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1. What did you learn about your topic that surprised you the most?

One of the most surprising things I learned about increasing finances is how much behavioural psychology plays a role in financial success. In many of the resources, such as The Psychology of Money by Morgan Housel, it’s emphasized that our emotional relationship with money—rather than just our financial knowledge—can significantly impact our wealth-building journey.

Another surprising insight came from Bodo Schäfer’s "A Dog Called Money", where the metaphor of money as a dog that requires discipline, care, and respect helped me understand that financial growth isn’t just about making money but also about managing it wisely. The key takeaway from Schäfer’s work is that slow, steady growth through consistent saving, investing, and a positive mindset is far more sustainable than trying to make quick gains. This long-term approach is something many people overlook in their pursuit of wealth.

Additionally, the advice provided in the websites and videos, such as creating a financial plan, building an emergency fund, and starting retirement savings early, reinforced the idea that financial security requires a disciplined, proactive approach. These strategies are crucial not only to manage current finances but to lay the groundwork for long-term success.

2. Provide a real-life example of how this topic is relevant or interesting for you.

This topic is very relevant to me as I am actively looking to build a more secure financial future. One of the key takeaways I’ve learned is the importance of starting early when it comes to saving and investing. For example, after learning from the "Managing Your Money in Canada" video, I realised how important it is to start contributing to a retirement fund early, even if it’s just a small amount. By doing this, I can take advantage of compound interest and allow my savings to grow exponentially over time. I’ve started creating a monthly budget to track my spending, an idea that came directly from the resources, which has allowed me to prioritise saving more effectively.

3. If you could pass on your knowledge to a family member or friend, what do you think is the most important thing to pass on?

If I could pass on one key lesson, it would be the importance of financial discipline and the power of starting early. Whether it’s building an emergency fund or simply practising consistent investing, the earlier you start, the better.

I would also emphasize the significance of mindset. Money is not just about numbers; it's about how you manage, respect, and relate to it. Patience and long-term thinking are key. For instance, rather than focusing on short-term financial goals or feeling pressured by others' spending habits (a concept discussed in the book), it’s crucial to prioritize long-term financial health over instant gratification. This mindset shift is especially important in today’s culture, where instant rewards and consumerism are rampant.

Finally, financial education is crucial. By understanding concepts like budgeting, credit, and investing, anyone can start improving their financial situation. Resources like the ones discussed—such as videos on money management and books about wealth-building—are valuable tools to guide the way.

By using the lessons from these resources, you can encourage a more mindful, disciplined, and informed approach to personal finances, which is key to long-term success.

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"A Dog Called Money" by Bodo Schäfer is a book that is written in a fable-like format. It is a personal finance book that offers insights into wealth-building and financial freedom. Schäfer, a renowned financial advisor and author, uses an allegorical approach to explain fundamental financial principles. The story is centred around a metaphorical "dog" that represents money and how one should approach it to ensure financial success. Through this unique narrative, Schäfer emphasizes key lessons about the relationship between money, mindset, and achieving financial independence.

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Image #1 - Book: "The Psychology of Money"

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Image #1 - Book: "The Psychology of Money"

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I decided to add books that cover the topic of financial literacy and help improve your financial situation.

The first one is "The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness" by Morgan Housel.

Housel delves into the psychological biases and irrational behaviours that people exhibit with money. A central theme of the book is the relationship between money and happiness. Housel dives deep into the way people think about money and how our beliefs, behaviours, and emotions shape our financial lives. The book uses stories and anecdotes to show how our personal experiences, cultural influences, and innate psychological tendencies influence our relationship with wealth and decision-making.

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Video #1 - How To INCREASE Your Income In Canada - Make More Money

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Video #1 - How To INCREASE Your Income In Canada - Make More Money

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The video "How to Improve Your Financial Mindset" provides insightful guidance on developing a more positive and proactive approach to managing money. It highlights the role of personal beliefs and emotions in shaping financial decisions and stresses the importance of self-awareness. Key takeaways include setting specific financial goals, tracking expenses, and continuously improving financial literacy. The video also encourages viewers to challenge negative money-related thoughts and replace them with a mindset focused on growth and long-term success.

