FLM 2017: 6 Strategies That Will Help You with Your DebtNov 08, 2017
There’s nothing wrong with asking for help with your debt — especially if you’re unable to keep up with your payments.
If you ARE keeping up with your debt payments — but you wish you had fewer debt payments to make — it might be time to take a closer look at how you’re managing your debt.
There are many online resources that offer tools, strategies, advice and inspiration that can help you with your debt.
November is Financial Literacy Month (FLM) — there’s no better time to get started on reducing your debt than right now. In fact, that’s true no matter what time of the year it is!
What actions can you take now to reduce your debt and plan ahead for the future?
You’re already in the process of one of those steps! That’s improving your financial literacy by taking the time to learn new information about paying off your debt. Here’s what else you can do:
- Check out the Financial Consumer Agency of Canada (FCAC) website for information, tools and resources about debt and borrowing. You can also find the FCAC on Twitter, ItPaysToKnow(@FCACan).
- Do a financial health test.
- Create a monthly budget and stick to it.
Financial writer Sandi Martin offers strategies for living on a budget long-term without giving up hope in her blog In the Trenches: Living with Your Financial Plan and Avoiding Budget Fatigue.
- Learn how to set SMART financial goals for 2018 from the FCAC.
- Track your spending and add to your savings. A money management app can help with this — here are 10 apps you may want to consider.
- Learn how to prioritize debt repayment.
Read about how four women stayed motivated to pay off their debt in Jessica Moorhouse’s blog 4 Women Who Will Inspire You to Crush Your Debt.
This year, two BDO polls revealed some surprising findings about Canadians’ debt: three-quarters of Canadian grads have real regrets about their student debt, and over half of Canadian homeowners are prioritizing home renovations over paying off debt. That indicates that there are a lot of Canadians focused on debt reduction.
Sometimes all it takes is some new information or inspiration to jump start your debt repayment efforts. Taking a closer look at how you manage your debt just might give you the help with your debt that you’re looking for.