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Young - Am I Making the Most of my Money?
Contents:Why You Need to KnowUsing your money wisely and making informed decisions will help you get more from your money. If you know how to avoid problems and understand marketplace rules, you can protect yourself from consumer traps. The following information addresses some common issues that young people face in developing good marketplace skills. By planning what you will spend and save, you will be able to reach your financial and consumer goals faster. How do I use my money wisely?Money is one of the most important resources you have, and it can cause many problems if not managed properly. You should always:
For more details on managing your finances, read Dealing with Credit and You and Your Money in Reality Choices. How do I make a good consumer decision?Using a planned decision-making process when making choices about buying or saving will help you make the most of your time, money, skills and energy. Good decision making means that you are happy with what you have bought, and that your decision reflects your values and works toward achieving your goals. For more information about making good decisions, read "Consumer Decision Making" in this publication. How can I avoid problems?When learning about a product or service, one of the best ways to avoid problems is to listen and observe when you are presented with a sales pitch. Take the time to analyze what you see and hear by considering the following:
Then walk away and try to find out more information. Unscrupulous sellers depend on consumers not asking themselves enough questions about the sales message before buying. For more information, see the section on advertising below. Also see Be on Your Guard in this series for more information on fraud. How do I find out about marketplace rules?Understanding the laws related to the transactions you make can save you money and grief. Depending on where you live, legislation covers the following:
If you would like to find out if a purchase you are making is covered under consumer legislation, contact your provincial or territorial consumer affairs office. Be aware that consumer legislation does not cover every transaction and that the consumer is not always right. For more information, see "Where to Get Help and Information" in the next section. Also see Shopping in this series. Why should I plan what I spend and save?Setting goals helps you set priorities where you want to spend your resources of time, money, skills and energy. For goals to really work, they must be measurable and achievable. Consider writing down the following:
Setting goals is also part of making a good decision. These are tough questions that will take some thought. For more information see the "Consumer Decision Making" section. Also go to You and Your Money in Reality Choices to learn more about setting goals. Where to Get Help and Information
An informed consumer is one who knows where to find reliable information. The following websites offer information about legislation, products, services and frauds, and where you can turn to for help with your particular consumer issue. Provincial and Territorial InformationTo contact your provincial or territorial consumer affairs office, see the following list.
Provinces and territories have jurisdiction over most consumer contracts. Your province or territory could also have specific legislation governing travel services, collection agencies, door-to-door sales and cost-of-credit disclosure. Your provincial or territorial consumer affairs office can also direct you to other government departments or agencies that can help with your questions or problems. Canada-Wide InformationMulti-Purpose Siteswww.ConsumerInformation.ca has links to reliable information on consumer products and services, complaints, fraud, health, housing, the Internet, money, travel, transportation and more. Provided is information from federal, provincial and territorial governments and from non-governmental organizations. Also check out the Know Your Rights tool for provincial and federal consumer legislation. The Canadian Consumer Handbook offers an overview of common consumer issues and sources of help. Reality Choices offers a series of guides for young people leaving home for the first time. These guides have information about money management, credit, buying a vehicle, renting or buying housing, and general shopping skills. Topic-Specific SitesDo you have questions about identity theft? Do you think you might be a victim? Recognize it, report it and stop it. Check out the Identity Theft Kit online for information about protecting yourself and what to do if your identity has been stolen. Also see Be on Your Guard in this series. As well, check out PhoneBusters, the Canadian anti-fraud call centre, for more information about identity theft as well as telemarketing fraud, advance-fee fraud letters (Nigerian letters) and other types of fraud. Report Internet fraud online to the appropriate agency by visiting Reporting Economic Crime On-Line. Have questions about consumer product recalls? For links to information about various recalls, visit www.ConsumerInformation.ca. Have questions or complaints about banking, life and health insurance, general insurance, securities or mutual fund products and services? The Financial Services OmbudsNetwork provides help through information and referrals. Visit the website or call 1-866-538-3766 (toll-free). For consumer information about financial services, visit the Financial Consumer Agency of Canada at www.fcac.gc.ca. Looking for business reliability reports? Contact the Better Business Bureau in your area to find out if they have received any complaints about a company. Are you travelling outside of Canada? Foreign Affairs Canada's Consular Affairs has