The New Year is a time for new beginnings and resolutions, and one of the best resolutions you can make for yourself and your family is to become more financially literate. Financial literacy is having the skills and confidence to set financial goals and achieve them using the tools and resources that are available to you. ABC Life Literacy Canada has created a variety of free resources for all Canadians as well as those new to Canada, such as Money Matters for Newcomers and New Canadians. ABC recommends the following financial literacy tips to start the New Year:

1. Keep a spending journal: Record all your spending for a week or a month to see where your money goes. Being aware of your spending habits and obligations is an important first step in building a budget that works for you. Use your spending journal to find areas where you can cut costs – a daily cup of coffee can add up to over $100 a month!
2. Create a budget and stick to it: Your budget should take into account your earnings after tax, your financial obligations, like rent or monthly bills, and the financial goals you would like to achieve. Use a spreadsheet, an app or a notepad to ensure you are sticking to your budget every month.
3. Pay yourself first: Put some money in a separate savings account with each paycheque you receive and watch your money grow. Many banks will help you set up automatic contributions, so you never forget!
4. Build your credit: If you don’t have credit history in Canada, renting an apartment or taking out a loan can be more difficult. Opening a credit card is a good place to start. But be careful – don’t spend money that you can’t pay off at the end of the month, because the interest can add up and not making payments will lower your credit score.
5. Learn new tips for saving and spending: Visit Online.ABCMoneyMatters.ca and learn more about banking and saving from the Money Matters Newcomers and New Canadians program. You can learn more about making spending plans too.

For more financial literacy tips, visit ABCMoneyMatters.ca. Money Matters is a financial literacy program developed by ABC Life Literacy Canada with support from founding sponsor TD Bank Group, and delivered by TD volunteer-tutors at community learning centres across the country.