Your Debt Solutions Experts
BDO Cornwall

301-132 Second St. East Suite 301,
Cornwall, Ontario
K6H 1Y4
Phone: (613) 933-6969

Helpful Advice To Make Debt Elimination Goals A Reality

Reducing debt or becoming debt free is important for many reasons. It frees up additional income to cover the rising cost of living, it means you can put more money into savings, and it will improve your credit score and rating; which is good in the event you are hoping to make a large purchase like a new home. If you haven’t done so already, now is a good time to set financial and debt elimination goals for yourself for the coming year.

  1. Make a realistic financial plan

Setting lofty goals is good, but it can backfire if you don’t have a plan in place to achieve them. Start by setting short, medium, and long-term goals for the year. One strategy is to work from long to short. Set your longer-term goal as what you hope to achieve for the entire year and then use that to develop what medium and short-term goals you’ll need to accomplish to reach your final goal. The Financial Consumer Agency of Canada has introduced an excellent tool to help you define your goals and

  • Grow your financial knowledge.
  • The old saying goes “knowledge is power” and that holds true when it comes to efforts to reduce debt. The more you know, the more you can do to achieve those goals. This could be learning about different professional debt options available or do-it-yourself debt repayment methods like the debt snowball or debt avalanche. The more informed you are, the more sound your decision making will be. As you learn new things about budgeting, goal-setting, reducing debt, and other topics, consider sharing what you have learned with those around you. This will help to reinforce what you have learned, but also may provide motivation for others to tackle their financial and debt problems.

    1. Review and adjust your plan.

    Building your 2017 d debt reduction plan is one thing, but as everyone knows, life happens. If you are not regularly reviewing your progress towards meeting your short-term, medium-term, and long-term goals, you can’t make any necessary adjustments. You might find that you’ve achieved your short-term goal much faster than anticipated; allowing you to put more money into your emergency or retirement savings.

    If you discover that you are not progressing as you thought with your goals because of debt problems, it’s worth your while to speak with a Licensed Insolvency Trustee in Cornwall. The Trustee can offer advice and assist with debt options such as consolidation loans, consumer proposals, or other debt help that can get you back on track with your goals to eliminate debt.

    There’s no foolproof, get-out-of-debt-fast advice that can be offered, but by following some of these tips you can work towards making your debt elimination goals a reality. If you commit to your plan and achieve the short-term goals they will provide the motivation to reach those medium-term goals, and finally your long-term goal of becoming debt free.

    If you want to share what you’ve learned about reducing debt or see what others have learned, join the conversation on Twitter using #LetsTalkDebt.

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