Paying off debt is an important first step to feel in control of your money. Once you’re able, here are some tips to help you build healthy financial habits and avoid taking on additional debt.
How to build healthy financial habits
1. Create a budget and stick to it. Creating a budget is one of the best ways to stay on track with your spending and feel more in control of your money. It will help you tuck money away for your expenses and goals. Learn three simple steps you can follow to create a budget.
2. Set up an emergency fund. While it’s important to focus on paying off your debts first, tucking some money away for an emergency can help you avoid taking on additional debt. Learn how to save for a rainy day.
3. Learn how to prepare for rising interest rates. A rise in interest rates can be challenging if you’re paying off debt. Here are some ways you can take steps to manage a potential change. Learn how to prepare for rising interest rates.
Where to go for help
Financial advice isn’t something we can help you with directly but there are other options to consider. The Financial Consumer Agency of Canada has tons of information about managing debt and tools to help you learn more about managing your money, including budget planners and budgeting tips.
You may also be interested in speaking to your financial institution or a financial advisor to see if they can offer you personalized advice on your financial situation.
About Consumer Protection BC
We’re a not-for-profit provincial regulator. The laws we oversee capture your rights when it comes to credit reporting, debt collection, payday loans, high-cost loans, and certain aspects of debt repayment services. Find out more about us and the other industries and transactions we oversee by exploring our website.
Learn more about your rights when it comes to debt and borrowing.
More debt and borrowing resources
Managing debt
How to make a plan to manage your debt
Comparing different debt relief options
The impact of debt on your credit report
How to improve your credit score
How to build healthy financial habits
Debt collection
How to stop collection calls
What to do if it’s not your debt
The rules debt collectors must follow in BC
How to dispute a debt
Borrowing wisely
Things to think about before you take out a loan
Understanding the cost of your loan
The rules for payday lenders in BC
The risks of borrowing money from unlicensed lenders
Buy now, pay later plans: what you need to know
Tell us what you think for a chance to win!
The information above is part of a consumer education initiative on debt and borrowing in BC and we want your input!
By completing the survey, you will be entered to win one of two $300 prizes and you’ll support consumer education in the province. Your feedback will help us fine-tune our educational resources so we can continually improve and help more people make informed debt choices in BC.
