If you’re looking to break free of personal debt once and for all, we can help. We provide debt and bankruptcy solutions that are life-changing and permanent, so you can erase debt from your life.
Our Life-Changing Debt Solutions are designed to permanently get you out of debt once and for all – so you can stop worrying and start living again.
Debt can be overwhelming. For that reason, our Licensed Insolvency Trustees are always here for you. let’s discuss the options available to you. Your debt-free future starts now.
When someone starts talking about financial goals what's the first thing that comes to your mind? Money for retirement? Investing? Taking a cruise around the world? Saving for university for your children?
If you're struggling with your finances, these goals may seem completely out of reach. But those are not the only goals you can work towards. No matter how much or how little income you make, you can and will benefit from setting financial goals.
Since financial goals are personal to everyone, they cover a massive spectrum for any budget or level of income. From simply creating a budget to saving for an annual holiday; from paying all your bills in full each month to being completely debt free; from rebuilding your credit to saving for your first home — financial goals need to be realistic and suitable to your life, for you to even get started.
Half the battle is choosing a goal that really means something to you, a goal that you see yourself achieving no matter what comes up.
Any goal will only be reached if it's important enough to you personally.
Your list might be long. It might be overwhelming. You might need to break it down so that you don't give up even trying for any of them. What can help?
Time Bound Goals
Think of goals in terms of time — short, mid and long term.
Short term goals are usually easier to reach, and as the name suggests, can be completed quickly.
Reaching short term goals boosts your confidence and creates a solid foundation for consistent progress towards your mid and long-term goals.
Here is a list of suggested goals for each time bound category. Of course, your goals will depend on where you are in your life and what family responsibilities you have.
Why not take a few minutes right now to create your own list for each category? Don't hold back. Include your needs and wants, and way beyond.
Next, decide which goals you want to create a plan for. Stumped on what to pick? Here are two strategies:
Read over each goal again. How does it feel to you? Is it what you personally want, or just something you think is expected? Use a simple star system to visually see what is resonating with you.
One star means its not that important and you're wondering why it even made it to the list in the first place.
Five stars means you'd give up a regular expense in your budget to save money for it.
Your five-star goals are the ones you will most likely stick to.
What if you're just not sure what to start saving for first?
Think of this: If someone told you that you could choose one of your goals on your list, and they'd pay for half of it, which one would you pick? That makes it a little easier doesn't it? Now you can put five fat stars beside that goal and move on to creating a savings plan for it.
Don't be fooled by the simplicity of this exercise. Writing down goals, then rating them according to their importance and what achieving them will mean for you and your life will firmly set them in your mind. This is a crucial step to sticking to them and eventually achieving them.
How do you start saving when it appears that there's no money in the budget?
Get clear on your spending habits.
Review your bank statement and credit cards statements to see what spending habits are repeated throughout the month.
For example — if you spend $5.00 a day on your wake-up coffee/treat, that's $1,825.00 a year. Yes, that coffee run every day adds up fast. Realistically, you're still going to want to buy coffees. So even knocking your coffee habit down to every second day saves you $912.50 which can then be redirected into your highest priority savings plan.
If your goal is important enough, you will take the time to figure out where you are potentially wasting money which otherwise could be helping you realize your financial goals.
Many monthly expenses camouflage themselves as necessities when they are leaks in our money pool.
Do you have subscriptions to apps on your phone that you forgot you were paying for? Are you subscribed to multiple movie or music streaming providers? Review what you are really utilizing and whether the extra cost per month is worth it. Cancel superfluous subscriptions and direct that money into your savings goal.
Periodically review your cell phone and cable plans. Even saving twenty dollars a month amounts to $240 a year.
Once you plug those money drains you will see a whole different pool of money growing.
A great boost to a savings goal is when you can filter in a large chunk of cash at once. Think of the opportunities you may have to do this.
Income tax refunds, year end bonuses at work, gifts of money from family, GST or other tax credits — all of these can be used in whole or in part to contribute to your savings goals. A sizable injection to your savings goal will keep you motivated to keep on working towards them.
With the cost of living on the rise, making ends meet and paying debts off often leaves little or no room to save for the future. Sometimes getting a fresh financial start is the only way to turn your savings goals into reality.
If you are facing this situation, MNP's qualified debt consultants can help find the best solution for you.
Based out of Surrey and the Fraser Valley,
Linda Paul is a Licensed Insolvency Trustee and Senior Vice President at MNP LTD. To learn more about how MNP Debt can help, contact our local office at 310.DEBT (310.3328) or toll-free at 1.877.363.3437.
Based out of Courtenay,
Selina Jacobson is an Assistant Estate Manager and Registered Insolvency Counsellor at MNP LTD. To learn more about how MNP Debt can help, contact our local office at 1.877.363.3437 or toll-free at 310.DEBT (310.3328).
Our team of Licensed Insolvency Trustees will help you
explore the debt relief options available to you and
together we will find the solution that best fits your
situation. Set up your FREE, no obligation consultation
MNP is committed to protecting your
privacy. We promise to keep all of the information you share
with us confidential.
*310-DEBT doesn’t operate in MB, NW ON and QC.
Contact a Trustee
Find a local Office