Now that we know we’re in for a longer winter (no surprise there Mr. Groundhog), I hope you all have good winter tires on your cars and an emergency kit in your trunk. Canadian winters can be pretty harsh and the more prepared you are in the safety department the better off you will be. Speaking of being prepared, do you have a plan to get out of debt this month? It’s not an overnight process and it takes a lot of planning, budgeting and discipline.
- Start with making a budget. If you don’t know where to start, there are many online budget guides you can download. Once you tailor the budget to fit your own expenses you will know exactly how deep in debt you are. You can also adjust some of your expenses to save money. A few dollars here and there saved can be put towards your debt.
- Avoid Impulse Spending. Once you have a budget – stick to it! Merchants will tempt you with last minute, frivolous items at the check-out, but don’t succumb to these temptations! You can help yourself by leaving your credit card or debit card at home and use only cash. Spend only what you have and keep your priorities at the top of your list. If you can’t leave without your credit card, simply lower the credit limit on it.
- Earn some extra income. Is there an opportunity for you to ask your employer for a raise? Do you time on the weekend for part-time employment? Put extra income towards your debt.
- Your debt won’t go away by itself. Unlike the groundhog that hides from its shadow, you can’t hide from your debt. It will haunt you until you deal with it. Creditors and Collection Agencies won’t let you hide from all of their threatening phone calls. Don’t avoid debt it will only get worse by doing so.
- Consult a professional debt relief firm for help. A credible debt relief company will offer you a free financial assessment before tailoring a repayment plan that is affordable to you and that will resolve your debt trouble. Do your research on companies in the debt relief industry and choose wisely. Ensure the company you deal with is Canadian and has been in business for a number of years. Check out their testimonials and speak to a counselor about your financial circumstances.
- Make a plan for the next 5 years. Where do you want to be in the next 5 years? Does it include a raise in your current job or a new career? Do you expect to make a major purchase like a car or a home? Account for what you hope to own or accomplish in your budget plan, and save accordingly. Perhaps getting out of debt is your top priority your budget cannot accommodate anything beyond this. It is important, nevertheless, to keep in mind a 5-year plan when you maintain your budget. Keeping goals keeps your momentum going.
These are basic steps that will help you get started on your path of getting out of debt. Depending on the amount of debt you have will determine how long it may take to get to your goal of debt freedom. There is a light at the end of the tunnel, so take these tips to heart and get started. Set your priorities and get back on track.
Do you have questions about how to make a budget or how a debt repayment plan works? Call OCCA Consumer Debt Relief today for a free financial assessment at 1-855-873-6222 or visit us online at www.occa.ca. OCCA has been helping Canadians resolve their unsecured debt for over a decade. We can help!.
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