(NC) If you’ve been feeling overwhelmed about money or simply want to strengthen your financial habits, consider this your financial wellness check. November is Financial Literacy Month, the perfect opportunity to take a step back and ask yourself a few simple questions:

1. Is my budget too complicated for me?

An intricately designed budget might seem like what you need to gain control over your spending, but a complex spreadsheet might actually hinder any progress towards your financial goals.

Instead, try focusing on a few core areas of your spending, like:

• housing
• transportation
• food
• savings
• leisure spending

Once you’ve created a simple budget, then you add always add more detail later as your needs evolve. The idea here is to make something that’s easy to maintain.

2. Do I understand how my money is protected?

Canada has strong deposit protection. The Canada Deposit Insurance Corporation (CDIC), protects eligible deposits at member institutions in the rare event of a bank failure. You can find a full list of their members on their website.

3. Am I thinking about money in a healthy way?

Keep a positive outlook on your financial future by reminding yourself not to compare your financial progress to the people around you. Everyone’s situation is unique, especially when it comes to money, so it’s important to focus on what works for you. Part of this includes setting realistic and achievable goals for yourself.

It’s important to feel confident that you’re making the right financial decisions based on your situation. At times, this can be challenging, so it’s important to seek guidance from reliable sources and people you trust.

4. How can I keep my money safe?

When choosing financial institutions or products, consider if and how they are protected.

CDIC protects eligible deposits, such as GICs, cash and foreign currencies, up to $100,000 per account type at each member institution, which include banks, federally regulated credit unions, and trust and loan companies. Coverage is free and automatic at member institutions. You can find out how your deposits are protected through online tools like their online calculator.

5. Am I making time for regular financial check-ins?

On a regular basis, try scheduling 20 minutes to:

• review recent spending
• update savings goals
• check your protection
• consider upcoming large expenses
• track progress towards your goals

Regular check-ins can feel much more manageable than trying to review several months’ worth of finances all at once. As part of this financial check-in, make a point to regularly check your financial protection.

6. What’s one financial skill I want to improve this year?

You don’t need to learn everything about financial literacy at once. Instead, each year choose one area you’d like to focus on like budgeting, maximizing saving, understanding credit or investment options. Breaking down financial concepts and learning them one-by-one is more productive than trying to tackle it all at once.

Whether you’re simplifying your budget, rethinking your relationship with money, or learning more about how your savings are protected, each step matters.

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