Canadians are racking up a ton of debt. As a whole the country’s debt to personal income ratio has been increasing yearly since the 1980s. Currently Canadians owe more than $1.50 for every dollar of income. With this ratio of +150%, it is evident many Canadians are struggling to stay on top of their spending. There are many reasons for increases in personal debt such as the rising cost of living. This article will not explore the external factors contributing to this trend but will recommend something that we all can do; keep better track of our funds.
The government of Canada has released a fantastic and easy to use budget calculator. It is designed to help the average citizen better manage their money, better plan for their future, and to better visualize their finances. This tool develops a breakdown to categorize all expenses, savings, and investments. Sometimes all it takes to stay on top of your money is to better record and visualize it. We usually have no control over the economy, but we do have control over our own spending and saving. Check out the calculator and see if it brings any benefit to your financial planning.
Budget Calculator: http://itools-ioutils.fcac-acfc.gc.ca/BC-CB/NetInc-RevNet-eng.aspx
Financial & Debt Information: http://www.statcan.gc.ca/pub/75-001-x/2012002/article/11636-eng.htm