How to Get Help With Your Debt Ahead of Wedding SeasonAug 30, 2017
With friends or family members sharing their engagements almost instantaneously on social media it gives you lots of time to get debt help ahead of time.
The prime months for weddings to occur is between May and October. It’s not uncommon to be invited to attend multiple weddings during this time, and your costs can add up quickly.
The key to getting yourself ready for the costs of being a wedding guest is to reduce your debt and increase your ability to save. These tips can help:
Perform a financial health check and overall analysis of your finances.
This is easier than it sounds. Understanding your finances and recognizing potential debt problems is important — regardless of whether or not you have a wedding to attend.
Ideally, at the beginning of the year you should do a thorough analysis of your finances, then check in monthly or quarterly to see how you’re progressing.
A financial health check can give you some quick insight into the state of your finances. The Financial Consumer Agency of Canada has lots of resources that can help you improve your financial literacy and tools to help you analyze your finances.
Seek out debt assistance.
Are you seriously struggling to manage your debt? There are debt options — alternatives to bankruptcy — that can help get debt under control and increase your ability to save too. You can book a free consultation with a credit counsellor or Licensed Insolvency Trustee to discuss options like consolidation loans, credit counselling, and a consumer proposal.
Make changes in your spending habits.
Debt occurs for many reasons. Spending habits can be a big contributor, but also one of the easiest areas to make positive changes.
Tracking your spending with a monthly budget can help you see where you might be able to make changes to increase savings or pay off debt faster.
Learn more about do-it-yourself debt repayment strategies, which can help you reduce your debt quickly and more efficiently. Personal finance writer Barry Choi talks about two tried-and-true strategies in this blog.
The good news is debt problems are fixable. Take action as soon as possible to get debt help so you’re in a better position to face the costs of wedding season head on — without needing to rely on credit cards or other forms of credit.
What #DebtSolutions have you tried that have helped debt problems? Share your thoughts on Twitter. #summerofweddings