Cash Flow and Debt Management - How to eat an elephant

As the familiar saying goes…how do you eat an elephant?

The answer: one bite at a time!

Oftentimes we can become overwhelmed with our situation – whether it is the clutter in our homes (guilty!), the over-scheduling our families (also guilty!) or overcoming debt – whether it is consumer (credit cards), student loans, car or mortgage payments. It is easy to become discouraged and believe we will never come out ahead. The thought of making any decision can become paralyzing and as a result we make no decisions, financial or otherwise. We think about doing something, we talk about doing something but in the end, we fail to act.

According to a Fall 2017 Manulife Bank Debt Survey, “…71 percent of respondents would like to be more confident about financial decisions, 63% didn’t know who to talk to about debt management and 55 percent seldom discuss their debt situation with family or friends.”

The takeaway is this: MOST people want to be more confident about their finances and the decisions they make and many people do not know who to talk to about debt management. (Hint: a Financial Advisor - that's who!) It shouldn’t be embarrassing to talk about your finances and failing to do so can be detrimental to your future financial health.

Speaking to an Advisor today, and setting up an appointment is a great first baby-step and an excellent way to “take that first bite.” Have that person review your overall situation and work with you to establish goals, prioritize debt repayment, plan for the worst-case scenario and give you peace of mind.

When debt is paid-off or there is a plan in place, you can then take steps towards saving and investing for your future.

Brooklyn Scott is a Financial Advisor/Mutual Funds Representative for Lewis & Jones Group/Desjardins Financial Group/Desjardins Financial Security Investments Inc. in Killarney, Manitoba.

Mutual funds are distributed through Desjardins Financial Security Investments Inc. For insurance products, Desjardins Financial Security Investments Inc. acts as a national insurance brokerage agency.