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Change Your Relationship With Money To Get Help With Debt

Humans are creatures of habit and deciding to get help with debt or altering your spending habits can be a difficult decision, but it should never be looked at as a negative thing. The reality is without changing your relationship with money it can be easy to get caught up in a cycle of maintaining the status quo when you’d rather be working towards paying off debt. It doesn’t matter if you have kids and are dealing with debt or have no kids and have debt it’s a problem that is weighing heavily on Canadians across the country.

If you’re reading this blog you might be at a stage where you are ready to make positive changes when it comes to your personal finances and wondering where you can begin to get help with debt? We’ve put together a list to give you some ideas.

  1. Identify where your money is spent each month.
    If you’re not tracking how and where your money is spent each month, it will be difficult to pinpoint opportunities for change. By tracking your spending it can allow you to save for emergencies or make extra debt payments. If you’re old fashioned then a pen and paper might be the route for you or an excel spreadsheet can work too.
    We recommend using an app, as it doesn’t necessarily require any extra time out of your day and updates in real-time. Financial tracking apps like Wally or Mint can integrate with your bank accounts and credit cards to track your spending and they are highly secure.
  1. Choose debit over credit.
    The odds of someone having cash in their wallets is a lot lower these days as technology is allowing people to live a cashless lifestyle. If you use payment apps or plastic to make your purchases avoid loading or using your credit cards. This can lead to increased credit card debt.
    If you are relying on debit only, it will force you to abandon the ‘buy-now, pay-later’ mentality that credit cards can create. You’ll have to take a moment to think through each purchase to ensure that you have the money available to do it; especially on big purchases.
  1. Learn from others experience.
    You’re not the only one who is or has been dealing with challenges created by debt. Learn from those who have been through it and have successfully gotten help with debt either on their own or with the help of a professional.
    Here are a few personal finance influencers that tackle money and debt in a relatable way:
    The Wallet Diet: Christine was $35,000 in debt, but made changes in her life to allow her to pay it off and now enjoys the rewards of living a minimalist lifestyle while travelling the world. She shares how she did it and how you can too.
    Give Me Back My Five Bucks: Krystal Yee shares her story of how she paid off $20,000 in debt in only a matter of twelve months and now offers tips and advice to help others do the same.
    Young Guys Finance: These guys are focused on young Millennials and provide a variety of free tools to help you better manage money moving forward.
    Boomer and Echo: This site offers more advice and information related to investing and saving to help you retire comfortably; which will come in handy once you’ve successfully reduced your debt!
  1. Be patient.
    Like a relationship with your partner, changing your relationship with money takes time, commitment, and hard work. The path to getting help with debt can start today if you want it too, but to reduce debt and achieve a debt-free lifestyle will take time. Be honest with yourself and set realistic goals and don’t give up should you hit a bump in the road. Learning to be patient can help you redefine your relationship with money and debt.

 

Join the conversation on Twitter and see how other #millennials, Gen Xers, boomers, and seniors are choosing to #LeaveDebtBehind and change their #RelationshipWithMoney.



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