By Jasmin Brown, BDO First Call Debt Solutions

BDO First Call Debt Solutions

3 Steps You Can Take When Money is Tight

Aug 10, 2020 | 12:46 PM

Many Canadian parents will continue to face a number of difficult financial decisions in the weeks and months ahead. As the economy continues to ‘open’ across the province, employment rates are starting to rebound. But the latest numbers from Statistics Canada still show unemployment in our province is in the 11 and 12 per cent range.

The financial obligations for parents with young children, including daycare fees, housing costs, student loan payments, mortgage or rent, auto loans and credit card debt, can seem endless. Covering all necessary expenses while making ends meet is not always easy or even possible. That is why it is important to know your options, including how to make the most of your income and how to find help when you are overwhelmed.

1. Evaluate your budget

Having a concrete plan when money is tight is important. A budget helps you stay on top of payments and monitor spending. To make things easier, automate your bill payments so you have less to think about each month. If you are already living on a reduced income due to recent circumstances, you’re likely living on a lean budget. It may help to review your spending and expenses one more time. Trim where you can. Look at wants vs. needs and look for ways to make trade-offs, even for the short-term.

2. Learn as much as you can about available debt solutions

Grey Cup!!!

Everything you wanted and more

Nov 21, 2025

12 Best Tips to Spend Less at Christmas

Nov 18, 2025

Cybercrime response

Prince Albert Police Service 'limited in scope' to properly investigate fraud crimes

Nov 17, 2025

Regularly using credit cards, a line of credit or payday loans to make ends meet, or to pay off other debts, causes a debt cycle that can make you feel trapped. There are a lot of effective strategies for paying off debt on your own. But if you have tried DIY debt relief and it just isn’t working, it’s time to speak to a professional.

An initial consultation with a Licensed Insolvency Trustee (LIT) is free, with no obligation. Think of it as a fact-finding mission. The LIT will begin by listening to your situation. Then, together, you and the LIT will review your finances, including your debt load, your income and your assets, and explore solutions for resolving your debt and getting your finances back on track.

3. Set realistic savings goals

If your income is already stretched and you are struggling to keep up, putting savings aside might not even be a consideration. That does not mean you can’t set savings goals. A positive result of debt relief will be your newfound ability to begin saving once your debt is resolved. Why not take the time to sit down with your spouse, your partner or your family to plan for the future? Having even one or two realistic savings goals may help provide the motivation you need to achieve debt freedom.

Are you finding it hard to juggle all your financial responsibilities? Get debt help tips by joining the conversation on Twitter a