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BDO Saskatoon

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Saskatoon, SK S7L 6M6

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Want Good Debt Advice? Fall In Love With Your Money

Just a few months ago, nearly one in four Canadians told us they were feeling crushed by their debt. So it’s reasonable to think that a lot of us are having a hard time liking our money, let alone loving it. Especially if a good chunk of your monthly income is going to your creditors. Our debt advice: if you want to fall in love with your money, you may have to fall out of love with your debt.

At an early age, money can be an exciting idea. It’s a means to fun and excitement. That can still hold true as an adult, but adulthood usually comes with additional responsibilities such as mortgage or rent payments, utility bills and everyday cost like groceries and gas. All of those responsibilities can begin to weigh on you; especially if you’re also dealing with consumer debt.

How can you flip the script and rely less on credit (and debt), so you can learn to like (or even love) your money again?

If you want a healthy relationship with your money, communication is key.

Make it point to regularly check in with your finances. Are you sticking to your budget? Do you have a plan to repay your credit card debt? How are you progressing on your savings goals?

If you share financial obligations or responsibilities with a spouse, partner or other family members, include them in your money conversations. It can help relieve that “crushed” or overwhelming feeling knowing you’re in it together.

Keeping in touch with your money – especially your debt – on  daily, weekly or monthly basis can lead to positive results:

  • Healthier spending habits
  • More efficient debt repayment strategies
  • Greater ability to save for short- and long-term goals
  • Being financially prepared for emergencies
  • Less debt stress and improved emotional and physical well-being

What else can I do to fall in love with my money again?

You’ve taken a great first step by reading this blog post, but we encourage you not to stop here. There are tons of people who have gone from dealing with consumer debt to living a debt free life that want to share their story.

We’ve put together a list of five financial influencers we think can help you start to change your relationship with money.

The Wallet Diet: Having gone from $35,000 in student debt to now living the rewards of a minimalist lifestyle and traveling the world, Christine offers up her advice to help others. Her blog, which touches on finance and lifestyle, is a fun, easy read with practical solutions to help you.

BrokeGIRLrich: You can follow Melissa’s journey as she goes from paying off the last of her debt to learning how to invest her money and prepare for major life events such as buying a house.

Always Save Money: Living by the motto her parents ingrained in her as a child, personal finance expert Rubina Ahmed-Haq has transferred that passion into helping others on her website which features blogs, podcasts, tips, how-tos and more when it comes to managing your money.

And Then We Saved: Anna Newell-Jones’ site focuses on helping women get out of debt and live the life they want. Offering up a get-out-of-debt pledge and a free guide on how to do it, it’s a good place to start your journey to falling in love with your money.

Give Me Back My Five Bucks: Keeping things relatable, former shopaholic Krystal Yee’s blog includes everyday stories related to her finances. She writes about how she was able to turn things around by paying off debt and focusing on living a more sustainable lifestyle.

If your debt is too much for you to manage on your own, consider speaking to someone who can help with professional debt advice. A Licensed Insolvency Trustee can help you straighten out your debt situation. Who knows — once you have successfully let your debt go, you may like, or even love, managing your money again.

Join the conversation on Twitter and let’s make February the month you decide to #LeaveDebtBehind and start to change your #RelationshipWithMoney and debt.

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