Spring is in the air and that means it’s time to clear out the cobwebs from winter and participate in the early ritual known as spring cleaning. But beyond clearing out closets and finally emptying out that junk drawer, there are many areas of our lives that can benefit from spring cleaning. If you’re in a position where it feels like you just can never get on top of your finances, then spring cleaning for your bank account is an excellent way to regain control and start to climb out from under stressful debt.
Don’t know where to go for help with overwhelming debt? Professional help is easy to find, just click here to start learning how you can benefit from credit counselling and debt management services. If you feel like you’re starting to run out of options, don’t worry. Professional Licensed Insolvency Trustees (formerly known as bankruptcy trustees) are available and willing to assess your personal debt situation and advise you on the best path forward.
Set Up Multiple Chequing and Savings Accounts
When there is financial stress in our lives, it often comes from a lack of organization or from an unhealthy mindset about spending and saving. Why not help yourself out by setting up the best customized system for your finances? With multiple chequing and savings accounts, you can organize and automate your money by separating it into important categories labeled for your various expenses.
This technique allows you to use your bank accounts like prepaid credit cards where you know exactly how much you have for certain expenses. You can also plan in advance by setting up automated savings into an account that you know is just for saving money, this means that what’s left over you know you can spend while the funds that have gone towards your savings are to be left untouched.
Balance Paydays and Payments
When you’re paying your bills and it seems like one payday comes with a lot more bill payments than another payday, then it could be time to space out your bill payments so that you can regain some control over your finances. When you have bills waiting, your paycheque can disappear quickly as soon as you start making payments.
It’s important to have a money cushion to get you from one paycheque to another. Without that support, it will be easy to start using credit cards and accumulate more debt until your next payday. If you struggle to use your credit card in moderation and you have many overdue payments that are collecting interest, then it might be time to seek credit counselling from a bankruptcy trustee.
Reach Out to a Professional for Advice
Credit counselling services can help you understand your own spending patterns and identify unhealthy patterns that are contributing to financial stress. A credit counsellor will educate you on the best way to use credit, how to build a strong credit rating (or rebuild a poor rating), how to set and achieve your financial goals, and how to handle major financial hurdles like bankruptcy or a consumer proposal.
You have more options than you know when it comes to regaining control over your finances. Make the most of the spring cleaning spirit and do something good for yourself by contacting a credit professional to help you get on the right track towards long-term financial security.