Limiting future debt

Make a Budget and Stick to It

A budget is a simple plan to track your income, spending, and savings. It helps you stay in control of your money and avoid spending more than you earn. When you stick to your budget, you’re less likely to go into debt.

Budgets also help you plan for future expenses and save for emergencies—so you don’t need to borrow money when something unexpected happens.

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Set Financial Goals

Financial goals help you focus on what matters. Whether you’re saving for a home, a car, education, retirement, or a vacation, setting clear goals helps you stay on track and avoid overspending.

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Automate Your Savings

Save without thinking! Set up automatic transfers from your chequing account to your savings or investment account. This helps you save regularly and resist the temptation to spend.

You can set it up to happen on payday. Ask your bank or financial institution to help you get started.

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Build an Emergency Fund

An emergency fund is money you set aside for unexpected costs like:

• Car repairs
• Job loss
• Health issues
• Urgent home repairs

Try to save 3 to 6 months’ worth of expenses or income—whichever works best for you. This helps you avoid using credit in tough times.

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Avoid New Debt

Think carefully before borrowing money. Only borrow what you need and make sure you understand the full cost, including interest and fees.

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Use Credit Wisely

Only use credit when you can pay it back in full each month. This helps you avoid interest charges and keeps your debt under control.

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Set Up Alerts

Get alerts from your bank to help you avoid extra charges. You can receive messages when:

• Your account balance is low
• You’re near your credit limit

These alerts help you make smarter money choices.

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Cut Unnecessary Spending

Everyday savings add up. Try:

• Cooking at home instead of eating out
• Making your own coffee
• Cancelling unused subscriptions
• Taking public transit or carpooling

These small changes can make a big difference over time.

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Shop Smart

Look for ways to save when you shop:

• Use coupons and wait for sales
• Buy in bulk
• Choose store brands instead of name brands
• Use price comparison tools and apps

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Take Care of What You Own

Maintain your car, home, and other assets. Regular maintenance can prevent costly repairs and help your things last longer—saving you money in the long run.

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Boost Your Income

Looking to grow your income? Try:

• Asking for a raise
• Taking a second job or freelance work
• Upskilling through courses or training
• Finding a higher-paying job

You can also earn extra money by:

• Selling items you no longer need
• Renting out a room or space
• Turning hobbies into small businesses

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Get the Benefits You Deserve

Always file your taxes, even with little income. You may qualify for government benefits or credits that can help you pay down debt or cover expenses.

Check out the Benefits Finder to see what you’re eligible for. Free tax clinics may also be available if you have a simple tax situation.

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Start Investing

Investing helps you build long-term wealth and avoid debt in the future. It can grow your money, protect it from inflation, and generate income.

You can invest on your own if you’re confident, or work with a financial advisor to create a plan that fits your goals. Consider saving in accounts like RRSPs or TFSAs.

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Talk to a Financial Expert

Need help managing your money? A financial advisor or credit counsellor can help you create a personalized plan, reduce debt, and reach your financial goals. You can also boost your knowledge through books, courses, or trusted websites.

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