Financial Basics

Personal finances: here are the basics you need to know.

Values

Learn more about what’s important to you in managing your money.

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Budgeting

Be sure to set a budget for your spending. We’ve set up a system to show you how.

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Goal Setting

Our SMART formula can help you to easily set your financial goals.

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Community

Many local, non-profit organizations share common values and offer low or no-cost tools and resources.

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For most people, wealth is relative – this is financial basics 101. For example, compared with people in many other countries, we Canadians are all “wealthy.” Relative to the “stuff our neighbours have,” perhaps not. For others, being wealthy means having enough to meet their wants and needs now and in the future – it means having peace of mind.

The path to wealth can be complicated but it starts with understanding your relationship with money. The goal is to attach your values to financial decision-making. Doing so will help you to accumulate, grow, preserve and transition your wealth. This way, your wealth – whatever it looks like – will be built on the foundation of what you feel is most important in life.

AMANDA’S STORY: How my parents helped me learn the true value of money.

In the early stages of their relationship, my parents lived in either Manitoba Housing or small rentals. I never knew how much money they made, but from our lifestyle I knew it was considerably less than my friends’ parents. They were very strict with money and never approved of me going to a movie or to the mall just to shop for fun. This left me at home many nights, sad and bitter that I didn’t have the same lifestyle as my friends. On the other hand, a very positive memory I have is of my parents purchasing their first home—they were literally crying they were so happy!

After high school, I tried university but was drawn to the idea of a full-time job and saving for my first apartment. I now live on my own, completely independent, and do everything I can to save for a down payment on a home. I put $200 from each pay cheque into a tax-free high-interest savings account and $100 for my night university courses. I take the bus, only buy clothing if it’s on sale, use coupons and buy no-name groceries.

Amanda is now focused on saving and planning for her future rather than on instant gratification.