Building budgets, not stress: Practical tips for Financial Literacy Month – DiscoverWestman.com
November is Financial Literacy Month, a time dedicated to raising awareness about essential money-management skills across Canada. Through programs like “Each One, Teach One” (EOTO), local financial experts are helping individuals and families gain the knowledge they need to manage their finances confidently. These workshops, offered throughout Manitoba, provide free, practical guidance on budgeting, saving, and financial planning, and are accessible to people of all ages and backgrounds.
“Each One, Teach One workshops are designed to offer basic financial skills training for anyone interested,” says Twyla Giesbrecht, a certified EOTO trainer, and Business Loan Administrator with Access Credit Union. “Our goal is to empower individuals to make confident financial decisions, from learning how to budget and save, to understanding credit and debt management.” EOTO workshops create a welcoming environment where people can learn at their own pace, without pressure to purchase products or services.
Meeting community needs
Giesbrecht highlighted that the program’s appeal lies in its wide accessibility, with workshops available for people of all ages and financial knowledge levels. “We’ve seen so many people benefit, from young individuals learning about finances before they even have an income to newcomers in the community who need guidance on financial systems here in Manitoba,” she said. “It’s really about addressing knowledge gaps and equipping everyone with tools for their financial journey.”
The basics of budgeting
Budgeting is one of the foundational topics covered in the program. Giesbrecht explains that a budget is simply “a plan for your money” designed to prevent overspending and to allocate funds for both essentials and personal enjoyment. “A lot of people find budgeting intimidating, but it starts with knowing your income sources and identifying your financial goals. It could be paying down debt, increasing savings, or even setting aside funds for concerts and movies,” she explained.
Tracking expenses and making adjustments
In the workshops, participants learn to track both fixed expenses, such as rent and insurance, and variable expenses, like groceries and vacations. Giesbrecht stresses the importance of adjusting one’s budget in response to major life changes, whether it’s a new job or the repayment of a significant debt. “We want to encourage people to take control of their finances, and that includes being adaptable,” she noted.
Twyla’s tips for creating a budget
For those looking to improve their budgeting habits, Giesbrecht offers several practical tips:
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Align your budget with your pay cycle: “Budget according to when you get paid, whether that’s biweekly, semi-monthly, or monthly,” she said. This ensures a seamless flow of funds to cover expenses as they come up.
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Look over past bank statements: “It’s an eye-opener,” Giesbrecht admitted, adding that reviewing statements helps people see where they can cut back. “Seeing where your money actually goes can be shocking but also motivating.”
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Open separate savings accounts for goals: “Having separate accounts for specific goals, like vacation or retirement, makes saving more purposeful,” she advised. Watching these accounts grow can keep individuals motivated toward reaching their targets.
Support for those feeling overwhelmed
Acknowledging that budgeting can feel daunting, Giesbrecht encourages those seeking help to reach out. “Our goal is to make financial literacy accessible. If you’re feeling overwhelmed, visit us at accesscu.ca for more information on our workshops.”
Access Credit Union’s EOTO program is an invaluable resource for Manitobans, providing accessible, supportive financial education during Financial Literacy Month and beyond. As Giesbrecht puts it, “We’re here to make a difference in how people see and manage their finances.”
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