November was financial literacy month. A month where all Canadian financial institutions go to great efforts to highlight the importance of financial literacy and teach Canadians about all things money management.
When November comes to a close, the success of Financial Literacy month is hard to argue. There were Facebook comments, retweets upon retweets and articles published in the media all bringing awareness to this important subject. Credit unions and banks give imaginary high-fives and everyone gets a pat on the back for a job well done. The end.
Not so fast. As these celebrations start to calm down, you can hear something coming in the distance. What is it you ask? It’s a freight train called “the holidays”. As soon as Dec. 1 hits, Financial Literacy becomes a distant memory and we start spending, spending, and spending. Decorations, gifts, treats; you name it, we buy it.
“How could this be…my post on unnecessary spending had six comments!?”
We use our classic excuses to make it okay.
“I’ll start in January.”
“C’mon, it’s the holidays.”
“It’s only once a year.”
If there is one takeaway that we need on the heels of financial literacy month it is CONTROL. Here are a few ways to keep your spending in check this month.
Shift your gift philosophy
Whether it be setting a budget, switching to secret Santa, or foregoing gifts all together, put some thought into changing the way your friends, family and colleagues approach gift giving.
Share the wealth
Having a Christmas soiree? Get everyone to pitch in by bringing a dish, dessert or snack. This promotes a greater sense of community and also means that Cousin Gary doesn’t get to skip on helping for the 85th time.
A ‘Sale’ doesn’t always mean ‘Buy’
Always ask yourself the ever important question of whether what you’re buying is a ‘want’ or a ‘need’. Just because something is half off the regular price, doesn’t change the fact that you likely don’t need it.
November is a great month to bring awareness to financial literacy. The other 11 months should be used to put your new found knowledge into action. Let’s start now.
Good luck!
Paulo Araujo is the VP of Retail and Business Banking at Valley First, a division of First West Credit Union. Connect with Paulo at [email protected]
