FLM 2017: How to Reduce Debt and Jumpstart Your Savings Before 2018Nov 13, 2017
Did 2017 start with big plans to reduce debt or save more money? Resolutions tend to fall to the wayside a few weeks or months after the new year, but that doesn’t mean you can’t revisit those goals and attack them with a new strategy. And, since November is Financial Literacy Month, there’s no better time to get your finances in shape. Here’s how:
- Increase your financial literacy
Financial literacy means having the knowledge, skills and confidence to make important financial decisions so you can prevent financial problems and keep debt to a minimum. The Financial Consumer Agency of Canada (FCAC) offers a ton of resources for Canadians who want to improve their money skills. You can also learn more about financial literacy in this blog post.
- Revisit your debt relief goals
Get a handle on your debts before the end of the year and you’ll have much less financial stress in January. Interest rates are higher now, which means your debt payments may have increased. Use this Repayment Options Calculator to see which debt relief options will work for you and watch this video about how to set debt relief goals that stick.
- Create a budget so you see where your money is going.
Cut out unnecessary expenses and limit spending. Easier said than done, right? To get motivated, think about what you want to save for. And try using the FCAC online budget calculator to keep track of your expenses.
- Get your spending under control
The holidays are fast approaching, which means it’s easy to blow your budget and give in to impulse spending. Instead, make a detailed holiday budget and save up that amount in advance so you can have less stress. For more inspiration, check out Jessica Moorhouse’s blog and take your pick from the 8 Free Money Challenges.