(NC)—"I want it and I want it now." That seems to be the little voice inside the heads of many Canadians as they continue to spend more and save less, no matter how much they earn.
According to a recent report by the Certified General Accountants of Canada, 84 per cent of Canadians reported having some kind of debt which reinforces the most troubling statistic of all – that Canadian household debt reached an all-time high of $1 trillion in 2006.
There are a number of things you can do this New Year to get a grip on your spending and reduce your personal debt. Here are some ideas:
• One of the best ways to take control of your finances and pay off your debts is to make a budget and stick to it. It takes time but give it a chance.
• Switch your thinking from spending to managing your money. It can be the first big liberator for people in debt. And once you do that, creating the actual budget and sticking with it becomes easier.
• By following your budget, you will find it easier to control your spending, pay for essentials before anything else, and free up some money each month to repay your debts. You will slowly find that you have more money available, especially as your debts disappear.
Industry Canada has created an all-inclusive online tool to help you understand your debt problems and help you make a budget that works for you. There are worksheets as well as trusted links for budgeting software. There's also a section on budget counselling for those who might prefer to meet with someone one-on-one.
The tool, Take Charge of your Debts is available at www.consumer.ic.gc.ca/debt.
- News Canada
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