EP117 Lessons Learned in 2019; 2020 Predictions & Tips

With 41% of Canadians rating money as their most significant source of stress, it is likely affecting you or someone close to you. More than half of Canadians are just $200 away from being unable to pay their bills. One in five couldn’t afford to live for a week if their primary source of income disappeared. Financial confidence is strongly related to financial well-being, so it is essential to learn about money management to build your confidence. 

 

Today, I share the top 3 financial fitness lessons we have learned in 2019 and announce my 2020 predictions and tips. I discuss how debt levels will continue to rise in 2020 and how you can reduce this trend with careful money management. I share how you can assess your finances and work out your cash flow numbers as well as what to do if your outgoing cash, your spending, exceeds your incoming cash, your income. I also highlight why it is vital to set financial goals and how to make sure they become a reality.

 

“Think about what is important to you and create financial goals to achieve the things you want in your life.” – Tracey Bissett

 

This Week on Young Money:

 

• The rising debt levels in Canada 
• Why money management is crucial for financial success
• How to avoid financial overwhelm
• Determining your money mindset and assessing where you are
• How to work out your cash flow with actual numbers
• Determining whether to reduce your spending or increase your earnings
• Why it is vital to set financial goals
• Assessing every purchase to see if it aligns with your goals

Tips to Take Charge of Your Finances in 2020:

 

1. Observe your money mindset
2. Figure out your numbers
3. Assess your financial performance
4. Set financial goals
5. Be mindful about spending

 

Resources Mentioned:

 

• EP057 Bankruptcy and Consumer Proposals what does it mean with Doug Hoyes
• EP062 What is your Money Mindset?
• EP081 Credit Canada Debt Solutions with Laurie Campbell
• EP111 Milli Moves: Talk Money to Me with Kelley Keehn
• EP114 Milli Moves: Are you Uber broke?

Young Money Listener Contest!

 

I’d be so grateful if you could share news of Young Money on social media. For every share of the Young Money podcast that you tag me in on Instagram (@bissetfinfit), Twitter (@bissetfinfit), Facebook (@bissetfinfit) or Linked In (Tracey Bissett) you will be entered into a draw to win a fabulous prize to help you on your financial fitness journey. There will be multiple winners so share away! Contest closes on January 31st!

 

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