen to these episodes while you’re doing the laundry, washing dishes or commuting. I like to put these podcasts on during mindless activities, like painting my nails – a great chance to sneak in some intellectual stimulation. I’ve curated some good episodes from each channel to get you started:

If you’re a people person: Networking

Last but not least, talking to friends and family is a great way to get ideas and share strategies. Luckily my parents have a solid background in business, and are happy to offer sage advice and hard-won wisdom. I find it’s also good to talk to young people too, as they’re often current on the trends – especially when it comes to recommending investments. Take people’s opinions and advice with a grain of salt though, as everyone is at their own stage of their financial journey.

How to process and retain financial information

These resources are just a few of the many out there, and they’re a good starting point to get your financial footing. But a word of caution: diving into them all at once can lead to information overload. 

If you’re likely to get overwhelmed by the volume of info coming at you, here are some tips to help you process what you’re learning so you can make the most of it:

  1. First, make a realistic learning schedule and set some time aside for self-study! Block off time on your calendar and make a note of what you’re going to study and when. Whether it’s every week or once a month, be sure to pace yourself so you can maintain momentum.
  2. There’s one more crucial thing to keep in mind here: financial mastery doesn’t happen overnight! Take notes as you go if active learning is more your style, and sort them into these four categories. Allocate any additional research you gather into a folder or notebook around each topic.
  3. As you consume and process the info, try using the SMART framework (Specific, Measurable, Achievable, Realistic, Timebound) goals to create actionable steps you can take to put your newfound knowledge to work for you. For example, if you’re learning about budgeting, you might set a goal to review your income and expenses, then to research a budgeting tool that works for you, then to set target budgets for each of your spending categories.

There’s one more crucial thing to keep in mind here: financial mastery doesn’t happen overnight! Becoming a financial whiz takes time, patience and a little trial and error. But you can speed it up by making the most of the resources that are out there. After all, you work hard for your money. And you should absolutely make sure it’s also working hard for you!


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