Stretching Your Dollar

With Fall soon upon us, thousands of students are leaving home for the first time to attend university or college. This experience is as exciting as it is stressful, and it comes with a set of new responsibilities.

For most students, this will be the first time they have had complete control over their finances. However, it is also the first time they have had expenses such as rent and groceries. With the cost-of-living increasing, it is especially important that people of all ages understand where their money is going; however, for the newly independent this is all the more challenging.

Fortunately, the Government of Canada has resources dedicated to helping you manage your money. On www.canada.ca, under Money and Finances, you can find a variety of tools and resources on personal finance. The Managing Your Money section of Money and Finances includes information on many facets of personal finances.

The website provides information on the basics of credit reports and scores, including how they are calculated, who can access them, personal information on the report, and how to improve your score.

Regarding budgeting, the website offers both information on making and sticking to a budget and a budget planning tool. The Budget Planner allows you to input your income and expenses, as well as your financial goals, to determine how you can meet your needs. Once completed, the planner can be downloaded into a spreadsheet to help you stay on top of your expenses.

The website also includes information about banking, insurance, and even estate planning. It is truly a one-stop shop for all of your financial planning needs.

Whether you are newly independent, looking to cut back in the face of inflation, or just curious about your spending habits, these resources help you address your finances head-on and well-informed.