A rising number of Okanagan residents are going into debt, according to BDO Senior Vice President Donna Mihalcheon.
“You see people today, they’ve got $1.68 of debt for every dollar they earn,” Mihalcheon said.
“Canadians are struggling everywhere and I see it here in the Okanagan all the time.”
Mihalcheon attributes some of debt problems to unnecessary spending – purchasing out of want instead of need.
Seniors have some of the worst debt loads according to Mihalcheon, with close to record high client numbers coming to see her.
Mihalcheon said having a budget is your best bet to staying on track and also saving for a rainy day.
“Everybody needs to sit down and have an emergency fund,” Mihalcheon said.
Ideally, she advises people have four months pay in the bank to cover any unforseen expenses, but knows that’s not attainable for everyone.
“If you can siphon off $25 a month and save it, you can work towards that emergency fund.” Mihalcheon said.
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