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Credit Canada Debt Solutions: Take control of your finances
26 November 2021
Credit Canada Debt Solutions
shares four bite size financial tips to help Canadians take control of their finances. Use these tips to support your clients as they build their financial resilience.
Be aware of "Feelings" attached to spending behaviours:
Review your good money behaviours & actions so you can build upon them. Let them be the foundation to help guide your spending plan.
Set a dollar budget to better allocate your finances:
Take out what you need each week in cash and place the amount in a labelled envelope. That is all you have for the week. If you allocate $40 a week for dining out, and by mid-week that money is gone... no pizza for you! You must wait for the new week to begin.
Set your financial limits by using reloadable gift cards:
Using a reloadable gift card is an easy way to keep track of small but frequent purchases - Coffee shops, I'm looking at you: put your monthly budgeted amount on a reloadable gift card and that will help you both track how much you typically spend and let you set a limit.
Think about potential buyer's remorse when purchasing big ticket items:
Make sure you do all your research before buying expensive items. You'll be happy in the moment but you don't want to regret it in the future. Consider whether or not you'll be able to pay for these high-priced items going forward.