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Home / News / 5 financial facts everyone should know to build a brighter future
November 28, 2024
Financial empowerment is at the heart of creating thriving, resilient communities. At United Way of the Alberta Capital Region, we believe in equipping individuals with the tools and knowledge to take control of their financial future.
Through our Each One, Teach One initiative, volunteers from the banking sector bring essential financial skills to underserved communities. Recently, we had the opportunity to discuss financial literacy with Ashley Tillenius, Operations Manager at TD Bank and passionate advocate for financial education on our Do Local Good podcast. Together, we explored five essential financial facts that can empower anyone to build confidence and stability.
You don’t need substantial income to begin saving. The truth is, building a savings habit starts small. Whether it’s $5 a week or $50 a month, every contribution adds up over time.
Small, consistent efforts today can lead to big rewards tomorrow — whether you’re preparing for emergencies, education, or your dream home. Teaching kids to save early fosters lifelong habits and builds financial confidence.
Debt can be a tool for growth if managed wisely. Mortgages, student loans, or small business investments are often steppingstones to long-term success. The key is to borrow responsibly — stay within your budget and focus on high-priority goals.
Debt management strategies, like paying off high-interest debt first, can make all the difference. Responsible use of credit cards, paired with timely payments, is another way to maintain financial health and improve credit scores.
Budgets aren’t just for people struggling financially; they’re for anyone looking to make intentional, informed choices with their money. By tracking income, expenses, and goals, you can allocate resources where they matter most.
Reconciling your budget regularly helps keep spending in check and identifies opportunities to save. Simple tools or even a notebook can be the starting point to take control of your finances.
The earlier you start saving or investing, the greater your long-term financial advantage. Compound interest allows your money to grow exponentially over time, especially in registered accounts like RRSPs or TFSAs.
Starting a retirement savings plan now — even with small contributions — means future flexibility to pursue your dreams while staying secure.
Contracts, especially for major decisions like mortgages, leases, or loans, outline your rights and responsibilities. Always take the time to review them carefully.
If something isn’t clear, don’t hesitate to ask questions. Financial literacy is about empowerment, and understanding your obligations is a vital step toward making confident decisions.
Financial literacy is about more than numbers — it’s about gaining the confidence and tools to make informed choices that can change lives. Programs like United Way’s Each One, Teach One provide accessible resources for communities across the Alberta Capital Region.
Together, we can help individuals and families in our community achieve financial security and build a brighter future.
Learn more about how financial literacy workshops empower individuals with the tools to achieve stability and resilience from Ashley Tillenius on our Do Local Good podcast.
