5 Debt Relief Blogs You Need to Follow for Money MotivationJan 17, 2019
It’s the new year and getting relief from your personal debt is at the top of your goal list. But, let’s face it, sticking to those resolutions all year long can be challenging. Sound familiar? That’s why we rounded up some great resources to keep you motivated, and improve your financial literacy in the process.
Why you need to deal with your debt sooner rather than later
You’ve probably heard it more than once — Canadians’ personal debt loads are at a record high. But it’s important to talk about “why” in order to identify the factors that may be keeping you caught in the debt cycle, or putting you at risk for financial difficulty.
In October 2018, our Affordability Index survey revealed many of the ways Canadians’ finances are feeling strained. Here are a few of those stats:
- Overwhelmed by debt — 34 per cent of millennials and 34 per cent of Canadian parents say they don’t know what to do about their overwhelming debt load. Nearly half don’t have enough income to live without debt.
- Unaffordable essentials — 38 per cent of Canadians say they find it challenging to afford necessities such as clothing and 36 per cent say they find it hard to afford utilities such as heat and water. Another 27 per cent struggle to feed their families.
- Lack of retirement savings – Two-thirds of Canadians have little to no retirement savings at all. Those with personal debt were most likely to say they’ve saved nothing or very little.
Based on these stats, it’s safe to say that debt can add even more stress to an already stretched budget, and make it that much harder to afford even basic needs. And, with five interest rate hikes in two years, and more to follow in 2019, you owe it to yourself to eliminate that stress before it gets worse.
Five blogs to follow in 2019
Debt relief is a new year’s resolution shared by many Canadians. The trick is to stay motivated and make actual progress throughout the year by changing your habits and keeping your momentum. Here are some inspirational bloggers who can keep you hitting those debt goals all year long:
- Kerry Taylor — Kerry gives a refreshing take on frugal living in a consumer world by offering easy-to-implement strategies that cover saving, spending, budgeting and debt relief. Kerry is a big believer in the second-hand market, especially for parents. Follow Kerry at Squawkfox or on Twitter and Instagram for everyday money advice.
- Christine Drummond — Christine paid off 35K worth of student debt and now offers her advice about budgeting and living a minimalist, millennial lifestyle. She also has some practical tips about traveling on a budget, wedding budgets and buying your first home. Follow her at the Wallet Diet or on Twitter.
- Golden Girl Finance — Canadian women carry more debt than men and have less retirement savings. Golden Girl Finance speaks specifically to women, offering advice on real estate, investing, personal finance and more. Follow them on Twitter.
- Robb Engen – Whether you’re looking for money tips delivered to your inbox, Robb’s personal finance e-book or blog posts about every money matter, he’s got you covered. Robb is a self-taught money expert who contributes to the Toronto Star and shares his advice on his blog, Boomer and Echo.
- Greg and Holly Johnson – A regular income family who paid off all their debt, saved for their daughters’ education, and regularly travel to exotic countries. Think it’s impossible? Follow their blog, Club Thrifty where they talk about how to live on half your income, deal with debt and save for what matters.
Are you ready to make debt relief a priority all year round? Use this repayment calculator to check out your debt relief options and follow us on Twitter for more debt tips. #LeaveDebtBehind #NewYearMotivation #FamilyFinances