With the number of young people seeking financial help these days, it’s becoming even more apparent that financial literacy needs to be taught in schools. I can’t tell you the last time I had to solve an algebra equation or explain to someone the properties of matter, but budgeting and money management are skills I use every day.
In an article on cbc.ca, Tom Hamza, president of the Investor Education Fund, states, “It’s not about creating a generation of investment bankers. It’s about having people able to understand what the major hurdles are in their financial lives – the basics of credit and debt and telephone bills and that sort of thing all the way to long-term expectations”.
The best advice I can give to students is to learn to budget and manage your money. There are a number free online budgeting tools, one that I have had some personal experience with is Mint.com. This free tool will help you budget and track expenses.
By maintaining and sticking to a budget, you reduce the risk of overextending yourself on student debt.
Parents – here is a good article on preparing the next generation for financial well-being. Often parents end up assuming the student debt for their children.
If you or your adult children are having debt issues, we have offices across Ontario. Contact us to get a fresh financial start.
