Posted March 24, 2022 | by Deveraux Apartment Communities
Mortgage Professional, Jenna Hall, Partners with Deveraux for a Financial Literacy Webinar
This week we collaborated with Mortgage Professional, Jenna Hall, for a Financial Literacy Webinar for Deveraux Apartment Communities residents.
By sharing stories about her own financial journey, Jenna aims to educate and empower individuals to make better financial decisions and to take their first steps towards financial freedom.
If you’re a Deveraux resident and missed the webinar or would like to know more about financial literacy, keep reading!
Jenna started her career in the banking industry at just 17 years old. Regardless of income, Jenna quickly realized that her and her clients were struggling financially due to their lack of financial education. Jenna has made it her mission to increase the financial literacy of her followers and clients, empowering them to improve their relationship with money.
Jenna describes financial literacy as “the set of skills and knowledge that allows you to make informed and effective decisions with your financial resources”. Being financially literate enables you to manage your money effectively, reach your financial goals, and reduce your financial stress and anxiety.
A large part of increasing your financially literacy is creating and adhering to a monthly budget. During her webinar, Jenna shared the 50-30-20 budget rule.
This rule states that your net income (income after taxes) should be broken down in the following way:
50% should go towards your needs, including living expenses such as rent, utilities, groceries, gas, etc.
30% should go towards your wants, which includes items or services that enrich your day-to-day life but could cut out if needed. This includes going out for dinner or coffee, clothing, travelling, subscriptions, food delivery services, shopping, etc.
The last 20% of your net income should go towards savings, including emergency savings, Retirement Saving Plans (RSP), Tax Free Savings Accounts (TFSA), debt repayment, and so on. In her presentation, Jenna advocated for automating these transfers and thinking of it as a bill that we are paying to ourselves each month.
- It may help to have separate accounts for each of these spending categories to help you visualize how much money you have left in each category and stick to your budget.
- Remember to include what you spend on your credit card in your budget.
- Write each expense down in a notebook or download a secure mobile app to keep track.
- Finally, although the 50-30-20 rule is a popular budget structure, this rule does not apply to everyone’s financial circumstances and can be tailored to suit your goals.
As Jenna mentioned in her presentation, understanding your credit is an important part of financial literacy. Jenna describes credit as “the ability of a consumer to obtain goods or services before payment, based on the trust that payment will be made in the future”.
Jenna shared the many factors that affect your credit score, including:
- Inquiries: How often are you applying for credit and getting your credit score pulled?
- Public Records: Do you have any prior history of bankruptcy or collections?
- Credit History: By having a long history of holding credit products, you paint a clear picture of how you have handled debt in the past.
- Credit Usage: How much of your available credit do you use? Jenna states that it is best to use less than 50% of our available credit (or 30% if possible).
- Payment History: Are you making your payments late, or missing payments entirely?
- Electronic credit card payments can take up to 6 business days to reach your credit card company. Ensure your payment isn’t late by making your payment well ahead of the due date.
For more information on credit, budgeting, and improving your financial literacy, you can visit the Credit Counselling Society website or speak with your Financial Advisor.
We hope you found this blog helpful and are one step closer to achieving your financial goals! For more information about Jenna and her services, you can follow her Instagram or check out her website.
Until next time,
Deveraux Apartment Communities