Posted on Thursday 15 October 2015
For so many families across British Columbia , no matter how much income is earned annually, this simply appears to never be enough. This is a common complaint across the region, and possibly even the world. However, you want to try to avoid incurring debt as much as humanly possible. Incurred debt can feel like a ball and chain weighing you down, crippling you if you let it. While more than 29% of Canadians utilize the services of a financial advisor, the high living costs across the country make it extremely difficult to really save, but there are definitely ways of moving past this. The good news here is that Canadians can reach any financial goal they set if they begin to tame their debt. Most find they can live happier, healthier and more efficient lives. So, getting control of spending habits should be a priority as this alone can alleviate stress and allow one to find peace within their life. According to The Globe And Mail , Canadians spend more income on housing alone than any other expenditure, with many feeling the pinch of these housing cost hikes.
Still, the following tips and techniques can help you get your finances on track and help you to avoid debt altogether. These are budget friendly strategies for Canadians, and they aren't too stringent so you won't feel like you're smothering under the pressure of a budget either. Let's take a look at how these just might benefit everyone and change lives for the better!
Why not write down your future long-term goals? This can concrete financial goals and make them feel more real and more obtainable! Discussing where you might need to cut back and making a plan is smart. You can also begin planning on paying off old debt as well! Start paying your bills on time by planning ahead. If you pay your bills when they are due you can avoid late fees and other unnecessary costs. This can also improve your credit as well, because you'll begin showing positive financial transactions on your credit report over time. Think before you make purchases you might not need. This can definitely help Canadians keep more money right where it belongs--in their savings account! You have to really consider your wants versus your needs. This can help you get control over impulse shopping, which so many of us suffer from. Create a shopping list and stick to it once a week. When you're planning your grocery shopping, begin establishing only one shopping visit a week and make certain that you have a pre-planned list so you don't forget anything. Research has shown that those who have to make runs back to the store during the week are more at risk of impulse shopping. Begin creating cost-cutting strategies at home. A great example of this would be turning your lights off when you're not in the room, or monitoring how often the people in your home are wasting water by taking excessive showers, or prolonging dish washing. Take the time to look at where the most waste is coming from and begin reigning this in to lower costs. If you need to you should check into potential debt consolidation if, after reviewing your monthly financial plan you still are finding red areas that could be financially troublesome. If you can unify debt into one monthly payment you might stand a better chance of improving your financial outlook and minimize the risk of ever incurring any more debt !