Financial Literacy

Financial Literacy is defined as having the knowledge, skills, and confidence to make responsible life decisions. Money plays a huge role in our lives and the world we live in. Learning useful financial information and how to manage money effectively can be very beneficial.

There are several different workshops in the Financial Literacy series, each teaching about a different subject.

Exploring Your Relationship With Money

Take this opportunity to explore your values, feelings and assumptions about money and assess your current level of knowledge and confidence when it comes to financial matters. This will help to identify areas where you can improve and learn.

Income & Taxes

Income is a good place to start when it comes to the subject of money management. Income might come from employment, a small business, or government benefits and is the money we have to manage. This workshop gives an overview of income sources, discusses income tax, and touches on how income is treated under public benefits programs.

This workshop is not meant to teach you how to do your taxes, but to help you gain an understanding of the process. You’ll also receive an overview of the basic information and key terms and be provided with additional resources such as where to go for more help.

Budgeting

The Budgeting workshop introduces you to the idea of budgeting as a money management tool. It explores the many benefits of using a budget and looks at the elements of a budget, including income, fixed expenses, and variable expenses.

We will spend time focusing on the steps that you can take towards gaining more control over your money and achieving your goals through the use of a budget. Strong budgeting skills are one of the keys to transforming a relationship with money.

Banking & Financial Services

Banking & Financial Services discusses banks, credit unions and alternative financial services. The purpose of this workshop is to share insight about your options while comparing the services offered. You’ll explore factors to think about when choosing a bank account and the steps to open one.

Some people who do not use banks or credit unions, may rely on the more costly alternative financial services (AFS) sector. These services include cheque cashing, payday lending, pawn shops, rapid tax refund services, and rent-to-own stores. The workshop also explores these services and compares them to traditional banking services.

Saving

This workshop introduces the practice of setting savings goals. You’ll learn how to make a practical savings plan and choose the right savings tools. There will also be an opportunity to reflect on the difference between wants and needs, and look at spending habits to find places to save money.

You’ll also have a chance to explore the concept of compound interest and its role in seeing your savings grow. The workshop also touches on the basics of a range of common savings tools and how they relate to savings goals.

Credit Basics

The Credit Basics workshop looks at the pros and cons of using credit. It explains the basic features of a range of credit products. There is a focus on credit cards – how to choose them and how to use them. You’ll learn how interest is calculated on credit card debt and how this increases the cost of items purchased using credit.

Debt

This workshop looks at debt and the role it plays in personal money management. It examines the benefits and costs of debt and offers a range of repayment strategies that can be used by all. You’ll learn how to calculate how much debt individuals can afford to manage and how to deal with creditors and collection agencies including one’s rights and responsibilities.