Tips to Get Out of the Red

Between the higher cost of groceries, gas and everyday living, staying on top of debt can feel impossible. No one plans for a car to need repairs, and why are groceries so expensive?

Nova Scotians are feeling the pinch, and this is shared by most Atlantic Canadians. In a report issued this year, only 39% of Atlantic Canadian respondents stated that they have an emergency fund, or six months of emergency savings.

At CUA, we know that staying on top of everything can sometimes feel impossible, so we want to share some tips for staying out of, or at least on top of, your debt.

Our team understand that discussing missing payments can be uncomfortable, but it doesn’t have to be. If you find yourself in a challenging financial situation, here are some tips that can help you get back on track:

1. Be knowledgeable about your finances - This seems obvious but you may be surprised at how much money can slip away when it’s not accounted for. Understanding your cash flow each month is a great place to start, including developing a household budget and tracking expenses. We have a budget tracker and a budgeting goals worksheet to help you in this process. This will show you where your money is going, and you’ll be more likely to see a potential financial problem in advance.

2. Acknowledge and address issues as soon as possible - The earlier you can address the problem, the better. Often, we make the situation worse in our head and start procrastinating, when in reality, there may be several options available to help make your debt feel more manageable.

   Our Financial Advisors are available to discuss your situation and suggest ways to improve your financial health.

3. Plan for the unexpected - A common reason why people get behind on bill payments is because of an unexpected expense. With a little planning, these expenses can be managed. If you have a car, set aside money each pay to prepare for the new tires you need to purchase, or maintenance and repair bills. If you have a pet, anticipate unexpected things may happen and have some funds aside for emergency vet costs.

   You can start preparing for these items in advance by saving small; for example, the cost of new tires divided over 26 pays in a year compared to two pays in a single month feels a lot more manageable. Setting up an Automatic Funds Transfer is a great way to automate your goal and ensure a small amount goes into your savings or an “emergency fund” regularly, on a weekly, bi-weekly or monthly basis. You may not need to dip into this fund right away, but you will feel better knowing it’s there when you need it.

4. Think before using credit for purchases - For some, they will remove easy access to their credit card as a means to avoid impulse purchases. This could mean removing your payment information from your cellphone or leaving credit cards at home when you’re not actively planning to make a specific purchase.

Having some level of debt is common. The key is to ensure it is manageable and to know your options if you feel it has gotten out of control.

If you are finding it difficult to make your payments, reach out to a member of the CUA team to start a discussion. We’re here to support you and are happy to help. Give us a call at 902.492.6500 or email info@cua.com .

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Revised June 2026