I chose this video because it delivers engaging and easy-to-understand content that is accessible to a broad audience. One standout aspect is its emphasis on the emotional side of financial decision-making. Unlike many resources that focus solely on numbers and budgeting strategies, this video explores how emotions and psychological factors influence spending and saving habits. By addressing these deeper aspects, it offers a more holistic approach to improving financial well-being.

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How To INCREASE Your Income In Canada - Make More Money (Ultimate Guide)

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5 TIPS ON HOW TO MANAGE YOUR MONEY IN CANADA 

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Video #3 - 5 TIPS ON HOW TO MANAGE YOUR MONEY IN CANADA

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Video #3 - 5 TIPS ON HOW TO MANAGE YOUR MONEY IN CANADA

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In the video "5 Tips on How to Manage Your Money in Canada" by Darren Voros, viewers are presented with practical advice aimed at improving personal financial management. The video highlights five key strategies for Canadians to achieve financial stability and growth: creating a budget, building an emergency fund, paying off high-interest debt, starting retirement savings early, and educating oneself about financial concepts. These tips are designed to help individuals take control of their finances, make informed decisions, and plan for a secure future. By focusing on these foundational principles, the video emphasizes the importance of both short-term financial planning and long-term investment in personal financial health.

I chose this video because it offers concise, easy-to-follow tips specifically geared towards Canadians, which makes it a relevant resource for people living in Canada. One standout piece of advice is the emphasis on starting retirement savings early, especially leveraging compound interest. This is a point often overlooked in many financial resources, where the focus may instead be on immediate budgeting or debt reduction. The idea that starting early can significantly impact future financial security differentiates this video from others by highlighting the long-term benefits of financial planning.

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5 TIPS ON HOW TO MANAGE YOUR MONEY IN CANADA IN 2022

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Video #4 - 6 Easy Online Side Hustles that require NO MONEY to start in 2025 💸 realistic for the average person

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Video #4 - 6 Easy Online Side Hustles that require NO MONEY to start in 2025 💸 realistic for the average person

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The video explains that making money online isn’t as easy as many YouTube videos claim. If side hustles were truly effortless, everyone would be doing them successfully. Instead of blindly following trends, the best approach is to monetize skills you already have, such as freelance writing, web design, video editing, or virtual assistance.

While passive income ideas like selling digital downloads or starting a YouTube channel can be profitable, they require significant upfront effort. Another option is offering coaching, tutoring, or consulting, turning knowledge into a business. Social media management is also in demand, as many businesses need help with their online presence.

For those interested in content creation, user-generated content (UGC) is a great way to work with brands without needing a personal following. Becoming a YouTuber or blogger can also be a long-term strategy to earn through ads and sponsorships.

The key takeaway is to choose a business idea that aligns with your interests and skills, making it sustainable in the long run. Instead of chasing the "easiest" way to make money, focus on something you enjoy and can grow over time.

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6 Easy Online Side Hustles that require NO MONEY to start in 2025 💸 realistic for the average person

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Video #2 - Managing Your Money in Canada

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Video #2 - Managing Your Money in Canada

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The video "Managing Your Money in Canada" provides essential guidance for newcomers on navigating the Canadian financial landscape. It covers topics such as budgeting, banking, credit, and saving, aiming to equip viewers with the knowledge needed to make informed financial decisions in their new environment.​

I selected this video because it offers tailored advice for individuals adapting to Canada's financial systems. A particularly valuable insight is its emphasis on understanding and building a credit history in Canada, which is crucial for accessing various financial services and opportunities. This focus on credit education sets it apart from other resources that may not address the unique challenges faced by newcomers

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Citizenship and Immigration Canada / Citoyenneté et Immigration Canada

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Website #4 - 39 Ways to Improve Your Personal Finances

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Website #4 - 39 Ways to Improve Your Personal Finances

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The article "39 Ways to Improve Your Personal Finances" from Mountain America Credit Union offers a comprehensive list of strategies aimed at enhancing financial well-being. It covers a broad spectrum of topics, including budgeting, saving, investing, debt management, and retirement planning. Each of the 39 tips provides practical advice designed to help individuals take control of their financial future.

I chose this article because of its extensive and diverse range of actionable tips, making it a valuable resource for anyone looking to improve their financial situation. One particularly useful piece of information is the emphasis on automating savings and bill payments. By setting up automatic transfers to savings accounts and scheduling bill payments, individuals can ensure consistent saving habits and avoid late fees, which is a proactive approach that may not be highlighted as prominently in other financial advice resources.

