Debt Management With Money Measures
Increasing household debt is a problem. In 2021, RBC estimates that Canadians will spend and borrow more. Interest rates are at an all-time low, but at some point the party will come to an end. Canadians will find themselves in double jeopardy, having more debt and paying higher interest rates.
If your debt load is increasing, at some point your lifestyle will be negatively impacted if it hasn’t been already. It is well documented that our financial well-being impacts our physical and mental well-being.
Debt is a fact of life for most people
Most Canadians carry a certain amount of personal debt in addition to their mortgage, if they own a home. The smaller the debt, the less money you have to pay to service it, and the more money you have to live the lifestyle you want as well as to save for a home and for retirement.
The middle class and those with poorer credit ratings can suffer more from debt. Less-than-perfect credit can lock you out of favourably low interest rates, and less income means less money to pay back and service the debt. It is very easy to find yourself in a vicious cycle.
Whether you do or don’t earn a lot of money, debt is debt. There are different ways of dealing with debt. Some ways cost more money than others. The Money Measures way is a low-cost option that does not involve anything other than an app and, if you want them, a few coaching sessions.
Equip yourself with the right tools to get the job done right and at the right time
You are sure you did all the right things when you did your budget. You set a budget. Prioritized spending. Cancelled subscriptions. Shopped around to get the best price for everything from streaming services to home and auto insurance. Found money to reallocate for saving or paying down debt. You did it! Success! You put a plan together for getting the things you want, to get some money tucked away and to pay down debt – managing to do it all while still spending less than you make. Or so you thought.
Somehow you find yourself short on cash and can’t figure out why. It leaves you frustrated. It has dashed your hopes for saving money and having money to pay down debt. You don’t know what went wrong. Since you don’t know what went wrong, you don’t know what you need to do to get back on track.
The problem might not be with your budget at all. The problem could be the tools you did or didn’t use as you created the budget and put a plan in place to act on it.
Money Measures is the right tool to get out and stay out of debt
If you find yourself short on cash after doing all of the right things, it could be because at some point, the amount of money being spent is at a high point at a time when income is at its lowest. It can also be because there are costs that were unaccounted for in your budget.
Whether you did the budget with or without the help of one of the many budgeting apps on the market, the step that has probably been missed is seeing how the income you are expecting and your planned spending will play out in real time.
This is where the Money Measures app is superior to other budgeting tools. It shows how your planned spending will play out in real time. You can see when planned spending may be peaking at a time when less money is expected to be coming in. Being able to see the potential cash shortfall allows you to be proactive and tweak your spending to avoid a cash crunch.
Another way to get on top of your finances is to check your credit report with Equifax and other agencies. Equifax has a free option which allows you to see a summary of your credit report.
Get on Top of Your Debt Now!
Coaching + the Money Measures app can help you chart your debt-free journey
The Money Measures app can help you understand and get on top of your finances in the privacy of your own home.
If you want a kickstart, we also offer coaching services to instruct you on using the app based on your situation. There are different levels of coaching services available. If coaching services are purchased, you will have access to using the app for one year free of charge.
If you don’t purchase coaching services, the only cost is the app which is very affordable and comes with a no-credit-card required free trial.
We aren’t going to try to sell you any products along the way. No extra features to buy into.
Money Measures is inexpensive and unintrusive
As you see your debt load decreasing, your vision and plans for the future will change. The app can easily be used to incorporate your new vision and your new plan into your financial plan.