It’s Financial Literacy Month. Whoop-de-frickin-do.
Does even just *thinking* about finances stress you out? We get it. If you’re like many Canadians, debt has you down while the cost of groceries, gas, utilities — EVERYTHING! — just keeps going up. The good news is you want to do something about it. (You’re reading this, after all.) The GREAT news is you CAN! Here are three things you can do to ditch your debt and feel so much better. You deserve it!
#1 Know what you owe
We can’t fix what we don’t acknowledge. Get a piece of paper and list ALL your debts. Beside each amount write the minimum payment and interest rate. You can do this on your phone or a computer, but you may find it more powerful to physically write it out. (Notice we said “powerful” not “depressing”? By doing this, you’re taking ACTION and taking action is gaining CONTROL. Yay, you!)
#2 MAKE A PLAN
Look at the list and decide which debts to pay first. Paying the debts costing you the most interest will make the biggest dent, but those usually take the longest to pay off. If you’re able to make the minimum payment on these (or better) and you still have some money left, you may love the feeling of getting some “quicker wins” by wiping out your smaller debts as you pay down the biggest ones. (For extra satisfaction, be sure to cross them off your list as you do!)
#3 ASK FOR HELP
Debt sucks! The toll it takes on you can be far more than financial. Sometimes the best way to take control is to let go of the belief you have to figure all of this out on your own. It’s okay to ask for help! You might be surprised how many creditors are willing to work with you to make repayment more manageable. Another option is reaching out to a reputable credit counsellor who can sit down and make a plan with you. Of course, we’re here to help you, too! Whether that’s with a Flex Loan to consolidate your debt into one payment, or a free budgeting appointment at your nearest Cashco branch, the whole reason Cashco exists is to End Financial Exclusion and give good people you like relief for today and hope for tomorrow.
You can do this!