3.) Adjust Your Lifestyle
Making a budget can sometimes reveal that you’re running a deficit. If this is the case, you need to change your lifestyle as soon as possible, especially if your only option to make ends meet to borrow even more money (for instance, by getting one or more new credit cards).
Downsizing to a smaller home is often a good idea, even if you’re in a comfortable position. In either case, you’re likely to cut down on monthly energy and maintenance costs, and if you’re selling a house, the windfall could give you an edge on your debt repayment plans. As a bonus, a smaller home can also mean more time for spending with your grandchildren, travelling, or on your hobbies than cleaning and maintaining a big house!
Cutting down on outings and changing cable, internet, and phone plans can also help. These decisions can seem complicated at first glance. But when you plan for retirement and pay down debt, they can make a world of difference. In many cases, making these difficult decisions now can mean your future is a lot more comfortable.
4.) Get Help Planning Your Retirement
You don’t need to tackle debt alone. You can ask friends and family to help you develop a budget and remind you to be accountable for it. If you feel like your situation is overwhelming, consider working with a licensed insolvency trustee. They can offer credit counselling and can tell you if a consumer proposal or personal bankruptcy is warranted.
In the meantime, you can also take a look at this article to learn about when you should file for bankruptcy in Alberta.
Speak With A Licensed Insolvency Trustee In Edmonton
Whether you are planning for retirement now or have already taken this step, and you have remaining debt to pay down, we can help. Remember, clearing debt after retirement doesn’t have to be stressful. At the same time, it’s also not something you need to do on your own. At Fox-Miles & Associates Inc., we can help you get a clearer picture of your financial situation and the options available to you. Our service area includes Edmonton, Sherwood Park, Fort Saskatchewan, and St. Albert.
Contact us today to get a free consultation and take your first step towards financial solvency.