Boost Your Financial Confidence
November is Financial Literacy Month, and the Financial Consumer Agency of Canada (FCAC) is inviting Canadians to participate in a new challenge: to “do one thing” that will boost their financial confidence. This year, FCAC’s campaign encourages small but impactful actions that can lead to a healthier financial future, whether it’s checking your credit score, talking about budgeting with friends or family, or reaching out to a financial professional with questions.
Why Focus on Financial Confidence?
Financial confidence is the foundation of effective money management. It helps reduce financial stress, equips us to make informed decisions, and builds resilience in times of financial difficulty. According to FCAC, taking even one small action can lead to a ripple effect of positive habits. By engaging with our finances in manageable steps, we can work toward long-term stability without feeling overwhelmed.
Small Steps You Can Take to Make a Big Difference
Here are some simple yet powerful actions that can kickstart your journey to greater financial confidence this month:
1. Check Your Credit Score
A credit score is a snapshot of your financial health. Checking it is free, and it helps you understand where you stand. This knowledge can inspire you to make choices that improve your score, which in turn opens up better options for loans, mortgages, and other financial opportunities.
2. Create or Update Your Budget
Start by tracking your income and expenses for one month. A clear view of where your money is going can help you identify areas to save and make informed financial decisions.
3. Review Your Subscriptions and Memberships
Take inventory of any recurring charges, like streaming services or gym memberships. Cancel those you’re not using regularly, which can free up money for other priorities.
4. Automate Bill Payments or Savings Contributions
Setting up automatic payments or transfers for bills and savings accounts helps you stay on track without the worry of forgetting. Automation also removes the temptation to spend money meant for savings.
5. Track Your Spending for a Week
Write down everything you spend money on for one week. Often, small daily expenses add up, and seeing them all together can inspire more mindful spending.
6. Read One Financial Article or Blog Post
Whether it’s about budgeting, investing, or saving tips, reading a trusted financial source can provide helpful insights and new strategies for managing money.
7. Have a Money Conversation
Talk with a partner, friend, family member, or professional about finances. Sharing goals, ideas, and challenges can normalize financial conversations, making it easier to gain support and accountability.
Join the #MoneyOnYourMind Challenge
Throughout November, FCAC is encouraging Canadians to share their experiences on social media with the hashtag #MoneyOnYourMind. The goal is to normalize financial conversations, reduce stigma, and provide a space for people to connect and learn from each other. By joining the challenge, you’re not only committing to boost your financial confidence but also inspiring others to do the same.
Take the First Step Today
You don’t have to overhaul your finances overnight—just “do one thing” this month to get started. Whether that’s checking your credit, having a conversation, or making use of tools like the Financial Goal Calculator, every step counts. Take part in the #MoneyOnYourMind challenge and join Canadians across the country in building financial confidence, one action at a time.
