LIFE AFTER DEBT…WHAT TO DO. Many Canadians have run into debt issues at one time or another. Whether it’s consumer credit card debt, student loans or a big time mortgage, owing money is often a part of life. Here are some great tips that will ensure a sound financial future in your new post-debt world. THE FIRST MONTH Chances are, to get out of debt you had a concentrated plan or system of payments. I’m guessing you had a monthly ‘debt budget’ or set schedule. Well, even though that debt is now gone, stick with those payments! This is a great time to start allocating that cash to savings, making advance payments on credit, or putting money towards saving goals. It’s hard to make financial changes, so don’t go back into the same habits that got you into debt – stick with the strategies/amounts that got you on the right track! ASK AN EXPERT You know those guys and girls with ties at your local bank? They are there to help you! Sit down with a financial advisor to take a good look at your accounts and goals. This will give you another perspective on what’s possible with the monthly budget you have available. HAVE A LITTLE FUN Go ahead and reward yourself. To get out of debt requires some penny-pinching, so don’t be afraid to treat yourself to something (as long as it stays within budget!). And, by the way, congrats on getting out of debt!
Posted on: Thu, 01 Aug 2013 13:20:09 +0000
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