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39 Ways to Improve Your Personal Finances

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These 39 tips can help improve your finances and save money. Focus on a few that make sense to you and watch your budget and financial plan grow into something valuable and sustainable

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Managing financial health in challenging times

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Website #3 - Managing your money in challenging times

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Website #3 - Managing your money in challenging times

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The article "Managing your money in challenging times" from the Financial Consumer Agency of Canada offers guidance for individuals facing financial difficulties due to unforeseen circumstances such as income loss, unexpected expenses, or economic changes like rising living costs and interest rates. It provides practical advice on creating a budget, reducing expenses, developing a debt repayment plan, avoiding additional debt, increasing income, and establishing an emergency fund. Additionally, it emphasizes the importance of communicating with financial institutions to explore relief options for mortgages and credit products.

I selected this resource because it delivers comprehensive, government-backed strategies tailored to Canadians navigating financial hardships. A particularly valuable aspect is the emphasis on proactive communication with financial institutions to discuss potential relief measures for mortgages and credit products. This focus on early engagement with lenders sets it apart from other resources by highlighting the importance of collaborative solutions during financial crises.

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Getting through a financial emergency

Financial emergencies can happen to anyone and come at any time. They can be the result of family illness, job loss, urgent home repairs, or a natural disaster to name a few. Some events could even shut down your community for an extended period.

You may be worried about the impact of the current COVID-19 pandemic on your finances. Whatever the source, financial emergencies can be stressful and cause considerable hardships for you and your family.

See how the Government of Canada is taking action on COVID-19.

Emotional situations can lead to poor financial decisions. Be sure to get the help you need with financial decisions during an emergency. Take the time to get advice and information on what you would like to do.

The Financial Consumer Agency of Canada (FCAC) has many educational resources on budgeting, credit, savings, debt management and more. Interactive tools and calculators can also help you maintain good financial health during these challenging times.

Learn more about FCAC's online resources.

What is the Government of Canada doing to help

Taxable income

Federal emergency benefits amounts are taxable. Any amounts received must be reported on your tax return.

Learn more about changes to the Canada Revenue Agency (CRA) services due to the pandemic.

Receiving money from the Government

The fastest way to receive benefits from the Government is to create an account with CRA and sign up for direct deposit. Some financial institutions allow you to set up direct deposit through their online banking services and mobile application. Direct deposit is fast, convenient, secure and allows consumers to immediately access the full amount deposited.
Learn how to set up the CRA direct deposit.

Cashing a Government of Canada cheque

If you're receiving benefits by Government of Canada cheque, you may cash your cheque for free. You can cash a cheque that is $1,500 or less, at any bank even if you're not a customer. However, the Government has temporarily increased the limit to $2,000 for emergency benefits-related cheques to individuals. You must simply show acceptable identification to the teller such as a passport or driver's licence.
Learn more about cashing a Government of Canada cheque.

Depositing a cheque with your mobile device

You can also deposit your cheque in person at any bank branch, using an ATM or by mobile device. However, the bank will put a hold on the money. Depending on the amount, you may have to wait between 5 and 8 business days before accessing the money.
Learn more about depositing a cheque with your mobile device.

What to do if you're facing financial hardship

If the continued pandemic puts you in financial hardship, here are some steps you can take.

Your expenses

You may have trouble paying for your ongoing expenses or foresee challenges in keeping up with your regular payments. In that case, visit your financial institution's website. Be proactive and look at the options that your financial institution is proposing.

Banks in Canada are closely monitoring developments related to COVID-19. If you're facing short-term financial issues, your bank might be able to help. Contact your financial advisor or a representative at your financial institution to determine if measures are available to you. They look at situations on a case-by-case basis.
See the latest news on how banks in Canada are taking action.

Mortgage deferral

During the COVID-19 pandemic, many financial institutions allow payment deferral on credit products, including mortgages and credit cards. If you have problems making your mortgage payments due to COVID-19, you might be eligible for a mortgage deferral. Financial institutions approve payment deferrals on a case-by-case basis.

Find out more about mortgage deferrals.

Mortgage relief options

If you expect to continue to experience financial hardship once your mortgage deferral period ends, consider your options now.

