11/29/2016 02:31 EST | Updated 11/29/2016 02:32 EST

Financial Literacy Tips For Every Age

Mother watching daughter deposit coin into piggy bank
Hero Images via Getty Images
Mother watching daughter deposit coin into piggy bank

As we near the end of Financial Literacy Month, it's a good time to remind us all that financial literacy is something that should be an ongoing journey of learning and practice. Taking charge of one's financial future is a continual process, not a one-and-done task.

Financial literacy is something that needs to begin at an early age to ensure a strong foundation. This will help kids make smart decisions and achieve their long-term goals -- even before they know what those goals might be! Arming kids with rudimentary financial knowledge, skills and confidence is a good way to ensure a financially savvy adult population, which benefits us all as a society.

Raising two daughters, I know how important those lessons were to instill and I'm now seeing how that's paid off. One of my daughters is now self-employed. Like any entrepreneur, she needs financial discipline to be able to manage her business affairs -- especially when it comes to issues like income tax and GST. My other daughter is still in school, but has always been financially responsible and has held jobs while continuing her studies to support her expenses.

It's never too late - or too early - to learn how to take your financial matters into your own hands.

Starting financial education early is ideal; it's also the key to building understanding that will grow with age. With recent calls to add financial literacy courses to high school curriculums, we may soon see financial education being taught more formally to teenagers, which would be a welcome initiative. However, it's never too late -- or too early -- to learn how to take your financial matters into your own hands.

Here are some tried and tested financial planning tips for every age:

In your 20s:

Set a budget! Write down everything you spend in a month, and organize your expenses into '"musts" and and "nice to haves." Subtract the musts from your income to know how much you have for nice to haves. Then cut back on the nice to haves to save -- for example, try eating out only once a week instead of twice.

In your 30s and 40s:

Try the "pay yourself first" approach. Start a great habit by setting aside a small amount for savings before you pay your monthly bills.

Set a budget and review it on a regular basis. As extra money comes in -- from bonuses or salary increases -- see where you can increase your savings in RRSPs, TFSAs or RESPs.

Make RRSP savings a priority and maximize your contribution room!

In your 50s and 60s:

If you pay off a loan or mortgage, increase your monthly savings. Ensure you have the right mix of investments to help build your savings within your timeline.

Sit down with a financial planner to explore your options and ensure you can support your retirement lifestyle.

To help promote earlier learning, RBC teamed up with WE (formerly Free The Children) to offer a financial education curriculum resource to Canadian schools. The program is called It All Adds Up and provides teachers the tools needed to help students learn about managing their personal finances.

The practical, hands-on lessons cover a wide variety of topics including money basics, needs versus wants, and how to save and spend in a cashless society.

Check out the Financial Consumer Agency of Canada for more tips.

Follow HuffPost Canada Blogs on Facebook

Also on HuffPost:

Photo gallery6 Super-Simple Ways To Stay On Top Of Your Finances See Gallery