Give your finances some love this Valentine’s Day

(NC) Whether you’re hoping to splurge on a loved one or just trying to get back on track after all the holiday spending, now is a great time to get your personal finances in order. Taking stock of your financial situation and taking early and proactive steps to manage debt are important parts of this process. Here are three ideas to get you started.

Review your spending plan
If you don’t have a budget, take some time to make one. Using a spending plan that lays out your income and expenses is an effective way to manage your day-to-day finances. It will help you figure out how much money you get, spend and save. It’s also a way to find out how much of your money goes towards paying debt. Using a tool like the online budget planner from the Financial Consumer Agency of Canada, you can create a snapshot of your situation and find suggestions tailored to your circumstances.

Consult an advisor at your bank
Meeting with your bank to go over your financial situation and see where you can improve your financial health can be beneficial, especially if you feel overwhelmed. They could offer options to help you with your mortgage or credit card payments and work with you to come up with a debt repayment plan. Banks are expected to help individuals who are struggling to pay their mortgage due to exceptional circumstances.

Order a copy of your credit report
Your credit report is a summary of your credit history. It’s created when you borrow money or apply for credit for the first time. It can give you a snapshot of your financial health from the point of view of lenders. Lenders send information about your accounts to the credit bureaus, also known as credit reporting agencies. You can access your report online for free from the two credit bureaus in Canada, Equifax and TransUnion. Your credit report may also show signs of identity theft. It’s generally recommended that you order a copy once a year.

Learn more about how you can assess and improve your financial health at canada.ca/money.