Discover the Path to a Brighter Financial Future

Need to get your finances on the right track? Use our financial tips as your resource to a brighter financial future. You can improve your financial standing through smart consumer practices.

Let us offer you some resources that may help you understand your financial options.

Learn how to:

• Find a financial counselling agency
• Create and retain a budget
• Find alternatives to bankruptcy

Discover some of the information you’ve been looking for with our links to a range of financial resources.

Understanding Money

Commonwealth Financial Counselling

Rural Financial Counselling Service

Women’s Financial Literary Resources

Credit and Debt

Bankruptcy

Six Ways to Save

Here are six simple ways to save more and watch your bank account grow.

• Prepare. Record your income by listing everything you expect to earn in the coming fiscal year.
• Compile Expenses. Try to gauge as best as you can all your monthly household costs. Don’t forget to include hobbies, entertainment and eating out.
• Save First. Put aside a certain amount of your pay each month for saving. Saving even a small amount each month will turn saving into a habit and can accumulate over time.
• One Size Does Not Fit All. Understand that your budget and expenses are going to fluctuate. If you have trouble getting a handle on your changing monthly budget, consider relying on a not- for-profit financial counselling service to help you with adjustments.
• No More Debt. For a lot of people, past debts make up the majority of their monthly expenses. You can again work with a financial counselling service to help you find ways to work your debt into a manageable amount.
• Watch the Results. Examine your budget regularly to see where you are improving and where you could cut back more. It’s important to stay focused on your long-term goals, but to always adjust and improve upon short-term actions as well.

10 Simple Ways to Create a Brighter Financial Future

We all want to improve our financial standing, but taking steps to increase savings and decrease debt can be easier said than done. Here are a few tips on how to get your bank account on the right track.

• Saving is Key. Finding ways to save should be your top concern if you want to improve your financial standing. Set a standard amount each month that will be automatically deposited into your savings account. By getting into the habit of saving, no matter how insignificant the amount, you’ll train yourself to save in the future.
• Spend Smarter. Impulse purchases and eating out are great ways to drain your finances. Try to check yourself when you get the impulse to spend on unnecessary items.
• Learn to Live Frugally. By keeping track of daily expenses, you can pinpoint places where you can easily save more. Use a notebook to track all expenditures, and you will better understand where all that money goes so you can make changes accordingly.
• Keep an Eye on the Future. If you’re young, it can be hard to imagine retirement, but the truth is the more you save now, the more comfortable you will be later. Do a little research to see what kind of long-term savings plan will work best for you.
• Use Your Free Time. If it’s getting harder to make ends meet, consider a part-time or weekend job to create a little more cash flow. Having a second job may be a lot of work in the long-term, but many people rely on temporary part-time positions to help them through difficult financial situations.
• Say No to Debt. The biggest financial concern for most people is debt. Whether you have outstanding credit card bills, student loans, car loans or mortgages, debt can be a large portion of your monthly payments. Make a list of all your debts and balances. Make a plan for how much you can afford to pay into each one every month. If you can squeeze even $30 more or so a month into each one, you can significantly reduce the amount of time it will take to pay these off - not to mention save hundreds or thousands of dollars on interest payments.
• Create a Budget. After you understand your monthly income, expenses and savings schedule, it’s much easier to find a budget that you can stick to. Making your budget work takes a bit of foresight: comparison shop for the best deals and only make purchases that you know are necessary - the reward comes at the end of the month when your bank account isn’t completely drained.
• Pay your Bills. Late fees are expensive and easily avoidable. Get into the habit of paying bills as soon as they come to avoid expensive late fees. Better yet, set up your bills to be automatically debited out of your bank account each month.
• Learn More. The more you know about personal finance, the better off your financial situation will be. Speak to financial professionals, read industry magazines and pay attention to tips and suggestions about ways to save more and spend less.
• Simple Ways for Extra Cash. Consider selling unused or excess items such as jewelry or electronics to earn money to pay off debt. It may not be your first choice for improving your financial standing, but in the long run, a clear financial slate is much more valuable than loads of unnecessary personal possessions.

How to Improve Your Financial Situation

A poor financial situation may prevent you from borrowing money now and also in the future. The good news is you can improve your situation with a few changes to your lifestyle. Here are a few tips:

• Cut the Credit Cards. One of the easiest ways to stay in a cycle of debt is overusing credit cards. If you are stuck with credit card debt, put the cards away and focus on paying off more of your balance each month. Not only will you have less debt, but you’ll be saving money on high interest rates.
• Stop the Cycle. While you are trying to improve your financial situation, do not apply for additional loans or credit cards. Once you are back in control, you can apply for a loan or credit card, if necessary.
• Pay it Off. The only sure-fire way to improve your situation is to pay off old debts. Try paying a little more each month to credit card or loan debts. If necessary, consider selling excess jewelry or electronics for cash in order to get ahead.
• Face the Creditors. If you are in serious debt, the last person you want to talk to is another creditor. However, simply talking to creditors about your situation can often help. They may restructure your loans to help you manage your financial situation.
• Ask for Help. A financial counselling service or other professionals may offer you sound advice or services that can improve your financial situation.
• Be Patient. It will take a while to improve your financial standing, but don’t get discouraged. Continue with your plan and eventually you will have your credit situation under control.