As the snow melts away and Canadians throw open their windows to let in the fresh air, spring brings a natural sense of renewal. It’s a season of fresh starts – a time when many of us declutter our homes, re-organize closets, and tackle to-do lists we’ve put off all winter. But while you’re clearing out drawers and scrubbing baseboards, there’s one area that often gets overlooked: your finances. Now is the perfect time to spring clean your finances.
Just like a messy garage or overflowing inbox, financial clutter – mounting debt, forgotten bills, high-interest payments – can quietly build up, leaving you feeling stressed, stuck, and out of control. The good news? You can clear it out, one step at a time. At Spergel, our team of experienced Licensed Insolvency Trustees have helped over a hundred thousand Canadians take back control of their financial lives. Whether you’re buried in credit card debt, juggling late payments, or simply want to get ahead for the first time in years, spring is the perfect time to reset. And just like a proper spring clean, it starts with a clear plan and the right tools.
Why spring cleaning your finances matters
Debt doesn’t just impact your wallet – it can affect your mental health, relationships, and future opportunities. And for many Canadians, that pressure is steadily increasing.
According to Equifax Canada’s Q4 2024 Market Pulse Consumer Credit Trends Report, total consumer debt in Canada reached a record $2.56 trillion, with the average non-mortgage debt per consumer now $21,931 – the highest level seen since before the pandemic. This surge underscores the growing financial pressures many Canadians face. This means more households are juggling multiple payments, rising interest rates, and shrinking financial wiggle room.
Financial clutter – like unpaid bills, disorganized accounts, or unclear priorities – can quietly build up, leading to stress, sleepless nights, and missed opportunities. And just like your home, if you don’t maintain your finances regularly, the mess piles up. Spring is the perfect time to take a fresh look at your money. By getting organized, prioritizing your debt, and making a plan, you can reduce anxiety and take back control – one simple step at a time.
Step 1: Take inventory of all your debts
Start with a clear list of everything you owe:
- Credit cards
- Personal loans
- Lines of credit
- Payday loans
- Mortgage or car payments
- Student loans
- Any bills sent to collections
Write down:
- The total balance
- Minimum monthly payment
- Due dates
- Interest rates
Use this to see where your money is going – and where it’s leaking. You might want to use our FREE Budget Template to help visualize where you stand and keep track of your debts.
Step 2: Prioritize based on impact
Now that you’ve mapped your debt, it’s time to create a debt repayment strategy:
Debt snowball method
- Pay off the smallest debts first for quick wins.
Debt avalanche method
- Pay off high-interest debts first to save money in the long run.
“Many clients come in feeling hopeless, but after reviewing their debt, they realize that with structure and support, they can rebuild – even faster than expected.”
— Trevor Pringle, Licensed Insolvency Trustee at Spergel
You don’t need to do this alone. Our team offers free, no-obligation consultations to review your debt and suggest the best repayment plan for your goals.
Step 3: Cut the clutter from your spending
Knowing how to spring clean your finances isn’t just about the money you owe – it’s also about the money you keep. Often, a quick way to boost your debt repayment power is by clearing out small, hidden expenses that quietly drain your budget every month. Start by reviewing your last 2-3 months of bank and credit card statements. Look for recurring charges, overspending, and spending habits that don’t align with your financial goals. You might be surprised by how much you’re spending on things you no longer use, need, or even notice. Our FREE Spending Tracker is also a great way of monitoring your expenditure. Here are some common expense areas where many Canadians can cut back – without drastically changing their lifestyle:
| Expense type | Cut or reduce |
|---|---|
| Streaming services | Keep your favourite, pause or cancel the rest |
| Food delivery | Cook at home 3 – 4 nights per week |
| Banking fees | Switch to a no-fee bank account or ask your bank to waive them |
| Insurance | Shop around and compare quotes annually |
| Subscriptions and apps | Cancel anything you haven’t used in 30 days |
| Grocery habits | Plan meals, avoid impulse buys, buy in bulk |
| Energy bills | Unplug electronics, switch to LED bulbs, check insulation |
Saving even $200/month could help you pay down $2,400/year – that might be able to wipe out a credit card or two.
Step 4: Set clear, motivating goals
Debt repayment is rarely instant – it’s a process. But just like spring cleaning a messy garage, the key is to take it one box, one shelf, one win at a time. Instead of saying, “I want to be debt-free”, break that vision into small, actionable goals you can feel good about achieving in the short term. This builds momentum and helps you stay motivated, especially when things feel overwhelming.
Here are some examples of short-term, realistic goals:
- “I’ll pay off my $500 credit card by July.”
- “I’ll save $1,000 for emergencies by September.”
- “I’ll track every expense for the next 30 days.”
- “I’ll cut my monthly spending by $150 starting this month.”
- “I’ll make all my debt payments on time for three months in a row.”
Research shows that people who write down their goals and track their progress are 42% more likely to achieve them. And when you see success – even small success – your confidence grows, making it easier to stick with the plan.
Make sure to post your goals somewhere visible (our fridge, or your phone wallpaper — somewhere you’ll see them daily), and make your goals SMART:
- Specific: name the exact target
- Measurable: know how you’ll track success
- Achievable: set a realistic pace
- Relevant: align it with your larger goal (e.g., becoming debt-free)
- Time-bound: include a deadline to stay accountable
If you’re unsure where to start or feel paralyzed by too many competing priorities, that’s where our Licensed Insolvency Trustees can help. During your free consultation, we’ll review your situation and help you set the right goals for your financial reality – no judgment, just a clear path forward.
“Setting goals doesn’t just organize your finances – it empowers you to take ownership of your future.”
— Trevor Pringle, Spergel Licensed Insolvency Trustee
Step 5: Get professional help (before it’s too late)
If you’re juggling multiple payments, falling behind, or being contacted by creditors, it’s time to speak with a Licensed Insolvency Trustee. Licensed Insolvency Trustees are the only professionals in Canada legally able to file all forms of debt relief, making them well placed to support you with your debts. Unlike debt settlement companies or credit repair agencies, Licensed Insolvency Trustees are:
- Federally regulated
Legally able to file consumer proposals or bankruptcy
Bound to act in your best interest
Here are some of the real debt relief options we offer:
- Consumer proposals – legally reduce your debt by up to 80%, stop creditor calls, and freeze interest
- Debt consolidation guidance – we can advise on merging debts into one manageable payment
- Bankruptcy – a last-resort option that offers full debt relief when needed
“Canadians struggling with debt don’t need more shame. They need support and solutions. That’s what we’re here for.”
– Gillian Goldblatt, Licensed Insolvency Trustee and Partner at Spergel
A fresh financial start awaits
Decluttering your debt is one of the most empowering things you can do. Imagine waking up with:
- Fewer bills
No collection calls
A path forward
Let this season be your turning point when you spring clean your finances. At Spergel, we’ve helped over 100,000 Canadians resolve debt since 1989. With local offices across the country, our team combines expertise with compassion to help people make informed, confident choices about their financial future. Book your free, no-pressure consultation today at Spergel.