Session Objective
Learn ways and options to effectively manage money.
Learning Outcomes
- learn to create a realistic budget
- understand cash flow and how to control it
- learn how to effectively manage money
- learn how to define a financial plan
- understand the difference between “good debt” and “bad debt”
- understand the difference between “wants” and “needs”
- understand the key features of RRSPs, RESPs and TFSAs, and how they can help put a financial plan into action
- know where to go for support
Session Outline
- overview
- creating a budget you can stick to
- understanding cash flow
- the secret to being a good money manager
- defining your own financial plan
- sorting out your wants and needs
- three savings vehicles worth considering
- putting your financial plan in action
- some helpful resources
Learning Materials
- Sample Budget Worksheet
- SMART Goals Worksheet — helps set SMART goals which are specific, measurable, actionable, realistic, time-framed
- Glossary of Terms — defines various financial terms and items
Photo credit: Getty Images
Session Level
Basic
Topics Covered
Saving Strategies
Financial Planning
Managing Finances
Personal Finances
Goal Setting
Who Should Attend
New Canadian immigrants who have been in Canada less than two years