How Loving Your Money Can Help With DebtFeb 20, 2019
You love having money (who doesn’t?), but do the two of you actually have a positive, loving relationship? If you discover that the answer is no — it’s more of a love/hate thing — you may need help with your debt.
With 37 per cent of Canadians constantly feeling stressed, anxious or worried about debt, it’s time for a significant number of Canadians to reevaluate their relationship with money and take steps to make it more positive.
To be financially healthy, we have to develop an outstanding relationship with money. Anyone can do it, although it’s harder for those who believe it’s impossible to get out of debt.
But where there’s a will, there’s always a way.
Here’s how you and money can connect in a new way that leads to a better relationship and helps you reduce debt.
Blaming your money won’t help with your debt
In most relationships, people occasionally play the blame game. But it’s not your money’s fault that you’re in debt.
Debt happens for many reasons. Blaming money just creates negative emotions that keep you from understanding the real issues and finding a solution.
Start thinking of money as your ally so you can improve your communication and create financial goals you can achieve.
How can you better communicate with your money? Start by getting a solid understanding of exactly where you stand: your income, spending, expenses, savings and your debt so you can make decisions that will benefit you over the long term.
And if you’re one of the 30 per cent of Canadians who are keeping a financial secret, consider coming clean to your family and friends. Secrets get in the way of clear communication and make it difficult to change your spending habits.
Figure out what you want
What do you want from your relationship with money? Do you want to explore the rewards of living a minimalist lifestyle? Would you enjoy getting rid of credit card debt so you don’t have to make interest payments?
Minimalism is a pretty hot topic these days, which is great for you. There’s a wealth of resources online, in documentaries and in books that can help you discover how minimalism can help decrease your debt and feel better overall.
Check out this quick article from GenYMoney to get started.
This is your relationship. You get to decide what it’s going to look like and what you’re going to get out of it.
If you’re stressed about making ends meet or intimidated by your debt load (many people are), think about meeting with a Licensed Insolvency Trustee (LIT). Talking to an LIT can help you reduce your debt, which in turn, will reduce the stress you’re feeling.
A fresh perspective can help with debt reduction
Understandably, our society tends to be very serious about money. But every relationship is better if you can find ways to have a little fun with it. Your relationship with money is no different.
If your efforts to reduce your debt seem tired, spice things up with a different debt reduction strategy. It may be just want you need to breathe new life into your goals.
Speaking of goals, check out Club Thrifty’s blog to see how one couple used monthly goal setting to beat their debt.
Online tools like our worksheets and budgets don’t just help you keep your finances on track, they freshen up your relationship. Grab a cup of tea, turn on some relaxing music, and spend some quality time with your money!
If you’ve been struggling with debt, start falling in love with money and think of it as your ally to achieving your goals. Step by step, you’ll build a better, more rewarding relationship that will last a lifetime and, eventually, you won’t need help with debt.
What are you doing to develop a better relationship with money? Tell us on Twitter. #LeaveDebtBehind #RelationshipWithMoney #DebtAdvice