Chances are you have debt and for many of us when monthly statements start to arrive, it feels like our debt controls us and not the other way around. You know you should be saving, but where is that money going to come from? There are ways to take control of your debt and improve your financial health.
Taking back control of your finances takes time and discipline, and once started, it gets much easier. Here are a few easy steps from Rapport Credit Union to help get you get on the right path:
Step 1: Understand where you are, and where you want to be. Review all your accounts and determine how much you owe. Set your personal goals and keep your eyes on the prize.
Step 2: Track your money – every single dollar. If you haven’t already, develop a budget or update the one you currently have. Track your money in a spreadsheet, your cheque book or using an online system like Quicken. Compare it to your budget and see where you are overspending.
Step 3: Pay off your debt as quickly and efficiently as possible. Start by making more than the minimum monthly payment. Make sure you are paying more on the cards that have a higher interest rate. You may also want to consider a consolidation loan.
Let us show you we can help you get a handle of your financial situation.
Lisa McFadyen – Personal Account Manager
Toll Free: 1 888 516 6664
815 King Street, Midland, L4R 0B7