How to bring your finances back on track after the holidays
(NC) Since the festivities are over, it’s time to take back control of your personal finances, especially if you spent more than you intended.
Everybody knows that the holidays can quickly become expensive in terms of gifts, trips and dinners. If you have exceeded your budget and are in debt, immediately restore order in your finances before the situation becomes a source of stress.
Establish a budget
Creating a budget may seem complicated when you don’t know where to start. However, some tools will make your task easier. The Financial Consumer Agency of Canada has just launched a new practical and innovative tool that will help you establish a budget tailored to your needs.
Simple and easy to use, their budget calculator provides instant feedback and personalized suggestions that will help you develop a budget that suits you. You can update it anywhere and anytime to adjust your spending plans as they change.
Practice active saving
This means adopting the habit of saving on a regular basis. People who practice active saving have higher levels of financial resilience as well as higher levels of overall financial wellness. In other words, regardless of the amount of money someone makes, regular efforts to save for unexpected expenses and other future priorities appear to be the key to feeling and being in control of personal finances.
Plan to pay off debt
This enables you to significantly reduce the interest you are paying. Start by making a list to identify all your debts. Don’t omit any, even if some of them are small. Review your budget and identify all your sources of income and expenses. Then, choose a repayment strategy. Start with the debts with the highest interest rates, or those with the smallest balances. Eliminating the number of debts you have can increase your motivation to repay your debts more quickly.
Learn more at canada.ca/money.
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