September Is the New January for Resolving Consumer DebtAug 29, 2018
September can feel like the start of a new year for parents and it’s a great opportunity to refocus your efforts on reducing consumer debt you carry. With parents feeling refreshed and energized from the summer holidays, it’s time to get back into a more predictable routine when school starts again.
Our Licensed Insolvency Trustees (LIT’s) from all across Canada have come together to chat about how parents can use this sense of rejuvenation for the back-to-school season to focus on making four financial resolutions to finish off the year strong.
The LIT’s provide tips and advice on four resolutions parents should make in September, including:
- Focusing efforts to reduce your debt load
- Setting a new savings goal and integrating it into your budget
- Learning a new money skill
- And why it’s important to start talking about money more openly with family and friends
Canadians households owe $1.68 in consumer debt for every dollar of disposable income, which is why reducing debt needs to become your top financial resolution this September. This money owed is primarily being held in high-interest credit card debt or low-interest, but often large amounts, Home Equity Lines-of-Credit (HELOC’s).
What makes September such a great month to get focused on ways to reduce consumer debt?
- You’re back into a more predictable routine at work and at home
- Summer months are generally more expensive; especially with back-to-school shopping and other family activities
- You’re energized to finish out the year and take on new projects
A Family Annual Meeting is also a great way to kick off the school year and get everyone on board with these financial resolutions you want to achieve.
Make sure to listen to the podcast for all of the tips and advice from our LIT’s and then start to integrate what you’ve learned into your everyday routine.