Taming Household Debt

Taming your Household Debt

A big part of dealing with bankruptcy is taking control of your household budget and spending habits. For the most part, Canadians still tend to overspend, even small things such as a daily coffee on the way to work, or eating out slowly adds up over the month.

When reviewing your monthly expenditures, you need to see how necessary some of these expenditures actually are. You need to see what items can be cut and look for ways to help reduce your monthly spending. Granted, going through the drive thru and getting a large one and one every work day hits the spot and helps get the day going, but it also adds up over each week, monthly and yearly.

Keeping Track of your Monthly Finances

To help see where you are are spending your money on a monthly/weekly basis, saving your receipts and keeping track of these spending habits in a ledger would be a good start. Looking back over the months, you can see how much you spend on restaurants, take out, utilities, movies, groceries, entertainment etc.

Wants vs. Needs

Cutting back on items will require you to list them within two categories, Wants, and Needs. While going through each of these lists, you need to determine the items within the want category that can be cut back, and/or reduce on a weekly/monthly budget.

Forgotten Payments

When you are keeping track of your monthly expenditures, this can help with spotting any monthly payments that you have forgotten about that you do not actually use or could do without. If you are paying for an item each month that you are not actively using, then this would be a much easier item to give up and help save some money.

Low Cost Options

Saving money and finding inexpensive ways to entertain your family or kids is always on the to-do list. Your local library is a great source, from Books, (ebooks), magazines, some libraries may have free subscriptions to magazines available for your smart phone or tablet, music Cds and DVD/Blu Ray movies. Your local library is a great low cost option.

Credit Card Cuts?

Abstaining from using your credit card is essential. When dealing with debt, removing those high interest credit cards should be on the list. If you change over to using the actual money on hand in your back account, or in pocket, this will help you think twice before making that purchase.

Keep on top of your Payments

Avoiding or not paying our bills is never a good idea. It can hurt your credit score and the late payments can incur some sort of a late fee. Working to keep these payments made on time is essential.

Have Emergency Funds Available

This will not always be an easy option for some, but working to save up money for some sort of an emergency fund can help with reducing the amount that you go into debt further. While the typical emergency fund should be 3 to 6 months of your actual income, this figure could be hard to save for some. So working towards saving on a monthly basis will be a good start. Chances are there will be some sort of emergency you will need to deal with, and having a bit of money saved for that occasion will help.

Pay down that Debt

When you get a bit of extra money, either from your tax return or a bonus, using this money to pay down your high interest debts would be the best use of this money. This extra money should be used to help lower your debt.


If you are having financial difficulties, book a free consultation with David Sklar and Associates. We have 6 locations in the Toronto area you are welcome to call us a 416-498-9200


Take Your First Step Towards A Debt Free Life

If you are overwhelmed by debt and live in the Toronto area, call us at 416-498-9200 to book a FREE, confidential appointment. We will review your financial situation in detail and discuss all of your options with you. Alternatively, you can fill out the form below and our team will reach out to you. 

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I cannot emphasize enough how thankful I am for Jackie Stanley's help with filing for bankruptcy.All of us dread being put in this position and we have a million questions about the process but trust me Jackie makes it so easy for you that you don't have to do anything yourself!She is very kind and friendly and puts you at ease right away. She emphasizes with you and let's you know it's not your fault.Most importantly when you leave that first meeting you will not believe the load that is taken off your shoulders. You can actually feel it!You are a godsend Jackie and I can't thank you enough!!I hope you are highly valued there as much as you are by me!
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20:37 01 Dec 21
I’m very happy with the services I received for Jackie Stanley who helped me get my finances in order. It was a quick and easy process & all of my questions were answered.
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I have had the privilege of being supported by Jackie at David Sklar Associate. She was very helpful, very professional and very friendly. She gave me the help I need. Thank you Jackie for your help.
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09:33 10 Nov 21
I filed a proposal with another group, which came in as a referral from one of my brokers. My experience went from ok to bad to worse, due to lack of communication and education on the process I was to embark on. I worked with Cori Naron in the past, and I came to her now for help on literally doing the work that the other group should have done. Cori stepped in, educated me, advised on rights, responsibilities, how the process works and what potential outcomes may happen. I do not have enough words of recognition and gratitude for what she did - she alleviated stress, anxiety, dead-end thoughts and she made me live again. Congrats to DSklar for hiring her and retaining such talent.
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07:29 12 Oct 21
I met David a few months ago and i am glad I did. He has helped me all the way through my bankruptcy with good advice and explained every step of the process. David is a very down to earth and very professional. Anytime I've had a question I was able to reach out to David by phone or email and he always got back to me. If your struggling with your bills and need a way to get help, I strongly recommend David Sklar &Associates to help you. My experience with them on 1-5scale would be a 5;; My life is so much better now, thanks to David Sklar.
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16:13 08 Oct 21
I have had the privilege of being supported by Jackie S, at David Sklar n Associate.She was helpful, professional and friendly. I was able to get the help I needed at a difficult time in my life. I would recommend anyone who needs support with working out their debts to ask for Jackie, she will be waiting to assist however she can to help you through your debts. She works with a team who is always ready and responsive.Thank you Jackie and your team:)
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15:17 09 Sep 21