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How to Make Consumer Debt a Priority during Back to School

How to Make Consumer Debt a Priority during Back to School

Back-to-school season is an expensive time, but with kids heading back, it can bring a sense of routine back into your daily life and that makes it a great time to focus your efforts on reducing consumer debt.

In this month’s podcast, some of our Licensed Insolvency Trustees (LIT’s) from across Canada came together to discuss four financial resolutions parents can make in September rather than waiting until January. The LIT’s provide tips and advice around these four resolutions:

  • Resolution 1: tackling your consumer debt
  • Resolution 2: setting a new savings goal
  • Resolution 3: learning a new money skill
  • Resolution 4: start more open and honest conversations about money

Where to begin when it comes to tackling consumer debt?

The first step in your resolution or goal to reduce debt should always begin with a thorough review of your financial situation. Make sure to include what you earn, what you owe, the interest rates on your loans, and any other relevant information to your finances.

Once you know where you stand with your finances, it will be easier to make decisions on how to best move forward to reduce your debt load. It could mean making changes at home on how you spend money, altering how you pay off a debt to make it more efficient, or even exploring debt relief options such as consolidation, consumer proposals, or bankruptcy.

For more tips on how to tackle your debt and the other September resolutions, make sure to give the podcast. Make September your new January and get a head start on your financial goals for next year.

If you know a parent who could benefit from this blog and podcast, we encourage you to share it with them.

You can also help us spread the message by sharing it on your favourite social media using #ParentingTips, #BackToSchool, or #DebtSolutions.

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