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Most Canadians will have to borrow money at some point in their lives. It may be using a credit card to borrow money for a short time or a mortgage for a house that may take 25 years to repay.
Borrowing money, and using debt, does not have to be a bad thing. It can help you in times of need or trouble – help you with large purchases – help you manage your monthly cash flow (consolidation loan) – and so on.
Download ModuleThis lesson can be used as a companion to Module 11 of Indigenous Peoples’ Money and Youth - Borrowing Money.
This Teacher’s Guide contains relevant subjects and topics, background information, outcomes, implementation time, teaching and learning strategies, evaluation, modifications or suggestions for different learners, additional related links and possible activities.
Download Teacher's GuideThis Caregiver’s Guide can be used to support young people as they read Module 11 of Indigenous Peoples’ Money and Youth – Borrowing Money.
This Caregiver’s Guide is designed to give you some of the tools and resources you need to effectively engage with and support young people who are working through the module. This guide includes an overview of why the module is important for young people, ways you can engage with them and fun activities related to the content, and links to additional background and resources.
Download Caregiver's Guide
If you want or need to borrow money, you will have to make sure the possible lender is confident that you are able to pay back the loan. This is where your credit rating is very important. Understanding what a credit rating is, how to maintain a good rating, and how to avoid problems are all important to enabling you to be able to borrow money when you need or want to.
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When it comes to saving and investing, there is no “chicken and egg” dilemma. You don’t have to wonder which comes first. You can’t invest if you don’t have savings. Once you have savings, you can make decisions about how to invest them. Saving can be a challenge for some – but there are many ways to save, even small amounts that can add up. Deciding to save, if you can, is step one.
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