Managing your money in a changing world
Managing your finances means finding the right balance. Inflation and higher interest rates signal that you may need to adjust your budget to find the right balance between daily spending and paying down debt. The right balance will depend on your financial situation and goals.
How to manage your money when interest rates rise
A rise in interest rates can cost you more to borrow money. Plan to pay down your debt as much as possible, starting with the highest interest rate first so you pay less money towards interest.
Make a plan to pay off your debt
Decide on a strategy for paying off your debt based on the types of debt and the amount of debt you owe. Taking steps to manage your debt can help you take control of your finances and increase your financial resilience.
What to consider before borrowing money
Responsible borrowing can help you build a good credit history. However, using credit to spend beyond your means could put you at risk of no longer being able to manage your debt.
Know your rights when borrowing money
The interest rate for your loan is included in your loan agreement. Find out what your financial institution must tell you about interest rates when you borrow.
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