up-to-date information about countries, customs, travel documents and more. Also, Canada Border Services Agency gives more information about services for travellers. Looking for information about automobile, home or tenant's insurance? Visit the Insurance Bureau of Canada or the Canada Mortgage and Housing Corporation. For information on misleading advertising and telemarketing go to the Competition Bureau. Consumer Decision MakingDecisions are an unavoidable part of daily life. How do I know what makes the difference between good and bad consumer decisions? A good decision reflects your values and works toward achieving one of your goals. Good decisions also come as a result of taking the time to get the information you need to examine all of the possible choices and their consequences. Some decisions may not turn out well when you are rushed or overwhelmed with the number of choices available, or when you do not have enough information. About Values and GoalsValues are the principles and beliefs that are important to you, such as friendship, security, learning, health, honesty and financial security. Values guide you as you identify the goals you want to achieve. Goals are the plans you make to put your values into action. If financial security is important, one goal could be to have money set aside as a safety net for unexpected expenses. Setting goals is the best method to make sure you get what you want. It helps you decide what you want to do and how you are going to do it. Values and goals act as a filter for your decisions. If you have not identified your values and goals, you can be confused by available choices. Your goals should be specific: what exactly do you want to do, when do you want to do it by, and how will it affect your personal resources? Make sure your goals are achievable. If your overall goal is not realistic right now, can you set a smaller goal that will move you one step closer to the overall goal? Getting started is vital. Make a list of your values and goals:
ResourcesWe all have limited personal resources of time, money, energy and skills. Consumer decision making is about distributing these resources. Money is the most vital resource; therefore, the types of decisions you make will depend on how much money you have available, how much you want to spend, and what else you could spend the money on. If you do not have a lot of money available, learning how to make consumer decisions is critical. Types of DecisionsHere are examples of different types of decisions:
How to Make a Planned DecisionIf you make a planned decision, you can be sure that you have made the best decision possible under the circumstances. Planned decision making allows you to spend your personal resources on goods and activities that will give the best payoff for you. To make a planned decision, follow the chart below:
AdvertisingMost of us like to think that we are immune to the effects of advertising. The trouble is that we may not be aware of all the messages that are reaching us. The volume and variety of ads in today's world make it difficult to avoid their influence. When making a purchase decision, the challenge is to make sure that you — not the advertising — are the one making the decision. Advertisers try to influence how, what, where and why you buy. Have you ever changed your behaviour because of advertising? Ads can provide information, promote activities, suggest changes in behaviour, and promote various causes. Advertisers use a variety of techniques to appeal to you. If you are aware of these techniques, you can see through them and look beyond the message to evaluate the product or service based on your own needs. On the surface, ads sell products and services. Below the surface, they sell an image of yourself or an image of what your life could be like if you buy or use the product or service. By using images and even myths that target your needs, advertisers create personalities for products that you can identify with. Emotional ads catch your eye, your ear and your money. Advertisers try to appeal to one or more of your needs in their messages. Although you may understand that advertisements try to influence consumers, you should always ask yourself the following questions before buying into an advertisement:
These questions can help you separate facts from persuasive techniques and will make you a better-informed consumer. Advertising QuizTry taking this quiz to test your knowledge of advertising:
Answers to Advertising Quiz
More InformationAdvertising Standards Canada (ASC) administers the Canadian Code of Advertising Standards and handles complaints from consumers about misleading advertising. It has a special code for advertising to children, in addition to gender portrayal guidelines. If you feel strongly about an ad, tell ASC. You may also consult Media Awareness Network. They promote critical thinking about the media in young people. You can also visit the Competition Bureau's website or report a complaint on misleading advertising at 1-800-348 5358. The Province of Quebec's Office de la protection du consommateur offers additional information in French. Consumer protection remains an important part of the federal, provincial and territorial governments' agenda. In a spirit of co-operation and to improve efficiency on the consumer front, the Consumer Measures Committee (CMC) was created under Chapter Eight of the Agreement on Internal Trade. The Consumer Measures Committee has a representative from the federal government as well as every province and territory. The CMC provides a federal–provincial–territorial forum for national co-operation to improve the marketplace for Canadian consumers, through harmonization of laws, regulations and practices and through actions to raise public awareness.  |
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