Licensed trustee Blair Mantin answers your questions about how to manage debts, including options such as Credit Counselling, Consumer Proposals and Bankruptcy in BC!
Q: Near the end of the month I’m out of money. Where am I going wrong?
A: Here are some frequent areas a budget can “leak” from:
Paying more than needed: Cell phone and cable packages can be costly, be sure you need AND use all you pay for.
Getting charged fees: Extra ATM withdrawals, late payments or bank account fees add up quickly. Plan ahead for withdrawals and check your bank account for better options.
Interest build-up: Using credit without paying in full always costs. Avoid using it unless you can pay right away.
Not planning ahead: Irregular expenses occur; save a small consistent amount on a monthly basis instead of having to pay for them as a lump sum.