Only a small portion of Canadians are making their debt a priority in the new year.
According to a new poll, nearly 30 per cent of Canadians actually plan on paying down their debt. But if it’s your new year’s resolution, MNP Business Advisor Heather Kutanzi has a few tips.
She says building a budget and seeing where your money is going is a step in the right direction.
“You might be surprised that you spend $300 a month on eating out, and you could split that in half and use the extra $150 to pay down your debt.”
For some residents in Fort McMurray, Kutanzi suggests paying down your biggest non-deductible loan, like a car or truck for example, and claiming rental income so you can get a tax break at the end of the year.
The biggest thing is making sure you have the money before making a big purchase, Kutanzi says being conscious of your spending before going into debt is a big way to stay in the green in the future.