FLM 2017: How FLM Can Motivate You to Deal with Your DebtNov 02, 2017
Need some motivation to deal with your debt? Financial Literacy Month (FLM) can help. Happening every November, FLM is designed to get Canadians thinking about their finances and encourage them to learn more about making smart financial decisions. Here’s how FLM can inspire you to take charge of your debt and find debt relief:
1.) Learn more about your debt
With a focus on financial awareness, Financial Literacy Month can inspire you to really get to know and understand the debt you carry. Start by creating a list of all the debts you owe, the interest rate attached to each debt and the current amount of your monthly payment.
Now that you have a comprehensive list of all the debts you owe, use an online debt calculator to figure out how much your debt will cost you (including interest) and how long it will take you to repay this debt.
2.) Learn more about your options
FLM can also inspire you to research, explore and learn more about the debt relief options that are available to you. There are many ways to learn more about the different ways you can reduce your debt.
The Financial Consumer Agency of Canada (FCAC) provides easy to understand information highlighting the different debt relief strategies available. A Licensed Insolvency Trustee or credit counsellor can also help you better understand your options and provide you with guidance and advice.
3.) Learn how to stay motivated
Once you have a good understanding of your debt and your options, it’s important to stay motivated in order to reach your debt relief goals. For a little motivation inspiration, check out the following:
Personal finance blogger Krystal Yee listed all her reasons for wanting to be debt-free — learn what kept her inspired in her blog entitled Motivation to Live a Debt Free Life.
Jessica Moorhouse interviewed four women about staying motivated to crush their debt – read more about their tricks in her blog 4 Women Who Will Inspire You to Crush Your Debt.
Sandi Martin writes about living with your financial plan. Read her tips for avoiding “budget fatigue” in her blog In the Trenches: Living with Your Financial Plan and Avoiding Budget Fatigue.