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Results are In for Top 5 – Winnipeg 2012 Debt Resolution

We recently asked you, our Manitoba readers, to share your debt resolution for 2012 for a chance to win an Apple iPad.  Our iPad winner is Janice Margelino! We were very happy to meet and present the prize to Janice. We were extremely impressed by her dedication to good saving practices and determination to pay off her student loans!

Also, here are the Top 5 Resolutions we would like to share, as chosen by the contest participants. The choices are listed in descending order from lowest to highest votes.

Number 5. Commitment to save – By creating a budget and cutting your costs you will put yourself in the best position to save in 2012. You can use those savings in the future so that you don’t find yourself in debt again.

Number 4. Follow your budget – A budget is absolutely essential, if you really want to reduce your debt. The key to success is to make sure that the budget is realistic and to stick to it. If your budget comes in over your monthly income, it is time to start looking at where you can cut costs.

Number 3. Pay off student loans – Those students loans are not going to go away on their own. Commit to making regular payments on student loans as part of your overall budget. If you are struggling to meet your payments, speak to your lender to discuss your options.

Number 2. Pay down credit card debt – Credit cards are a quick and convenient way to pay for the things you want. However, they are also a sure way to increase your debt and put a huge dent in your monthly budget. Pay off your highest card balances first and work your way down.

NUMBER ONE. Cut frivolous spending – The top choice for debt resolution, and rightly so, is to cut frivolous spending. This does not necessarily mean going without. Look for cheaper alternatives to your favorites treats. For instance, retro clothing is fashionable at the moment, so why not check out your local thrift stores?