What happens to your savings account during a Consumer Proposal? Learn about the factors impacting what happens to the funds in your savings account.

With so many moving parts, it can be hard to understand your finances. You have to budget and track your spending — not to mention keep track of all the bills that automatically come out of your account each month.

Deciding to follow through on a Consumer Proposal is a tough decision to make. It’s not a position that anyone wants to find themselves in, but at the same time, it’s nice to know that there’s a reasonable path back to full financial freedom.

If your research into your personal finances shows that you have unmanageable debt, then working with a trusted advisor is going to be a huge part of your financial journey.

After consulting with your local financial advisor, you’ve determined that Bankruptcy is the next step for you. While the decision may not be easy, it’s an important step in your journey to debt freedom.

Do-it-yourself tools like the MNP Debt Calculator and the MNP Debt Scale are a great place to start and will help determine your next steps.

According to the latest MNP Consumer Debt Index, conducted quarterly by Ipsos, a quarter (26%) of Ontarians have turned to bill-splitting strategies such as carpooling, buying in bulk, sharing subscriptions and childcare, and living with others.

Many people start a new month or year with the intention to budget and save, but not many are able to stop themselves from overspending. If you’re dealing with overspending issues, you’re not alone.