The sun is shining, the patios are calling, and every weekend your friends are heading out to a new place, a new festival, or planning a fun destination to visit. And while it all sounds like exactly what a summer should be, the scene is a little different if you are trying to save money, have filed a consumer proposal because of debt, or if you don’t have much extra money to spend. The good news though is that you can still enjoy your summer, and save money, all without breaking the bank.
Save Money at Home
A lot of your work to reduce overspending this summer starts in your own home. Begin by turning off the air conditioning and cooling your house by leaving the blinds down and the windows closed. You can cook outside to reduce the amount of heat in your house as well as cut down on electricity, and you can let your laundry dry outside as well. Many other in-house expenses such as power are already reduced in the summer months, but be aware of your water usage, especially when it comes to things such as watering the garden, filling up pools, or running the sprinkler for the kids to cool off. You can take advantage of the longer days to save money, getting up early with the sunrise and getting everything done during the day before it gets dark so that you do not need to turn on as many lights.
Reduce Spending When You Go Out
Even though you are trying to spend less so that you can keep your debts at bay, you will no doubt be tempted to give in to friends’ requests for a night out, to head off for the weekend to a concert, or take in a festival in your neighboring city. And while you don’t have to always say no, being aware of what you spend is critical to being able to say yes. Set a budget for special events or weekend vacations and refrain from simply putting everything on a credit card. Tell a trusted friend about your financial situation ahead of time so that they can be on your side, helping to reduce the pressure from others to spend money. Most importantly, always keep your best interest at heart and don’t let yourself feel guilty for not spending money on others or being the one to say no, because you have the bigger picture in mind.
File a Consumer Proposal
If the summer comes to a close and you still notice that your debts are out of hand and you haven’t been able to make much headway towards paying them down over the summer months, you may consider speaking to debt professionals to file a consumer proposal. A consumer proposal is essentially a debt repayment plan, whereby you make an offer to your creditors that sees you paying back a certain percentage of your debt at given intervals or a certain number of times each month. These proposals divide the payments up over three to five years, and once finished, you are able to restart building your financial stability from the ground up.
Whether you are looking for assistance in taking the next step to file a consumer proposal, or are simply looking for more information on how to manage your debt, Chande & Company is here for you. Reach out to us today to schedule an appointment and learn about which debt management options are best for you.