(NC) Changes in the economy do more than create dramatic headlines—they have a real impact on your personal finances. Any number of factors can affect your ability to meet expenses, from rising costs of living and interest rates or changes to your employment, to changes in your family or health. But remember, you always have options. Here are some things you can do that make a difference:

Create a budget
Making a budget will help you manage your money. It will let you identify your income and expenses, separate things you need from those you want and prepare you for unexpected situations. Don’t know where to start? Try the Financial Consumer Agency of Canada’s budget planner, a free and unbiased tool that helps you to create a personalized budget. It gives you tips and guidelines and helps you figure out your next steps with suggestions.

Make a plan to pay off your debt
Making a list of all your debts and the amounts you owe is the first step to lowering your debt. Then, set a reasonable, affordable payment timeframe for each debt. Paying off the highest-interest debts first helps reduce your monthly expenses, which you can put towards the others to help you be debt-free sooner.

Avoid taking on more debt
During difficult times, having debt can add even more stress. Before borrowing more money, consider all your options. If borrowing is necessary, make sure you understand the costs before making your decision. Some credit products are more expensive than others because of their high interest rates and fees. The best way to avoid taking on more debt is by talking to your bank about other options.

Seek advice
If you’re struggling to keep up with your payments, talk to your creditors or bank to find solutions. They could decide to lower the interest rate on your debt, extend your payments over a longer period or reduce your minimum monthly payment. They could also offer to consolidate your debts into one loan.

If you feel like you’re under water and there's no way for you to ever get on top of your debts, there are still options; for instance, a Licensed Insolvency Trustee can help you get back on track. Have questions? The Office of the Superintendent of Bankruptcy has resources and information you can trust.

Learn more at canada.ca/money.