Read your mortgage contract and speak to your financial institution about the options available to you. You may be eligible for one, or a combination of the options offered by your financial institution. Keep in mind that if you make changes to your mortgage contract, you may have to pay fees.
Find out more about mortgage relief options.

Impact of payment deferrals on your credit report and score

Deferring payments on a mortgage, credit card or any other credit product should not negatively affect your credit. Canada's 2 credit bureaus, Equifax and TransUnion confirmed that payment deferrals won't affect your credit rating.

Review your credit reports. Make sure the deferrals approved by your financial institution have been properly reported to the credit bureaus. It could take up to one month for information to appear on your credit reports.

You can order your credit report with Equifax and TransUnion, free of charge at any time.

Learn how to order your credit report and score.

When you review your Equifax credit report, look for one of the following indicators next to your deferred payments:

deferred payment plan

affected by a natural or declared disaster

The payment status should be "Paid as agreed and up to date". You should see the amount of $0 or "n/a" in the "Payment Amount and Delay" field.

For TransUnion, look for the letter "D" in the "Terms" field related to the deferred payment.

For more information, visit the credit bureaus' COVID-19-related web pages:
Learn how to fix an error on your credit report.

Getting money from your home equity line of credit (HELOC)

A HELOC may be another way to access emergency savings, under certain circumstances.
Find out more about HELOCs.

Lowering your credit card interest rates

If you are experiencing financial hardship as a result of COVID-19, your bank may be able to temporarily reduce the interest rate of your credit card.

Terms and interest rates may vary depending on the financial institution. Contact your financial institution by using its online portal, telephone banking service or by booking an appointment to determine if you are eligible. Otherwise, your monthly payments and interest rates will remain the same.

Bank charges, debit and credit transactions and monthly fees

While Canadians still use cash for purchases, its use has decreased significantly due to COVID-19. If you're using your debit card more frequently to avoid cash transactions, review your monthly transaction plan. If you go over the number of transactions in your monthly plan, you may have to pay fees.

Several payment card network operators have increased their per-transaction limits for contactless credit transactions during the pandemic. Contact your credit card issuer to find out if your limit has changed.

Debit and credit card transactions can be done using the:

magnetic swipe and your pin

chip and your pin

secured TAP payment

If the pandemic affected you and you need assistance, you may get a refund on certain bank charges.

These can include fees for:

insufficient funds (NSF)

stop payments

Interac e-transfers

monthly transaction plans

Contact your financial institution for more details.
Use the Account Comparison Tool to find the account that best suits your needs.

Managing debt

During this uncertain period, consider all your options before borrowing additional money. Research shows those who often use credit to pay for daily expenses have lower levels of financial well-being.

If you must borrow money, make sure you understand the cost of credit products before you make a decision. You should also only borrow the amount you need.

Certain credit products are more expensive than others due to their high interest rates and fees. For example, a payday loan should be your absolute last resort, as they often carry very high fees.

Make sure you compare all borrowing options and their fees, interest rates and repayment terms before choosing a credit product. Otherwise, contracting new expensive credit now could create more financial problems for you in the future.
Learn about what to consider before borrowing money.

Budgeting in times of uncertainty

Having a budget is key, especially when an emergency occurs. To manage your budget, you must identify your income and expenses. It's also important to identify your needs versus your wants during a specific period.

The Budget Planner is an interactive tool that helps you determine if you have the funds to meet your ongoing financial commitments. It provides tips, suggestions, guidelines and alerts. It can also help you find out where you could cut expenses.
Use the Budget Planner to create and manage your budget.

Having and maintaining an emergency fund

An emergency fund is money you set aside to pay for unexpected expenses. In general, it's recommended that you save the equivalent of 3 to 6 months of your regular expenses.

If you don't have an emergency fund, try putting some money aside right now if you can afford it. Depending on how the situation evolves, you may need to rely on an emergency fund sooner than expected.

Learn how to set up and manage an emergency fund.

If you're facing financial hardship and can't afford an emergency fund, contact your financial institution. They could recommend specific products or services to help you get through these difficult times. These can include a HELOC, a debt management plan or accessing funds in your registered retirement savings plan (RRSP).

Where to ask questions or voice concerns

You may have questions or concerns about the impact of these difficult times on your financial products. Whether it's about your accounts, savings or credit products, contact your financial institution to discuss.

