FLM 2017: Stop Worrying About the Canadian National Debt and Focus on YouNov 13, 2017
There’s a lot of talk about government spending and the Canadian national debt. This is an important topic, but one that the average Canadian has very little control over, except maybe when you go to the polls. That’s why it’s critical to focus on your own finances and the debt load you do have control over, because as we’ve seen in BDO polls this year, debt is an issue for many Canadians.
This Financial Literacy Month, here are four areas you can focus on when it comes to your personal finances:
- Develop good money habits
This can mean many things to different people, but for most it should include…
- analyzing your financial situation and doing a financial health test
- looking for ways to reduce expenses—check out this awesome tool from Nerdwallet
- tracking your spending and working from a budget
- saving for retirement, emergencies, and some fun
- not making purchases with credit
- Avoid debt
Sometimes easier said than done, the ability to avoid new debt is an important part of reducing your debt load. The best ways to do this include…
- saving up for large purchases
- leaving the credit cards at home
- avoiding online shopping
- Pay down what you owe
By developing good money habits and avoiding new debt, paying down debts you owe will become easier. The Money We Have blog has a good article on two debt repayment methods that can help you complete this task. If you feel you have serious debt problems, you can also seek help with debt by talking to a credit counsellor, financial advisor or a Licensed Insolvency Trustee.
- Plan ahead for 2018
Reducing your debt load is not an overnight job; it will take time. However, if you can follow through on steps one and two, you’re setting yourself up for success in the coming year. Don’t worry about the Canadian national debt and focus on your finances by setting goals and challenging yourself in 2018!