2022 – Ready, set, reduce debt!

 In Debt Solutions

As 2021 drew to a close, nearly half of Canadians were resolving to pay down debt in 2022.  With the Omicron variant still spreading quickly, Canadians are facing a variety of restrictions and lockdowns again.  There is a growing disparity between those who are enjoying financial success, and those who are facing financial disaster.

Inflation and cost of basic necessities

Food and housing costs have risen considerably already, and they are expected to continue to climb.  The cost to fill up your gas tank is up.  Used car prices are up.  How are people already struggling as a result of the pandemic supposed to stay afloat, let alone pay down their debt?

Start with a budget

It’s not a new or exciting thing to do, but the first step is to make a budget.  Look at your bank statement or paystubs and total up the income you receive in a month.  Figure out what your fixed costs are.  These are things like child care, rent, mortgage payments, property taxes, utilities, car payments, and insurance.  Next think about necessities like groceries, personal care items, gas or transportation costs.  These are also necessities, but you can make changes to reduce these costs.  Next you need to put aside money to pay expenses that don’t happen every month – prescriptions and other medication or supplements, car repair and maintenance, annual sticker renewal, house maintenance.  Finally, if you have credit cards or other debts, there are payments to make.

Overwhelmed at the thought of making a budget?  Stop and call us at 1-833-808-8463 or Contact Us now for help.

Use simple tried and true strategies to reduce your costs

  • Make a list before you go to the grocery store and plan meals around sale items
  • Limit or combine shopping trips to save on transportation
  • Use up personal care products you have instead of buying new ones
  • Cook instead of ordering out
  • Limit online purchases – ask yourself “do I really need this, or do I just want it?”

Making a dent in your debts?

If you are making minimum payments month after month, or if you can’t find the money to do that and the collection calls have started, we can help.  Contact us for a free no obligation consultation.  We will review your situation, talk about your options, and help get you back on track.  As Licensed Insolvency Trustees, we can help you with a consumer proposal or bankruptcy to get you out of debt.  If you don’t need either of those solutions, that’s ok.  We will point you in the right direction at no cost.  We offer phone and video appointments for your safety and convenience.

Call us at 1-833-808-8463 or Contact Us by email to start a free conversation.

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