How to Make Reducing Debt a Priority During Back to School

Back-to-school season can be quite a hectic time for parents with new schedules and activities to coordinate. However, with kids heading back, it can also bring a sense of routine back into your daily life, which makes it a great time to focus your efforts towards managing and reducing your debt.

Take advantage of a more predictable routine in September to get your finances organized and updated. Here are a few steps to help you get started:

1. The first step after you’ve made a resolution or goal to reduce debt should always be a thorough review of your financial situation. Make sure to include what you earn, what you owe, the interest rates on your loans, and any other relevant financial information.

2. Once you know where you stand with your finances, it will be easier to make decisions on how to best move forward to reduce your debt load. It could mean changing how you spend or how much you spend, altering how you pay off a debt to make it more efficient, or even exploring debt relief options such as debt consolidation, a consumer proposal, or bankruptcy.

3. A great way to manage your debt is by creating a concrete goal. Determine what you would like to accomplish, whether it’s paying off your credit card by the end of the year, or putting a certain amount of money each month towards a loan or a line-of-credit. Then, revise your budget, so you can allocate money each month towards your goal. Tip: setting up automatic transfers may be the easiest way to help you achieve that goal. The work will be done for you!

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The start of a new school year and a new routine is the perfect time to focus on creating new financial goals and reducing the amount of debt you carry.

For more tips on how to tackle your debt and the other September resolutions, make sure to keep on reading my columns twice each month. Make September your new January and get a head start on your financial goals for next year. #DebtSolutions