How to Get out of Debt in Victoria, B.C, in Three Easy Steps
In today’s day and age, who doesn’t carry around at least some debt? Whether it’s for that new car, those student loans, or the down payment on your house, over half of Canadians admit to having debt. So how do you get out of debt in Victoria, B.C? We at Cash Advantage have compiled our top three ways to beat debt fast.
Mull Over Becoming a One-Car Household
One way to get out of debt in Victoria, B.C, is one that often doesn’t occur to people: limiting your household to one car only. Is having more than one car convenient? Of course. However, the average vehicle owner spends over $9,000 per year to own and operate their vehicle—with Victoria’s small size (prime for walking and car-pooling), plentiful bus routes, and bike-friendliness, the occasional taxi or rental won’t amount to nearly as much as owning a vehicle would; in fact, it would amount to roughly 80% cheaper.
If you’re trying to get out of debt in Victoria, B.C, make it a point to at least consider this as an option.
Record Your Expenses
Forget an expensive accountant— simply tracking your spending for two weeks is enough to propel you towards being debt-free. Canada’s Credit Counselling Society suggests that tracking your spending for two weeks will help you problem-solve where you could cut back on spending, as well as spot ways to make room for extra savings in your budget. Common spending offenses include coffee shops, alcohol, lunch, and pricier grocery stores. If you’re trying to get out of debt in Victoria, B.C, consider skimping on that daily latte and take a trip to Walmart to contain your grocery expenses.
Recording your expenses is a fantastic gateway to exploring new financial options: whether it be selling unused items, installing LED or CFL lightbulbs to save on electricity, cancelling club memberships, buying non-perishable food items in bulk, or moving to a less expensive area, the possibilities are endless.
Audit All Subscription Payments
We at Cash Advantage love Netflix as much as any other Canadian, but auditing your automatic and subscription payments is a minor but essential step in getting out of debt in Victoria, B.C. Going over your cable bill, website domain, mobile apps, and any software or entertainment packages you renew on a monthly basis will go leagues towards eliminating debt.
Subscription companies try to slip beneath the radar with their $5 to $10 payments, but don’t be fooled— $10 for three years is still $360. If you audit once every six months, think of all the money you’ll be saving in the long run.
No step is too small in regards to eliminating debt, and we at Cash Advantage are here to make the process as easy as possible. Want further help? Then give us a ring at 250-475-6267, shoot our staff an inquiry at support@cashadvantage.ca, or swing by to visit us at 770A Hillside Avenue.