FCAC welcomes your inquiries. You can contact us by email, mail or telephone. You can also contact us if you have a complaint about a federally regulated financial institution.

What to do if your branch closes

Your financial institution might have to close branches temporarily. Online, mobile, ATM or telephone banking may become necessary for making financial transactions. Make sure you have your login information and passwords or your financial institution's phone number handy.
Learn more about online banking.
If you usually go in branch to pay your bills, consider setting up pre-authorized debits instead. Pre-authorized debits are automatic and convenient when you want to make payments from your account on a regular basis.
Learn how to set up pre-authorized debits.

Protect yourself from financial fraud

You should always protect yourself from financial fraud, especially during a period of uncertainty. Unfortunately, fraudsters will prey on consumers' fears and misinformation over the COVID-19 pandemic. You may get phone calls, emails and texts regarding the COVID-19. Be very cautious when receiving them.

Tips to protect yourself from financial fraud

never click on links or attachments in unsolicited or suspicious emails

never give out your personal or financial information by email or text

note that financial institutions will never ask you to provide personal, login or account information by text or email

when banking online, enter your financial institution's website address in your browser yourself

beware of questionable offers related to cures, if it seems too good to be true, it probably is

if you have concerns about your insurance coverage, contact your insurance company directly

if you need information on COVID-19, refer to a trusted source such as the Government of Canada's COVID-19 page

Find out how to protect yourself from malware.

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covid-19; coronavirus; corona; 2019 novel coronavirus; pandemic; financial emergency; financial hardship; budget; emergency fund; branch closures; protect; financial fraud; financial decisions; 2019 income taxes; ei benefits; quarantine; self-isolate; borrowing money; job loss; banking online; where to ask questions; financial well-being; heloc

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COVID-19: Managing financial health in challenging times

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Financial emergencies can happen to anyone and come at any time. They can be the result of family illness, job loss, urgent home repairs, or a natural disaster to name a few. Some events could even shut down your community for an extended period.

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Website #2 - How to Improve Your Financial Mindset

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Website #2 - How to Improve Your Financial Mindset

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The article "How to Improve Your Financial Mindset" from TD Stories addresses the common stress associated with financial matters and offers practical steps to cultivate a healthier perspective on money. It emphasises that individual beliefs about money, shaped by past experiences, influence financial behaviours. The article suggests reflecting on one's current financial mindset, engaging in positive self-talk, enhancing financial literacy, and setting clear financial goals as strategies to alleviate financial stress and foster better money management habits.

I selected this article because it provides actionable advice tailored to individuals seeking to transform their financial outlook. A particularly insightful point is the emphasis on positive self-talk regarding finances. By adopting a growth mindset and focusing on incremental progress, such as acknowledging any amount saved towards a goal, individuals can shift from self-criticism to motivation. This approach distinguishes the article from others by highlighting the psychological aspect of financial management, which is often overlooked in traditional financial advice.

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Sometimes money is tight. And finances can be a major stressor in both your personal life and relationships. But it can also be a mind over matter type problem.

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Website #1 - Money tips to improve your financial health

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Website #1 - Money tips to improve your financial health

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The website provides tips and resources to improve financial health. It emphasizes taking small steps to improve your financial situation, including budgeting, managing debt, and building savings. Key recommendations include tracking spending, setting realistic financial goals, and understanding your income and expenses. It suggests creating a budget that aligns with your goals, prioritizing high-interest debt, and building an emergency fund for unexpected expenses. Additionally, it encourages saving for the future, with a focus on planning for retirement. The site also provides general advice on managing money wisely, understanding credit, and making informed financial decisions to achieve financial well-being.

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Money tips to improve your financial health

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Whether you’re trying to get out of debt or afford your dream vacation, a little money advice never hurts. If this is the year you’ve decided to get your finances in order, consider these helpful tips:

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This Padlet explores additional ways to increase your finances or make money. In today’s world, having multiple sources of income is essential for financial stability and growth.

This research will introduce you to various extra income methods, including freelancing, passive income streams, smart investments, and innovative side hustles. You will find useful videos, articles, and images that explain different strategies to boost your financial well-being.

By the end of this journey, you will gain insights into diversifying your income, managing financial risks, and creating long-term wealth. I hope you find this information valuable and inspiring!