Skip to main content

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. 

The comments contained herein are a general discussion of certain issues intended as general information only and should not be relied upon as tax or legal advice. Please obtain independent professional advice, in the context of your particular circumstances. This article was written, designed and produced by SISIP Financial, for the benefit of SISIP Financial, Investment Funds Advisor, a registered trade name with Investia Financial Services Inc., and does not necessarily reflect the opinion of Investia Financial Services Inc. The information contained in this article comes from sources we believe reliable, but we cannot guarantee its accuracy or reliability. The opinions expressed are based on an analysis and interpretation dating from the date of publication and are subject to change without notice. Furthermore, they do not constitute an offer or solicitation to buy or sell any securities. Mutual Funds are offered through Investia Financial Services Inc. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments.  Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently, and past performance may not be repeated.

Accelerated Debt Payoff Calculator

Consolidating your debt is only half of the battle. You still need a plan to get your debt paid in full. This calculator can show you how to accelerate your debt payoff.
Try it now!

Credit Card Pay Off Calculator

Use this calculator to see what it will take to pay off your credit card balance, and what you can change to meet your repayment goals.
Calculate your repayment goals now