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FLM 2017: Stop Worrying About the Canadian National Debt and Focus on You

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:

  1. Develop good money habits

This can mean many things to different people, but for most it should include…

 

  1. 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

 

  1. 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.

  1. 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!

Share your best cost-cutting tips for #FLM2017 on Twitter using #DebtSolutions.



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