New Year, New Plan: How To Find Debt Relief in 2019Jan 16, 2019
It’s that time of year again! Following the hustle and bustle of the holiday season, the start of a new year is a great opportunity to get focused and set some goals and intentions for the year ahead. With consumer debt a top concern for many Canadians, it’s likely that finding relief from debt will be a top priority for quite a few in the Barrie area this year.
Although setting debt relief resolutions can be quite easy, sticking to them and diminishing your debt is not always an easy feat. Here are a few tips and tricks that will help you stick to your financial resolutions and finally find debt relief.
Reflect on what works
Before you set your debt relief intentions, take a moment to reflect on what worked well in 2018. Were you able to create and achieve any short-term financial goals, such as paying off the balance on one of your credit cards? Did you start to use a budget each month that helped you stay on track and avoid adding any more to your debt load? Celebrate your achievements from last year and let these “wins” guide you as you plan for the year ahead.
Once you’ve taken stock of the debt relief strategies that have worked well for you in the past, it’s a good idea to do some research and check out the strategies that have helped others diminish their debt.
Personal finance blogs offer a wealth of debt relief information, tips and tricks. They also offer a serious dose of motivation. Krystal Yee’s blog Give Me Back My Five Bucks is definitely one to check out. Yee provides readers with important insights into dealing with debt as she recounts how she was able to repay $20,000 in debt and get back on financial track.
Create a debt relief plan
While it’s important to create resolutions, a debt repayment plan is really where it’s at. A concrete plan will help to provide a roadmap for the year ahead and detail the steps you’ll
need to take in order to make those debt relief resolutions happen.
Creating a plan will take some time and thought, however. Remember, there are resources available to help you. The government of Canada provides online resources for Canadians focusing on creating a plan that works. Debt relief professionals, such as a Licensed Insolvency Trustee (LIT) or credit counsellor can also be a great asset.
Focus on flexibility
Once you have your resolutions and the plan to pay off your debt load in place, it’s important to remember that flexibility is key. Life happens. You may find that as you move through the year, your circumstances change and your debt relief plan may need to adapt.
In order to remain flexible and ensure your plan to get relief from your debt reflects your current needs, it’s a good idea to review it from time to time. Setting aside time each month to go over your finances and check in with your plan will make it easier to stick to your goals and diminish your debt in 2019.
Is debt relief a top resolution for you in 2019? Join the conversation and share your thoughts with BDO Barrie. Don’t forget to include the hashtags #LeaveDebtBehind #NewYearMotivation #DebtSolutions