#Resolutions: Learn a New Money Skill, Crush More DebtAug 29, 2018
Don’t wait until January to start making new debt and saving resolutions. September is a new year for students and parents as they fall back into a normal routine. That’s why it’s the perfect time to learn some new financial skills and up your game before winter.
What’s on your bucket list?
- Home ownership
Newlyweds, millennials or anyone in the market for a new home should research the real cost of home ownership before undertaking the hunt for a home. Use a mortgage calculator to see what you’re approved for, but more importantly, what you can comfortably afford. Don’t be afraid to ask family and friends for advice and find out what they’ve learned along the way.
- Consumer debt relief
Feeling consumed by debt payments? Don’t wait until it’s too unmanageable to seek help with your debt. Here are some options:
- DIY debt relief includes budgeting, reducing spending to increase debt payments, and transferring high-interest balances to low-interest credit cards.
- Consolidation is one solution for debt relief. Consolidating your debt can be done by combining credit balances into a more affordable monthly payment. Talk to your bank about terms and interest rates.
- Formal debt solutions – speak to a Licensed Insolvency Trustee (LIT) who can talk to you about all of your options including a consumer proposal or bankruptcy as a last resort debt option. Check out more options with this repayment options calculator.
- Find ways to save money each month by using a budget or spending tracker to keep you on track. The final four months of the year will include a lot of opportunities to spend so now is the time to prepare.
Retirement may be a far-off blip on the radar for millennials and young families, but now is the time to start taking advantage of the years ahead. Talk to a financial advisor about what you should be putting away each month now so you can be prepared and comfortable in your retirement years.
Now is the time for Gen Xers and boomers who are close to retirement to ramp up their efforts. Pay off your existing consumer debt and mortgage debt so you won’t have to feel constricted when your income decreases. Add as much money as you can to your retirement savings fund now while your income is high.
Learn new skills this September by checking up on your financial plan. You can also check in with your credit score or stress test your finances by taking this quiz.