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5 Debt Help Resources Every Woman Should Know About

If you’ve ever considered finding debt help in the past but haven’t known where to start, this is the blog for you. This month, as we celebrate women and all their achievements, we want to encourage women to also take a leading role in their financial lives. Whether you’re looking to increase your sharpen your money management skills, make better money decisions, or finally deal with those mounting debt balances, there’s no better time than the present!

Are affordability issues making it harder for women to get ahead?

Before we dive into the good stuff, let’s talk about affordability. Did you know? Canadian women are more likely than men to struggle with daily expenses such as:

  • Transportation
  • Saving up for a major purchase
  • Financial readiness when it comes to home ownership, retirement and having children.

 

A 2018 Statistics Canada study also revealed that women are more likely to have lower financial confidence than men. And, lower financial confidence and lack of financial literacy ultimately leads to a higher debt load. This is why it’s so important to arm yourself with tools and skills that will help you break the cycle of debt and lack of affordability.

5 resources to help ease debt and boost your financial confidence

Chances are, you can identify a few money habits you’d like to change —  or at least improve on. Whether you’re looking to add to your income, find debt help or curb some bad money habits, you simply need the right tools and the drive to meet those goals.

Here are five resources to help you start building your confidence and changing your money mindset:

  1. Budgeting tools — Following a budget allows you to make the most of your income and ensure all your monthly expenses are covered. And, if you know you’ve got something big on the horizon, it’s easy to add it to your budget and plan ahead. Use our budgeting worksheet or download a budgeting app that will help you get started.
  2. Credit card payment calculator — Ignoring those balances won’t make them go away, but it will increase your stress. Instead, use a debt calculator to add up your debts, including their interest rates. You need to know what you’re dealing with so you can make a plan to pay it off.
  3. Financial goal calculators – Which goals are most important to you? Debt help? Saving more money? Use this goal calculator to see how much money you’ll need to reach those goals, and how much time it will take to save up for them. You can find this calculator plus more financial literacy resources in the Financial Consumer Agency of Canada’s Financial Toolkit.
  4. Finance blogs – Since Canadians are so well connected, it makes sense to fill your social media channels with productive content, instead of the usual FOMO-inducing stream of ads. Check out local finance blogger Jordann at My Alternate Life for money tips, debt help and frugal living ideas.
  5. Debt professionals – Some people are intimidated to speak with someone about their debt and money struggles. However, the fact is that three-in-four Canadians carry debt and many are feeling overwhelmed and don’t know where to turn. A debt professional, such as a Licensed Insolvency Trustee (LIT) or non-profit credit counsellor can offer options, support and information about which steps to take. A credit counsellor is a great resource to help you with budgeting and money management. An LIT can review your situation and explain all available debt relief options to help you get back on track quicker and more efficiently. Use our online repayment calculator to see which debt help options your local LIT can provide.

 

Have you considered finding debt help? Which resources are you likely to utilize to meet your goals?

For more daily money tips, connect with us on Twitter by searching the hashtags #LeaveDebtBehind #WomenAndMoney #FinLit



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