Our Favourite Online Resources for Learning About Your Finances

Learning about how to save, invest, and manage your money on your own can be a daunting task. This is especially so if you are new to the money management game. What are the best ways to start saving money? How should I budget so that I can pay my bills and have a little change? Should I keep all my money in the bank? Do I need to have a ton of money to start investing? Should I give up my credit cards first to avoid any further debt?

These questions can lead to financial stress. Thankfully, you don’t have to have all of the answers to these questions right now. No one is blessed with financial know-how right out the gate, but everyone can learn to manage their money better.

It isn’t easy out there for anyone starting at square one with learning about personal finances. Some may get online payday loans to give themselves a head start, but you still have to pay it back, right? You can learn more about how we lend here.

Improving your financial life goes way beyond planning your meals on a budget to fully equipping yourself with financial knowledge. Thankfully, there are many valuable resources online to help you start learning about your finances.

Here's a comprehensive list of our favourite online resources to guide you on your financial journey.

1. Financial Consumer Agency of Canada (FCAC)

The Financial Consumer Agency of Canada is dedicated to promoting financial literacy. This gives Canadians a comprehensive portal to access a litany of financial resources and topics. Their financial section includes information on how to protect yourself against financial fraud and scams, understanding credit reports and scores, how to make a budget, and even links to undergraduate and graduate scholarships.

2. Credit Canada

Credit Canada is a non-profit credit counselling agency that is a great resource for anyone struggling to manage their finances in the face of debt. Past clients have gone to Credit Canada for help with creating repayment plans, budgets and even avoiding bankruptcy. They also offer free resources, such as a Budget Tracker and a Debt Assessment Quiz, to bring a little bit of insight into your financial health.

3. Canadian Foundation for Economic Education

The Canadian Foundation for Economic Education promotes “enhanced career development capability, financial capability, economic capability and enterprise capability among all Canadians.” What’s really cool is the level of interaction that they provide. You can find many helpful programs on their website for all ages, including youth literacy guides, money management workshops for seniors, and financial literacy projects tailored to college students.

4. The Financial Post

If you want to start understanding how your finances interact with the broader economy, check out the Personal Finances section of the Financial Post. Browse through articles on taxes, recent changes in financial regulation, discussions on debt, personal loans and more. There's even a section dedicated to millennials. This section is called Young Money.

5. Ontario Securities Commission

The Ontario Securities Commission maintains GetSmarterAboutMoney.ca, which holds an incredibly vast collection of tips, tools, and resources to help you learn about your finances. Our favourite resources are the interactive tools, which include:

• Cranial Cash Clash—Quizzes to test your knowledge on spotting a scam, planning for retirement, and even on thrifty gift-giving. This proves perfect when you are preparing for the holiday season.
• Fund Facts—A guided tour of an infographic of a sample equity fund report to help you understand how funds (and investing in them) works.
• Love and Money—A quiz that helps you learn how your saving style interacts with your partner’s saving style to ensure long-term financial planning success together.

6. Canadian Consumer Finance Association (CCFA)

The Canadian Consumer Finance Association is the regulatory authority for payday lenders across the country. If you are a first-time borrower or a returning one, it’s a good idea to get familiar with the rules and regulations for payday lenders.

The CCFA helps site visitors learn more about how payday loans work, government legislation surrounding short-term loans, reports on payday lending. They also give tips on how to manage your short-term loans successfully. They can also help answer your questions if you are planning for retirement.

7. MoneySense

MoneySense also has a ton of helpful content to aid your financial planning. You can read through opinions and advice from industry experts in real estate, financial independence, investing, financial planning, and more. In fact, for Canadians who are interested in mortgages, homeowners insurance and related home-buying topics, MoneySense has a wealth of helpful tips and tricks. Great tips on energy efficiency as well here.

8. Young and Thrifty

Young And Thrifty is designed specifically with Generation Y in mind, with a bright and clean website that makes it easy to find what you need. Interested in the best credit cards in Canada? Thinking about investing with a robo-advisor and want to look at a few reviews? Want to see what is considered a good credit score by lenders in Canada? Hop online and find all of that and more at Young and Thrifty.

9. MapleMoney

MapleMoney has been featured in a wide range of publications. This includes Canadian Living, The Globe and Mail, Reader’s Digest, and the Financial Post. Their primary focus is on personal finance, making them a great resource for anyone just starting out and who wants to get familiar with money management.

10. Greedyrates.ca

If you are looking to get a new credit card but aren’t sure how to start comparing rates, fees, and rewards, check out Greedyrates.ca. They’ve got everything you need to compare credit cards from Scotiabank, MBNA, BMO, Meridian, RBC, and more. Even better, their blog topics cover a diverse range of topics like millennial mortgage trends, recent security breaches, and even tips on eco-friendly (and affordable) living.

11. The Balance

The Balance focuses solely on personal finance topics for people starting at square one. This is a great tool for newbies in the financial management world. With a fresh, colourful design and easy-to-navigate website, it’s a great option for anyone who wants to hone their financial skills in a friendly, straightforward environment. Scroll through articles on how to afford to study abroad, balancing a mortgage payment with a student loan payment, and more.

You won't become a financial genius overnight, but there are tons of real, life-changing benefits that can come from learning how to manage your finances better. Of course, learning to manage your money better is a gradual process, but it certainly pays off over time.

Conclusion

A good foundation of personal finance knowledge will significantly improve your life. You’ll be well-prepared to start a daily budget, balance your bank account, afford that once-in-a-lifetime trip, and who knows? Maybe even set yourself up for a cozy little retirement down the line.