(NC) Beginning a career and moving out on your own are two big steps toward financial independence. But becoming financially independent requires a plan. In Canada, November is Financial Literacy Month-the perfect time for young adults to review their short- and long-term financial goals and make a plan to put them into action.

Whether you’re saving to buy a TV for your new apartment, to make a down payment on your first home, or to pay down student debt, a good plan will help you reach your goals. Make them a reality by listing them and assigning a timeline to each. Once you’ve established your goals, incorporate them into your monthly budget.

While a new job may mean a higher income, moving out on your own brings many new expenses. How do you know that you’re ready financially? With the added financial commitments, how will you work toward your financial goals? How will you prepare for life’s costly surprises?

The Financial Consumer Agency of Canada (FCAC) has resources, available at itpaytoknow.gc.ca, to help young adults plan to achieve their life goals. The Moving out on Your Own life eventhelps work out the costs associated with moving out and living on your own as a tenant or homeowner, and provides useful information on how to make a household budget. The Starting your First Job life eventhelps individuals manage their money wisely as they enter the workforce.

A realistic budget is only one aspect of securing your financial independence. An unforeseen event could become a budget breaker, which is why FCAC recommends building an emergency fund that covers three to six months of expenses.

It may require a new approach to your finances, but financial independence is attainable.www.newscanada.com