Blog

Via OMSAA's June Blog

Now more than ever Canadians are recognizing the importance of financial well-being – achieving peace of mind about our financial situation, feeling secure in our ability to absorb a money setback, and having the freedom to make choices that allow us to enjoy life. However, research shows that 63% of Canadians living on low-income are very concerned about their ability to meet basic expenses and that 54% of Canadians with income under $50,000 say they are in poor or terrible financial shape. Financial stress severely impacts our physical, emotional, and mental health.

As a society, we often perceive education as a powerful tool that opens a world of opportunities, including a way to overcome financial hardships. Through education, individuals can secure employment and improve their standard of living. While education can serve as a steppingstone towards financial stability, it is important to recognize that without the right resources, it can be difficult to attain financial independence.
 

How can I save when I don’t have money? This is a question we often hear in our financial coaching work, and for good reason.

Before Ava Williams signed up for the MPower Money Coaching program, she was struggling to pay off her OSAP and bank loans, finding it hard to stick to a budget and was worried about saving for the future. When she found out that Toronto Employment and Social Services was offering a new program providing free financial coaching support to help people on low incomes achieve financial goals, she jumped at the opportunity to improve her finances.

The New Year is right around the corner. Have you made any New Year's resolutions yet? If you're looking for ideas, you may want to resolve to save more money in 2016. Saving demonstrates good financial management, especially if you're saving towards a goal like, an emergency savings fund, a car, education, or a family vacation.