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5 ways to get out of debt faster

coins and a jar
Debt can creep up on you. It starts with a big purchase – a new car, a trip or that television you’ve had your eye on. The next thing you know, you’re paying interest on top of interest, and your disposable income is diminishing monthly. But there are ways to get financially fit. It starts by taking control of your debt. 
  1. Ask for help

It can be hard to know where to start when tackling debt. Don’t be shy about reaching out for help to get answers to your questions. SISIP Financial offers free and confidential debt counselling to assess your finances and create a payback plan.  

  1. Create a budget

Track your current spending to see if there are ways to cut back. Divide spending into fixed and variable costs, plus discretionary spending. Then, develop a realistic plan that matches your income to your spending.  

  1. Commit to cash

Credit cards are convenient in the moment, but it can make it hard to keep track of what you’re spending. Use cash or debit for all purchases so you can see what’s going out of your account and avoid adding to your debt. 

  1. Build an emergency fund

Start saving a small amount of each paycheque with the goal to have one-to-three month’s salary at hand. Life is full of surprises. You don’t want a big expense to derail your debt repayment schedule. 

  1. Find a side hustle

Earning a little extra money through part-time work or a home business could give your savings and debt elimination a boost. Think of colleagues who referee, teach a course, or start an online business. 

Contact your SISIP advisor today to review your financial plan and set you on the path to financial health. 

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