Accumulating wealth is a simple formula of spending less than you take in. However, making that happen can be much more difficult.
Are there ways to increase your income? Maybe you can find a second job. Maybe you can rent out the basement of your house. Maybe you can share an apartment with a roommate.
What about ways to reduce expenses? Here it is a question of separating wants from needs. Pack a lunch instead of eating out. Make your coffee at home instead of going to Tim Horton’s once or twice a day. Skip the deluxe cable package and go basic.
These probably seem like small ideas. To that I say, think about how a trickle of water becomes a stream, a stream becomes a river and a river can, sometimes, become a raging waterfall.
There are definitely situations where increasing income and/or reducing expenses are not enough to fix a bad financial situation. If your debts are accumulating, it may be time to talk about other options like a consumer proposal or personal bankruptcy. Feel free to call us at 310-PLAN or to contact us by e-mail to review these and other options in more detail.
