Your Debt Solutions Experts
BDO Halifax

255 Lacewood Drive Suite 201,
Halifax, Nova Scotia
B3M 4G2
Phone: (902) 425-3100

3 Resources that Will Help You Reduce Debt This New Year

It’s a new year and you’re determined to reduce debt and improve your financial
situation. The problem is, you don’t know where to begin or what will work. Fear
not! We’ve done the heavy lifting for you so you’ll have all the resources you need
to make 2019 your best financial year.

It all starts with a plan…

The new year comes with a lot of lofty expectations. And let’s face it, most times
those resolutions fall flat by February. That’s why it’s better to find ways to keep
yourself motivated by making a plan and checking in with yourself when you lose
momentum.

Your plan to reduce debt, save more money or earn more doesn’t need to happen
all at once. A slow and steady approach will yield better results over time without
causing you to feel deprived and lose motivation. And, the best part about setting
realistic goals is that you can revise them as needed. They don’t have to be
written in stone.

Three resources to make your plan stick

    1. Personal finance Bloggers – Canadians are well-connected. Why not use
      your phone and computer for more than online shopping and Instagram
      scrolling? Here are some names to follow for financial motivation:

      • Jordann from My Alternate Life – Jordann owed $38,000 in student loan
        debt when she decided to turn it all around. Since 2012, she paid off all
        her debt and saved up a sizeable emergency fund and retirement
        savings.
      • Color Me Frugal – As the name suggests, this blog gives amazing tips on
        how to live your life while spending less, saving more and crushing debt.
        Better yet, they also offer tips on how to earn more income or start a
        side hustle.
      • 4 Quarters Finance – Start them young! This blog is an invaluable
        resource for parents hoping to instill financial literacy in their kids from the start. It talks about the power of giving, reasons for saving, and how
        to make wise spending choices.
    2. Online tools – When it comes to financial resources, the Financial Consumer
      Agency of Canada (FCAC) is a great place to start. Check out Your Financial
      Toolkit and these other helpful resources:

      • Financial goal calculator – Pay off debt or save more money? Use
        this worksheet or watch this video to see how you can make your goals a
        reality by setting SMART goals.
      • Financial literacy quiz – Get to know your financial strengths and
        weaknesses so you can make a plan to improve. Take the quiz now.
      • Budgeting – Whether you work best using a pen and paper or you’d
        rather have a budget at your fingertips, it’s important to have a budget
        at all stages of life. Use a budgeting app such as Mint.com or Wally to
        keep your budget mobile, or print off this budget worksheet and post it
        where you can see it.
  1. Debt repayment resources – There’s no one-size-fits-all when it comes to
    debt relief options. That’s why it’s good to utilize a few different approaches to see what works.

    • Repayment options calculator – Just plug in your debt numbers and see your options at a glance. This calculator will give you an estimate of how much you might pay each month, based on your input. Calculate your
      results here.
    • Credit counselling – Need some advice about how to budget or manage
      your money? A credit counsellor can help set you up with a tailored plan
      to get on track. Start by learning how to select an accredited credit counsellor.
    • Licensed debt professional – A Licensed Insolvency Trustee (LIT) can
      guide you through the debt repayment process by recommending and
      administering a variety of options. Whether you have a little debt or a
      lot of debt, an LIT will find a solution that will fit your needs perfectly.
      Learn more here.

 

However you plan to reduce debt this year, remember to be kind to yourself. This
journey will take time, patience and commitment. The first step is making a
flexible plan that you can stick to all year long and beyond.

Which debt relief options will you try this year? Share your thoughts with us via Twitter #LeaveDebtBehind #NewYearMotivation #DebtTips



Book a Free Consultation