What’s Financial Literacy Month, and Why Should You Care? 🤔
Financial Literacy Month encourages Canadians to understand their finances better and build financial resilience through:
- Managing their money and debt wisely
- Saving for the future
- Understanding their financial rights
The Government of Canada has chosen “Managing Your Money in a Changing World” as the campaign theme for 2023, with each week of November focusing on a different topic.
We’ve decided to take these topics and make them more applicable to you, creatives. So make sure to continue reading and check back each week of November for some killer Financial Literacy Month tips!
Setting Goals 💰
Setting financial goals is like plotting a road map to your dream life, but in today’s fast-paced world, it can seem way out of reach. But don’t worry – we’ve got you covered!
First, picture your ideal future – the lifestyle, the creative freedom, and a comfortable safety net. Now, to make these goals a reality, start breaking each one into smaller, achievable milestones. These will be your “mini wins” to keep you motivated and feel on track. 💪🏅
And remember, there’s no need to be a financial whiz. Embrace technology and try out some budgeting and financial tracking apps.
Still wondering what these goals might look like? We’ve provided some examples, but know there’s no goal too big or too small – make them the right fit for you.
- 💵 Form a financial foundation: Set a goal to maintain a consistent monthly income, whether through multiple income streams or by budgeting effectively during high-earning periods.
- 🚨Emergency Fund for Dry Spells: Create an emergency fund over time that can cover at least six months of living expenses to provide a financial cushion during periods of low or no income.
- 📁 Portfolio Diversification: Diversify your income sources within the industry. This might include setting a goal to earn income from various projects such as acting, music, writing, and freelance gigs.
- 🏦 Savings for Career Development: Allocate a portion of your income to invest in your career, such as taking acting classes, voice lessons, or upgrading equipment.
- 🧾 Tax Planning: Given the complexity of taxes in creative industries, create a goal to stay organized and minimize your tax liability. Sai can help you out with this one 👀
Your financial goals should be (SMART) specific, measurable, achievable, relevant, and time-bound (yes, I’m referencing that thing you’ve heard about 100 times in high school). Set clear financial goals that are tailored to your specific circumstances, aspirations, and stage in your career. You got this!
Resources 🗒️
Looking for some extra tips? Check out this list of resources below for more info on Financial Literacy Month and setting financial goals!
- About Financial Literacy Month
- Government of Canada Financial Tips & Resources
- OCAD Financial Planning for Artists
- Financial Goal Calcultator
- How to Save Money and Budget on an Actor’s Income
Still have questions? We’re always here for you. Drop us a line at support@sai.cx, and we’ll be happy to chat 📲
