Summer is often synonymous with spending, vacations, BBQs, festivals, and endless outings. But what if this season could also be the moment you take control of your finances without feeling deprived?
For many Black Canadians, financial conversations are shaped by more than just numbers. They’re influenced by generational habits, systemic barriers, and the realities of navigating life in a country where financial literacy hasn’t always been taught in ways that reflect our experiences. At the Federation of Black Canadians (FBC), we believe that financial empowerment starts with relevant, community-rooted learning and that money should be managed well to become a tool for freedom, not stress.
Through our ongoing financial literacy initiatives, FBC is committed to creating culturally aware spaces where Black Canadians can learn, grow, and confidently build wealth. Whether you’re working on paying down debt, saving for the future, or simply making more mindful spending choices, here are a few ways to start building financial momentum this summer without sacrificing joy or community:
1. Reflect on Your Money Habits (and Why That Matters)
Before you start budgeting or cutting costs, take a moment to reflect on your current relationship with money. You can start by asking yourself these questions:
- Do you tend to spend more when you’re stressed or celebrating?
- Are you avoiding your banking app altogether?
- Is money a taboo topic in your family or circle?
Acknowledging your patterns without shame is powerful. During FBC’s Youth Financial Literacy Workshop Series, participants were encouraged to reflect on how culture, trauma, and environment impact financial habits. It’s not just about budgeting, it’s about healing and reframing your relationship with money.
Try this: Spend 15 minutes journaling your earliest memory of money and how it still influences you today. You might be surprised by what comes up. Remember that thinking about money, talking about money or regularly checking your banking app should not and doesn’t have to be scary.
2. Set One Short-Term Goal (and Celebrate Small Wins)
Big goals can feel overwhelming, which is why small, achievable wins matter so much.
Some examples:
- Paying off a small credit card balance
- Creating a “fun money” envelope so your spending has healthy limits
- Saving $100 by the end of the summer just to prove to yourself you can
Small goals create big momentum. They train your brain to associate discipline with reward which is a key mindset shift discussed in our Morningstar x FBC Financial Literacy Series, which explored confidence-building through financial wins.
Tip: Automate what you can. Even $10/week into a savings account adds up to $520/year enough for a rainy day, a mini-vacation, or your next big goal.
3. Build Toward a Long-Term Vision
Short-term wins build confidence, but long-term planning builds freedom.
If you don’t already have one, start with an emergency fund. Even $300–$500 can be life-changing when the unexpected happens. As shared in our financial literacy events, building wealth isn’t about knowing every detail of the stock market, rather it’s about increasing your options, step by step.
Some long-term goals to consider:
- Saving for a down payment
- Contributing to a TFSA or RRSP
- Investing in your education or a side hustle
The goal isn’t perfection, it’s progress. Do not forget to ask for help when needed. You are not in this alone and there are several people/resources that are here to support/help you.
4. Save Without Missing Out, Summer Edition
While you may have to make some financial sacrifices, let’s be real: no one wants to sit at home while everyone else is living their best life. But saving money doesn’t have to mean missing out.
Here are practical ways to enjoy summer while stacking your coins:
- Potluck-style everything: Pool resources with friends for beach days or BBQs. More vibes, less expense.
- Free events: Many cities host free outdoor concerts, movie nights, or cultural festivals.
- Set treat days: Give yourself permission to splurge 1–2 times a month so you’re not constantly depriving yourself.
- Picnic > Patio: Grab some snacks, hit a park, and create your own ambiance for a fraction of the cost.
FBC’s community sessions emphasized this: financial wellness is about alignment, not restriction. You can still enjoy your summer, you’ll just enjoy it with a plan.
Start Small, Stay Consistent
There’s no magic number or perfect plan. Whether you’re just starting your financial journey or resetting after a rough patch, what matters most is that you start. Start small. Start slow. Start with what feels possible.
This summer, commit to one step. Talk to a friend about money. Journal your goals. Open a savings account. Attend a workshop. Reflect. Reset. Repeat.
Remember that you’re not behind, you’re building.
Want to go deeper?
At FBC, we’re passionate about equipping our community with tools that work in real life not just in theory. FBC partners with financial institutions like MorningStar, RBC and Wealthsimple to host Financial literacy events covering topics from saving your first paycheck to creating long term plans for your business. Follow us on instagram or signup for our monthly recap to stay tuned for our next event and more.
Let’s keep building, together.