Money Talks, but Do You Listen? Simple Answers for Smart Decisions (Part 3)
In a world where finances shape much of our lives, it’s important to educate ourselves about money—from understanding credit to avoiding scams. Noha takes a deeper dive into some essential questions and answers to help you make informed choices in this Money Talks series.
How Do You Build Good Financial Habits
Tips to build habits:
Set clear financial goals (e.g., saving for a vacation or paying off debt)
Pay yourself first—set aside money for savings before spending
Track your spending to stay within your budget
Why it matters:
Good financial habits lead to long-term financial health. Starting small and staying consistent can help you avoid debt and build wealth.
How Do Inflation and Rising Interest Rates Affect My Finances
What it is:
Inflation is the increase in the cost of goods and services over time, while interest rates are set by central banks like the Federal Reserve (U.S.) or Bank of Canada to control inflation.
Why it matters:
Higher inflation means you may pay more for everyday items. Rising interest rates make borrowing more expensive, which could affect things like home loans, credit cards, and car loans. Understanding these impacts can help you adjust your spending and saving strategies.
What Are Cryptocurrencies, and Should I Invest in Them
What it is:
Cryptocurrencies are digital currencies that use blockchain technology for secure transactions. Bitcoin, Ethereum, and other cryptos have become popular as alternative investments.
Why it matters:
Cryptocurrencies can be volatile, meaning their value can go up and down quickly. While they offer potential for high returns, they also carry risk. It’s important to research and understand the market before investing in crypto.
PRO TIP: Start simple and stay consistent!
About the Author: Noha Fazili’s personal journey, shaped by growing up in a conflict zone, has fueled her deep passion for promoting financial literacy, particularly among women. She is driven by her belief that education is the foundation for personal and collective empowerment. Noha earned her MBA at Smith School of Business at Queen’s University in Ontatio and works in Wealth Management at Royal Bank of Canada