debt management

Statistics Canada recently reported the ratio of household credit market debt to disposable income reached the highest level since the agency began tracking this figure. In 1990 it was 50%, rose to 110% in 2000 and jumped to 149% in the second quarter of 2011. This can cause some angst for those with children reaching post-secondary school age.

Now that summer has officially arrived, many of us start to think about home renovations, garden projects and summer vacations. But while we often know what we want to accomplish, sometimes we are not sure where the money will come from. If you're planning for a large expense this year, consider some of the following issues:

Create a household budget that will help you establish control over your finances. This will help you determine what current expenditures need to be eliminated or adjusted so you can achieve your short-term goals.