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Why September is the Perfect Time to Focus on Finances and Debt

Is September the perfect time to focus on your finances and tackle your consumer debt? Our Licensed Insolvency Trustees (LITs) think so! Here are the highlights from our recent podcast explaining why and how you can use this month to regain financial balance and reduce the consumer debt you owe.

Why now?

There are many reasons why September is a great time to focus on your finances and your debt load. First of all, you’re likely feeling relaxed and rejuvenated after the summer and ready to tackle a new challenge. September is also a great check-in point when it comes to your resolutions. For example, if financial health and reducing debt was a resolution for 2018 for you (as it was for many Canadians) it’s time to take stock. Are you on track to meet your goals? What challenges did you face? Is it time to modify or change any of the resolutions you made?

What should I focus on?

During the podcast, our LITs recommended four major things to focus on this September. These include:

  1. Reducing consumer debt

For many Canadians, consumer debt is a heavy burden. This September, focus on finding ways to deal with debt more effectively, as well as ways to avoid adding more to your debt load. There are many DIY debt options you can do like the snowball method or the avalanche method, as well as several other debt options that involve the assistance of debt relief professional, such as an LIT.

To avoid adding more debt, something as simple as having a household budget can really help. You may also want to check out budgeting apps like Mint or Wally to help you stay on track.

  1. Setting a savings goal

Although it’s important to focus on reducing the amount of consumer debt you owe, it’s also important to not forget your other financial obligations and goals in the process. Our LITs also suggest focusing on setting a savings goal this September. Whether you want to save for your first home, for retirement or to build an emergency fund, this goal should be unique to you and your family and should represent your top financial needs at this time.

  1. Learning something new

To help you tackle debt and set that savings goal, our LITs also recommended learning a new financial skill this September. If you are saving for your first home, for example, you may want to learn all about mortgage loans in order to prepare yourself for home ownership. Again, the skill you choose should be unique to you and representative of your financial goals and circumstances.

  1. Start talking

Finally, the last thing our LITs recommended starting this September is talking! Too often, spouses and partners avoid talking about money, their finances and their debt. However, in order to tackle debt and maintain financial balance, talking is key. One way to encourage conversation is to plan a regular financial meeting in which all family members are included and involved.

Are you planning to make some financial and debt resolutions this September? Join the conversation and share your thoughts with us. Don’t forget to include the hashtags #BDODebtRelief, #DebtSolutions and #DebtResolutions

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