Debt Advice: How to Face Your Fears & Find Your PowerMar 17, 2019
Do you turn a blind eye to your financial bad habits? Or do you leave financial planning and decisions to your spouse? If you’re a woman taking a backseat approach to your finances, it’s time to shake things up. This month, in light of International Women’s Day, we want to offer you some advice on debt, saving and how to step into the driver’s seat when it comes to your finances.
Facing your financial fears
Bills, debt, endless responsibilities — adulting is hard. This is why it’s in your best interest to simplify the process, not run from it. And, as the CEO of your family, getting familiar with finance will have a positive ripple effect through your entire household.
Here are a few ways to jump right in and start building your financial confidence:
- Decide to make a change. Maybe you’re overspending in some areas or adding too much to your credit card debt. The point is, you can turn things around by making a plan to tackle your money issues head on. Ask yourself, “How can I set myself up for success?” “How can I avoid situations that cause me to overspend?” Be honest with yourself about which habits you’d like to change, then make a plan to start.
- Learn to follow a budget. The best way to simplify your finances is to know exactly where your money is going each month. Use our budgeting worksheet to jot down all your expenses, along with you and your spouse’s monthly income. This will give you a clear picture to see which expenses can be trimmed or where you need to boost payments.
- Take an honest look at your debt. Are you afraid to add up those balances? The only way to make a change is to lay it all out. Use our debt calculator to add up your totals. Phew! Now, let’s look at your options.
You can take the DIY debt repayment approach by using a debt repayment plan or combining your credit card balances to save the interest. You can also speak to a debt professional such as a Licensed Insolvency Trustee for practical debt advice and to learn about a variety of repayment options. Use our online repayment options calculator to see which solutions might suit your needs.
Set goals now that will benefit your future self
Getting better with money requires a little sacrifice in the present, but it will reap huge rewards in the long run. If you’ve never set money goals before use this guide to plan out your most important short, medium, and long-term goals. Or, if you’re a visual person, create a vision board that will act as a constant reminder of your financial goals. Delegating money toward your future isn’t selfish — it’s an essential step in ensuring your future success.
How will you take steps toward tackling your money goals this year? Which financial habits are you hoping to change?
For more inspiring money, frugal living and debt advice, follow blogger Anna at And Then We Saved. And, while you’re at it, connect with us on Twitter by following the hashtags, #LeaveDebtBehind #WomenAndMoney #DebtAdvice