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What does financial well-being look like?

As November is Financial Literacy Month, we chatted with Christy Hemmingway, lead instructor of the Financial Services Business Administration Major, on staying financially sound.

Bow Valley College: What does financial well-being look like? 

Christy Hemmingway: Financial well-being looks different for everyone. But at its basic level, it means having control over your day-to-day finances, and knowing how to deal with emergencies like job loss, housing repairs, or health concerns. 

Bow Valley College: What does the student of 2017 need to know about managing money? 

Christy Hemmingway: Online and mobile banking have made managing money both easier and harder. It’s harder because you can access money so easily without thinking about what that money may have been planned for. It’s easier because you can quickly review your balances and transactions. Most banks also have a budgeting tool within their app or website, which I encourage students to use. 

Bow Valley College:
What are a couple of ways you can teach children about money? 

Christy Hemmingway: Some parents set up jars with three labels: “Save,” “Spend,” and “Share.” As your children earn money, whether it’s through an allowance or chores, they designate a percentage to each jar. The “Save” is for a specific goal, maybe education or a trip, the “Spend” is for maybe a new toy, video game, or pair of jeans, and the “Share” is to show them the importance of giving back. This system can motivate kids to find ways to make money, like doing things around the house and in the neighborhood. It might even inspire an entrepreneurial spirit. 

Bow Valley College: Managing your finances is daunting for a lot of people. How can students fit learning about finance into their busy schedules? 

Christy Hemmingway: The great thing about Bow Valley College is that there are a number of seminars that can help students understand their finances, especially during Financial Literacy Month. In addition, we have the Business Administration Financial Services Major for students who are very interested in that topic. There is also a host of educational materials on the Financial Consumer Agency of Canada (FCAC) website, and I’d recommend visiting your local bank to better understand your finances. 

Need financial coaching? Visit the ATB Centre for Financial Empowerment at the College. And during Financial Literacy Month, be sure to check out the following two events: Advocating your rights to utilities and RESP sign-up event

The Chiu School of Business is pleased to announce that four courses in the Business Administration Financial Services Major have received approval for Financial Planning Standards Council (FPSC) Level 1 Certification. Obtaining the FPSC Level 1 Certification in Financial Planning is a significant advantage for our students. 

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