Common weight loss principles can help Canadians shed debt
TORONTO, ONTARIO, January 10, 2017 – Some Canadians may be feeling a little bloated at the start of the year. Many are recovering from a festive holiday season filled with high calorie drinks and plates with all of the trimmings. Some have kicked off the year with a new diet plan all in an effort to shed their holiday weight gain and more. But what about their finances? Didn’t their debt balloon as well?
“If you’ve loosened your belt to enjoy an extra helping of turkey – that’s a given during the holidays. It’s when you’ve overspent on your holiday shopping and that’s when you need to take a step back. Maybe it’s time to treat your finances just like your plan to lose weight and shed debt,” says Jeffrey Schwartz, executive director, Consolidated Credit Counseling Services of Canada.
“Shedding some extra holiday weight requires for you to eat less. The same logic can apply to your holiday debt management. You will need to spend less money and apply it to your debt. Just like how you create a plan to lose weight, you will need to create a budget to help you combat your debt,” says Schwartz. So while millions of Canadians try to tackle their weight this year, Consolidated Credit Counseling Services of Canada also recommends Canadians approach their finances in the same way:
Get ready to shed debt
If you’re trying to shed your holiday weight, you will have to cut back on high calorie foods and learn how to make healthier food choices. The same could be said about your holiday debt. You will need to cut back on senseless spending (just like senseless eating) to help you reach your goal. The less money you spend, the more you will be able to allocate to your debt.
Count your money
When you’re trying to lose your less than desirable love handles, it is common to use a tracking tool like Fitbit or Fitness Pal to help you stay on top of your fitness and calories. You may even use these tools to make the necessary daily adjustments to your food choices. While you get accustomed to tracking your calories, get comfortable with creating and maintaining your monthly budget. Here you can get a clear idea of what it will take to improve your cash flow.
Keep it simple
The reality is, complicated strategies don’t work for anything. But easy tools to help you reach your debt management goal – is priceless. So take advantage of the numerous free budgeting apps available or if you prefer to use your desk top, you can invest in a practical personal finance tool like Quicken or head to Mint.com to use their free web-based application.
Just like dieters, sometimes you need more help than you’ve anticipated or you’re frustrated with the bumps in the road. Whatever the case; if you are feeling frustrated and you cannot get a grip on your debt management – seek the guidance of a trained credit counsellor. They will help you get a strangle hold on your debt and give you the tools you need to ultimately live a debt free life.
About Consolidated Credit Counseling Services of Canada, Inc.:
Consolidated Credit Counseling Services of Canada is a national non-profit credit counselling organization that teaches consumers about personal finance.
For more information or to request an interview with Jeffrey Schwartz, please contact:
Natasha Carr, Community and Public Relations Manager,
Consolidated Credit Counseling Services of Canada, Inc.,
T: 416-915-7283 ext.1041, C: 416-830-4720, F: 416-915-5200, E: [email protected]a