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BDO Vernon

202 – 2706 30th Ave.
Vernon, British Columbia
V1T 2B6
Phone: (250) 275-8880

How to Improve Your Financial Literacy to Get Debt Relief

Knowledge is power and that is especially true when it comes to finding debt relief for yourself. In the spirit of International Women’s Day, we want to encourage women in Vernon to do one thing to improve their financial literacy this month. Whether you have a small debt load, a big debt load, or no debt at all, we can all stand to improve our knowledge about debt relief and reap the benefits it brings.

We know from a recent survey that women are more likely to struggle with affordability than men. Women are also more likely than men to carry heavier debt.

A 2018 Statistics Canada report The Economic Well-Being of Women in Canada points to factors that may be contributing to women’s struggles with affordability and debt:

  • Women are more likely to take time away from work to care for children or elderly family members, which can affect their income and their ability to save for retirement.
  • Women, on average, still earn less than male counterparts with the same qualifications.
  • Women are overrepresented in lower wage positions
  • Women tend to have lower financial literacy scores and admit to lower financial confidence.

Knowledge is just one piece of the puzzle, but it is key — which is why we’ve put together a list of valuable resources and tools to help women boost their financial knowledge and confidence and find relief from their debt.

  1. 1. Debt knowledge resources

These resources provide the basics to help you understand the different forms of debt and debt relief. We’ve highlighted a few topics that can help guide you in your search for debt resources.

The Financial Consumer Agency of Canada (FCAC) is an excellent starting point to grow your financial knowledge with in-depth information about debt and borrowing, financial rights and responsibilities, managing your money and more.

When it comes to discovering professional debt help options, you’re already in a good spot to learn more information. If you haven’t explored the rest of our site check out information on different forms of debt and the available debt help options.

  1. 2. Debt tools and worksheets.

These interactive tools and worksheets can help you understand how much interest you’ll pay on debt, how debt relief options affect monthly payments, how to create a budget, or even how to automatically track your spending.

As mentioned earlier the FCAC has worksheets and calculators related to making a budget and more. On our site you’ll also find worksheets and calculators the can help you build a budget, set goals, understand how much interest you’ll pay on a debt with the debt calculator, and see what you’ll pay using different debt relief options on the debt options calculator.

If you’re interested in tracking your spending here is a good article on the best financial apps of 2019.

  1. 3. Financial writers worth your time.

Learning from others who have been through similar situations with debt is a great and relatable way to discover how you can do it too. We’ve put together a list of three female financial bloggers who have their own debt stories and are now sharing their tips and advice to help others:

The Wallet Diet: Previously $35,000 in debt, Christine worked hard and was able to pay off that debt. She now shares her story, debt advice, tips, and other financial related resources to help others in her position do the same.

Broke Girl Rich: Melissa is working full-time and fortunate to not have a large amount of debt to deal with. She’s now sharing her advice for living a financially sustainable lifestyle and the basics of investing to grow her wealth.

And Then We Saved: Anna Newell-Jones leads this site focused on helping women get out of debt through her spending fast method. Her free guide on how you can pay off your debt offers an abundance of practical and easy-to-implement money saving, budgeting, meal planning, and educational tips.

Taking the time to read, explore, or implement any of the information you’ve found above is a great first step towards improving your financial literacy. You’re never too young or old to learn something new. The more you learn, the more you’ll find your financial confidence growing along with it.

In celebration of International Women’s Day this month, we challenge you to share on Twitter one piece of advice related to personal finances or debt relief that you think can help other women #LeaveDebtBehind! #IWD2019

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