Part of the Newfoundland and Labrador government's strategy to getting a handle on its grim fiscal situation is to reach out to the public to get their suggestions.

During a financial update Monday, Premier Dwight Ball announced an initiative to tackle the dire state of the province's finances.

One of the approaches to that, Ball said, would be to hold public consultations to get feedback from the public.

This process will begin on Jan. 25 with an engagement session in Rocky Harbour, and others planned for Corner Brook, St. John's, Port aux Basques and Grand Falls-Windsor.

A more complete schedule of meetings will be posted in the coming days.

Let's talk money

"With the involvement and engagement of Newfoundlanders and Labradorians, government policy will better reflect your needs and will provide valuable insight into issues that matter most,"  said Siobhan Coady, Minister Responsible for the Office of Public Engagement.

"Today, we are beginning an important conversation and I invite everyone to be involved," she said. 

To start the conversation, the government is asking that citizens of the province answer these questions:

1. Thinking of all of the things government spends your money on to provide the residents of the province with services, what are three things that could be stopped in order to save money?

2. Given the financial challenges facing our province, what three things do you think government could do to raise money (increase revenue)?

3. How can government be more innovative or efficient to provide quality services at lower costs?

The province's deficit has hit $1.96 billion, and unless it cuts expenses or finds new revenue streams, the deficit for 2016-17 will be $2.4 billion.

CBC Newfoundland and Labrador is asking you what suggestions you have to help provincial coffers. Click here to send us your response.

Watch our video above for instructions on how to add your input.