DIY Money Skills
Like it or not, money is a big part of our lives. Learning how to manage your money is a lifelong endeavor because how you use your money changes as you move through different phases in your life.
There are hundreds of personal finance resources out there. However, be aware of the following:
Many money management resources are produced by financial institutions, businesses, and entrepreneurs who are trying to sell you a product. For example, BMO and Wealth Simple have great videos to teach you about the basics of investing with the hope that you will open accounts with them so always use these kinds of resources with some caution.
Keep in mind that linking your bank account to a third-party app may violate the terms and conditions set by your financial institution which means your money may not be protected if something goes wrong. Always speak to your bank before linking any accounts to an app.
Make sure you are looking at Canadian content as many websites and resources are geared toward an American audience. The laws and regulations around taxes, retirement, insurance, credit, and insolvency (debt restructuring) are completely different between the two countries.
DIY Money Skill Resources
The Financial Consumer Agency of Canada provides a comprehensive set of articles, e-learning videos, financial tools, and calculators to learn anything you want to know about managing your money.
McGill University created an online personal financial course that is taught by their professors. The course is free and learners receive a certificate when they complete the program.
The Personal Finance Canada subreddit is a great place to ask questions about money. The subreddit features a reading list, wiki, and discord channel. This is a good resource for when you are looking for advice specific to your situation.
Canadian Coach Potato website is where you can find information on how to passively invest in the stock market using index funds. This website also features its own podcast. DIY investing in ETFs and index funds is a cost effective way to make your money work for you.
Put your learning into action by downloading a free budgeting and spending tracking app like Mint. There are many apps out there, including from your financial institution, to help you manage your money so try a few out to see which one works best for you and your lifestyle.
Jessica Moorhouse interviews personal finance and business experts, celebrities, entrepreneurs and authors in her weekly podcast called More Money (formerly called Mo' Money). This popular Canadian podcast boats over 2 million downloads and is geared towards a millennial audience.
Choose Your Own Adventure
Think of a life goal that you currently have. Choose a money-related skill or area of knowledge that you need to develop in order to reach your goal.
Use the resources above or find your own to develop the money skill or area of knowledge that you chose in Step 1.
Share your DIY money skill journey using the Padlet below.