There is no real way around the fact that life is, simply, expensive. It also makes sense that the more people you need to clothe and feed, the more money you will need to spend. Debt is on the rise in Canada, including Kingston and Ottawa, but there are helpful solutions to balance your finances. One particular method is ensuring that your income can afford your expenses by maintaining a budget.
If figuring out where you can realistically cut some corners is difficult, speak to our team at D. & A. MacLeod about your options for credit counselling and debt help in Kingston and Ottawa. There are several areas on which you can focus as you become more mindful of your spending. While it may require some sacrifice, achieving a balance between cautious and frivolous is possible. Planning for Financial Stability in Ottawa An important place to start is recognizing how much you are earning compared to your regular expenses. The mandatory items, such as mortgage or rent, utility bills, food and taxes, are particularly relevant. Any extras, such as clothes and entertainment, on which you spend beyond your means should be red flags. Use a budget calculator to determine your monthly spending habits and what you can and cannot afford. Making smarter financial decisions, such as preparing meals at home rather than dining out or getting takeout, and planning local activities in place of lavish vacations for the whole family are just two examples of small cutbacks you can make for your entire household. Fewer trips to the grocery store to buy food and going without your children in tow are helpful ways to curb potential overspending and impulse purchases. When it comes to enjoying time together, you can save on the cost of hotels and flights and find free or low-cost attractions to enjoy in Kingston or Ottawa, your neighbourhood in particular, or even your own home. These may range from museums and public pools to parks and board games. Once you adopt a bargain-hunting mindset, it becomes commonplace to look out for special deals, like cheaper Tuesday nights at the movies. Shopping around for the best prices on TVs, phones and insurance plans is another way to help ensure you are paying the lowest rates for what are probably the same services. Your current provider may even make adjustments to your account if you tell them you are tempted to switch to their competitors for a better price. Instead of purchasing a brand new car, sporting equipment or books, gently used versions will costs significantly less and still provide the same benefits. Hand-me-down toys and clothes from family and friends are a great way to save money without feeling uncomfortable about accepting discarded items. Being environmentally conscious will also help to impact your household economically, such as buying reusable items like water bottles and dish cloths, conserving energy by turning off unused lights and shortening the duration of showers. You can also enjoy bike riding or take public transportation instead of relying on gas for your car all the time. Visiting the library as an activity and using the facility to borrow books and movies can also provide entertainment. Contact Us for Debt Help in Ottawa & Eastern Ontario As national household debt rises, it will be important to teach your children about budgeting and how to balance money coming in with the money going while they are young. This lesson can be an effective way to deter them from mismanaging their finances and find themselves with financial difficulties as they get older. Professional debt help and credit counselling services are available in Kingston and surrounding area of Eastern Ontario from our Licensed Insolvency Trustees (LIT) at D. & A. MacLeod. Our team is available if you are struggling to balance your financial situation on your own. Budgeting can be taught like any other talent or tool; it simply requires a little premeditation. If conducted effectively, money management will help you avoid debt and even enable you to build your savings over the long term. We have 8 offices across the region, including Brockville, Cornwall, Kanata, Kingston, Orleans, Pembroke, Ottawa, and Smiths Falls. With over 65 years of experience, you can trust us to provide guidance for many financial solutions including personal bankruptcy, corporate bankruptcy, consumer proposals, credit counselling, and more. Contact us online today at 613-236-9111 to arrange a free, no-obligation consultation at the location nearest you. Return to blogs