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272 Victoria Street Suite 300,
Kamloops, British Columbia
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Phone: (250) 372-9505

Debt Solutions: How to Take Control of Your Finances

Like many women, you probably set some money goals at the start of the year, but maybe you’re having some trouble putting them into action. No problem! This month, in celebration of International Women’s Day, we rounded up some solid resources to help women set money goals that are actually achievable — and implement debt solutions that will shrink their debt balances fast.

Are you feeling the effects of the financial gender gap?

Women have a lot of day-to-day responsibilities. As primary care providers, they’re more likely than men to take time off work to take care of children or family members. Women are also more likely to struggle with affordability factors such as saving for major purchases or saving for retirement.

Equally alarming, is the fact that women rate themselves as having much lower financial knowledge and confidence than men. This is especially true if their income makes up less than half of the household finances. Our polling also found that women, on average, are more likely to carry heavier debt than men.

This is why it’s essential for women to have a firm grasp on financial literacy so they can make informed decisions and take control of their financial future.

Resources that will get you on track toward your goals

  1. Save more money. It’s a great goal to have, but without a plan, you might not stick to it. Saving money starts by knowing where your money goes each month and then committing to tracking and trimming your spending and expenses wherever and whenever possible.
  • Use our budget worksheet to map out your monthly expenses and then check out how you can start building an emergency fund.
  • Watch this video from the Financial Consumer Agency of Canada (FCAC) that details how to set SMART saving goals.
  • Read this blog about five things you can do with your tax refund that will save you big money.
  1. Pay off your debt. One-in-three millennials, Gen Xers and parents are likely to feel overwhelmed by their debt. Don’t let your high-interest credit card debt snowball for another day. There are a lot of debt solutions out there. Find one that fits:
  • Speak to a professional such as a credit counsellor for budgeting and money management advice. Or, talk with a Licensed Insolvency Trustee to go over all your options and find a solution that suits your needs.
  • Compare solutions using our debt repayment options calculator.
  • Take the DIY approach by using the debt snowball or avalanche methods or, combining your high-interest credit card balances onto a lower interest card.
  1. Earn more money. Easier said than done right? But, if you’re stuck in a rut and finding it tough to cover your expenses, try to find creative ways to infuse your household with more money. Check out this blog from our Calgary website about five bold moves you can make this year to find debt relief or earn more money. Also, check out these posts by Money Manifesto for tips on how to earn an extra income.

 

Tired of treading water? Make your money goals count by putting them into action! Share your biggest goals with us on Twitter and follow us for more daily tips and debt solutions. #LeaveDebtBehind #WomenAndMoney #DebtSolutions