FLM 2017: 3 Steps That Will Help You Get Relief from Your DebtNov 07, 2017
Finding debt relief doesn’t always mean seeking help from a financial professional.
Don’t misunderstand us — a financial planner, lender, credit counsellor, or a Licensed Insolvency Trustee are there for you when you’re looking for a financial solution or you’re struggling to deal with debt problems.
If your debt isn’t problematic though, there are steps you can take in your everyday life that will have a positive impact on your ability to deal with debt. Here are three:
- Start by improving your financial knowledge
It’s Financial Literacy Month (#FLM2017) in Canada, an initiative spearheaded by the Financial Consumer Agency of Canada. The goal is to encourage Canadians to be better informed on all kinds of topics related to their finances. Dig deeper into the FCAC site to learn more about topics like managing your money, debt repayment strategies, savings goals and professional debt relief options.
- Learn from the experiences of others
Personal finance bloggers share tips, advice and even personal experiences on managing their money and tackling debt. Here are two bloggers worth bookmarking:
- Jordann Brown is a personal finance blogger from Halifax who writes about frugal living on her website My Alternate Life.
- Jessica Moorhouse has a popular personal finance podcast called Mo’ Money Podcast. Check it out on YouTube.
- Take what you’ve learned and put it into action
Improving your financial literacy can increase your confidence when it comes to making informed decisions about your finances and debt. Now is the time to take action:
- Work from a monthly budget to avoid overspending.
- Find ways to cut costs to increase opportunities to save more. This online calculator from Nerdwallet can help.
- Track your spending with a financial app — here are 10 budget apps to consider from everythingzoomer.com.
Debt relief comes in a variety of forms. Making an effort to increase your knowledge and build better money habits can really help you lighten your debt load. But, it’s important to know that there is no one-step solution when it comes to lightening your debt load. Paying off debt is a process that takes time. Keep learning, stay focused and you will start to see progress!