Winnipeg Credit Counsellors

We like to say that we understand debt from every angle possible. Our credit counsellors have years of experience in the financial services industry. Once we have completed a detailed review of your personal financial situation/ we can then guide you on the best solution to help you get in control of your finances and back on track. Our solutions may include simply helping you manage your budget, reviewing your mortgage situation, a debt repayment program or if it makes sense, selling your home to pay off all your creditors. The key to our services is that we will give you options, not just two but as many as possible so that you have choices on how to best move your life forward.

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We not only have experienced credit counsellors we also have two registered insolvency counselors with Industry Canada under the Bankruptcy and Insolvency Act on staff. This accreditation can only be achieved by individuals who have the necessary industry experience, education and performed 100 hours of insolvency counseling sessions under the direction of a bankruptcy trustee. This means that our counsellors are qualified to facilitate the two mandatory counseling sessions required for anyone filing a bankruptcy or formal consumer proposal in Canada. And as such, we work closely with Winnipeg’s bankruptcy trustees. In addition to offering consumer debt counselling and budgeting solutions, we understand the bankruptcy process and can offer Creditaid’s clients invaluable advice when trying to decide upon the best course of action for dealing with their debt problem

With the unofficial end of summer upon us, this can only mean that once again, it is time to head back to school.

Are you a university or college student heading back to the campus this fall? We know how stressful it can be to manage finances while balancing course work, extra-curricular activities and a part time job. From tuition to textbooks, all the expenses associated with going to school can quickly add up so that is why we have a few quick tips for you today to help you survive your school year. Afterall, we believe that developing a budget and managing finances is an important life skill to learn outside of the classroom.

Develop a Budget

Now is the perfect time to develop a budget of your expenses for the school year. The budget will help you see how much is coming in from jobs, grants, bursaries or loans and how much will need to go out for bills and other expenses. Having this understanding will help you plan out your finances so that you can do everything you want to do throughout the school year.

Your Wants vs Needs

As you’re preparing this budget, it is important to distinguish between “needs” and “wants”. For example, while you need food to live, going out to eat with friends at a restaurant is a ‘want’ that will be a lot of more expensive. Find a balance between the two so that you can live comfortably without missing out.

Types of Expenses

Break down your expenses so that you have a better idea of what you need each month. Which of your expenses are one time and which are monthly? For example –

School Costs – such as tuition, textbooks, course fees you can expect to be once a term

One Time Expenses – trips, gifts, moving costs are one-time expenses and can happen unexpectedly

Monthly Expenses – for food, rent, cell phone, gym memberships, or gas are monthly expenses that will remain mostly the same each month

Understanding how much you will need and when you will need it by will help in your overall planning.

The key is developing a budget that is realistic to your situation. When you have this understanding of what’s coming in and going out, you can make better and more informed decisions when you are deciding, for example, on whether to go out for dinner or commit to that trip to Toronto during Reading Week.

We wish you a great school year ahead!

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Creditaid Offers the Broadest Range of Services When it Comes to Helping People with Debt

Back to the Grind – Tips for the University and College Students