Money management skills make cents

By Marlo Campbell

Feb. 4, 2010

Money management is an important life skill — one many people struggle with.

Not all of us are taught about money when we’re young, possibly because our parents weren’t taught about it when they were young and possibly because money remains one of those things we’re not supposed to talk about lest we be considered rude.

In the absence of information and guidance, bad habits can form. Anyone who has ever watched Til Debt Do Us Part — a self-help reality TV show on which host Gail Vaz-Oxlade helps clueless, debt-ridden couples regain control over their finances (full disclosure: I’m a devotee) — knows what I’m talking about.

Thankfully, there are resources that can help.

Make it Count is a financial literacy program developed by the Manitoba Securities Commission — an agency of the provincial government that promotes fair, efficient investment practices.

Last week, the MSC launched part 2 of the program — a free, 87-page instructor’s guide for teachers, club leaders and other adult mentors, to be used to teach kids in Grades 5 to 9 some financial basics.

It’s full of worksheets, activities and practical tips — one exercise encourages young people to compare cell-phone plans and assess which one would be cheapest given their own habits, for example. Another involves costing out car ownership.

Although the material covered in Make it Count is not part of local school curriculums, the provincial government is supporting the initiative by mailing guides to every school in Manitoba, so that individual teachers who want to incorporate it into their lesson plans can do so.

A similar, 55-page guide for parents has been available since January. It provides information that can be tailored to a wide range of ages, allowing parents to start a conversation about money with kids as young as three or four, and it has proven very popular — so far, the MSC has mailed out more than 10,000 copies.

What I like about both guides is that they’re just as applicable to adults as they are to youth; indeed, Make it Count’s budget worksheets are remarkably similar to those offered by my beloved Gail on her website, www.gailvazoxlade.com.

With our country now experiencing “tough economic times,” we’re being bombarded with mixed messages — encouraged to spend our way out of the recession at the same time we’re being warned to tighten our belts.

It’s confusing stuff, and confusion can have real financial consequences. According to the Vanier Institute of the Family, the average Canadian household debt load now sits at $90,700, and our spending continues to outpace our incomes.

Money-management skills benefit people of all ages — and it’s never to late to learn.

Make it Count guides are available for free download at www.makeitcountonline.ca. Hard copies can be acquired by calling 945-1513.