Spring Cleaning Your Finances

· What are your financial goals?

· How will you get to where you want to be?

You will want to assess where you are first, before looking at where you want to go and what you want to achieve. This should involve doing an assessment of any debt that you may owe. This is a great opportunity to review what you have coming in, what you have going out, and where you can possibly cut back. The most effective tool for this is a household budget. It is a great time to create a budget if you don’t already have one in place. If you do have a budget in place, now would be a great time to review it and make any revisions you think may be necessary.

Cancel What You are Not Using

Going through the exercise of creating a budget will help you to see where you are actually spending money, and where you could potentially eliminate, or at least cut back on expenses. Some common examples include:

· Gym memberships – many people sign up, but they do not actually go;

· Subscriptions to magazines or online accounts – many people have forgotten what they have or just don’t use them;

· Free trials that have expired – now is the time to decide whether to continue or cancel;

· Cable TV – many people rarely use their cable, preferring to use other online services instead;

Do a detailed review of your expenses and consider what you could do without. As you go through your expenses, think about needs vs. wants. If you are able to eliminate some expenses, you can create household income that can go toward debt repayment or savings.

Check Your Credit Score

It is recommended that everyone check their credit score once a year to ensure that everything is accurate and to better understand your credit position. This would be a great item to add to your financial spring cleaning list. If you have a positive credit rating, you may have an opportunity to create savings by:

· Renegotiating interest rates on your credit card – if you have a strong credit score, you may be able to get a lower interest rate;

· Getting a consolidation loan – which may allow you to combine other debts into one to give you one monthly payment, typically at a lower interest rate.

When you are struggling with debt, it can be very stressful. For many people, the prospect of facing the reality of their financial situation can be extremely overwhelming. As difficult as it may be, avoidance is not a good strategy. There are solutions available.

If you are having trouble making ends meet each month, finding the right debt solution can help. Visit the BDO Debt Solutions website for more information about bankruptcy, or call 1 855 BDO DEBT to book a free, no obligation consultation.

Prince Albert and Area

by Jasmin Brown

Spring Cleaning Your Finances

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