EP269 Tips for Tackling Debt Part 1

We are living in a time of high inflation and increasing interest rates, leading to many companies cutting previously secure jobs. It is beginning to be harder to make ends meet as our income no longer goes as far as it used to. If you are like many people carrying variable-rate debt, your payments are taking up more and more of your budget than before. Due to this current state of the world, I wanted to review some interviews we’ve previously had on the show where our guests have shared some fantastic advice that can help you navigate these uncertain times.

Listen in as Erin Skye Kelly explains the importance of reviewing your budget, understanding how your budget and net worth work together, and taking action every day—regardless of how small it may seem. You will learn tips for those dealing with bankruptcy, what it means to work with a licensed insolvency trustee, and common misconceptions about consumer proposals and bankruptcies.

“Pay attention to how your budget and your net worth work together.” – Erin Skye Kelly

This Week on Young Money:

  • The importance of asking for help with finances whenever you feel unsure.
  • Common issues that people face when it comes to finances.
  • Why you shouldn’t fear taking action.
  • The importance of paying attention to how your budget and your net worth work together.
  • What it means to work with a licensed insolvency trustee.
  • Common misconceptions about consumer proposals and bankruptcies.

Key takeaways:

  1. Don’t be intimated by financial books.
  2. Take small actions every single day.
  3. Find what works for you when reviewing your budget.
  4. Get rid of your debt.

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