The very first step is to make a budget. A budget is not the most exciting thing to do, but it helps you to see where your money is going and where you can save. On the Canadian Government website, there is a budget calculator which is very user-friendly and easy to use. You fill it online and download the results on an excel file.
Once your budget is made, if you see no immediate solution to your money problem, call your creditors. Explain your situation to them and make payment arrangements. Let them know you are working on a solution.
One reason for not making ends meet is an accumulation of various debts, like multiple credit cards and loans. The many payments and high-interest rates are just too much to manage. In this case, you can make a personal loan with your bank to consolidate your debts. A secured loan, where you put an asset like your car or your house as collateral, will get you a lower interest rate. The purpose of debt consolidation is to pay off all your debts and to leave you with only one smaller payment to do, at a lower interest rate.
Credit Card or Small Loan
If your situation is temporary and you know things will settle soon, a credit card or a small loan will be the answer. You can ask a friend or family member to loan you the money, or you can apply for an online personal loan.
To pay your bills with no financial help, you have to cut on expenses. Analyze your budget to see what you can change. Do you go to Tim Hortons each morning to buy coffee? You will save hundreds of dollars yearly by making your coffee at home. Do you have a television package with a phone and cable company? By using Netflix and other streaming services, you will save at least $150 per year, probably more. Do you have a home phone? Get the magic jack. All long-distance calls in Canada and the U.S. are free. The price range for using this VoIP (Voice Over Internet Protocol) device goes from $35 to about $70 a year. No, this is not a mistake. You pay that per year, which saves you at least $300 each year.
Getting a roommate will cut the rent in half, along with the electricity bill and other amenities, which will leave you with extra money.
Do not give up. You can get through this. Analyze the situation; the way to solve this is right there in front of you. Your job is to find it and seize it.