7 Tools that Can Empower You to Get Relief from Your DebtMar 17, 2019
Are you feeling overwhelmed by debt and desperate to find debt relief? Have you previously tried to reduce your debt without any progress? For many women, diminishing debt can be tricky. In fact, our Affordability Index suggests that a higher percentage of women struggle to deal with heavier debt loads in comparison to men.
Although it can sometimes be difficult, dealing with debt is definitely possible, particularly when you are armed with the right tools to help you succeed. Here’s a round-up of valuable tools women can use to find relief from their debt.
When it comes to dealing with consumer debt, it’s essential to recognize the warning signs that accompany debt problems. An online financial health check provides you with an objective perspective on your debt situation.
2.) Debt calculator
Knowing how much you owe can help to motivate you to take the steps needed to diminish your debt. Although it can be somewhat scary to put an exact number on the amount you owe, it also helps to create a target to work towards. To make the process easy, use an online debt calculator to help you calculate the total amount that you owe.
In addition to knowing how much you owe, it’s also important to compare the various options and strategies available to you and how these strategies differ when it comes to repayment length and the amount you’ll have to repay. A debt options calculator will help you to better understand these options and choose which makes the most sense in your situation.
It’s a good idea to put your goals in writing. It keeps you accountable and it’s a great way to track your progress. Use our goals worksheet to easily outline what you want your financial future to look like and then make it happen.
5.) Budget worksheet
A budget is an essential part of paying off debt. To be effective, your budget doesn’t have to be particularly complicated. A simple worksheet can easily be used to design a realistic budget that works.
6.) Budgeting apps
For women who are always multitasking, the convenience of a budgeting app is also an empowering tool. Essentially, these apps allow you to track and monitor your spending on your smartphone. There’s also the option to include your financial goals on the app and dynamically monitor your progress as you work towards making these goals a reality.
7.) Community resources
Don’t forget, your community can also support you as you work towards your debt relief goals. For example, Seed Winnipeg offers workshops to help low-income individuals and families learn practical skills for managing their money.
Which tools will you employ to find relief from the debt you owe? Are there any tools that you currently use that didn’t make the list? #LeaveDebtBehind #WomenAndMoney #DebtSolutions.