Debt can be very difficult to talk about – particularly with the people who are closest to you. Money and financial stress have the greatest impact on Canadians more than any other type of stress. Roughly 48% of Canadians say that they have lost sleep due to financial worries – this includes dealing with high levels of debt. One of the biggest mistakes people make when seeking help with their debt is waiting until it’s too late. Debt is a very large burden to carry on your own. Just like any other type of stress, it’s important to find ways or people to talk to who can help you navigate your feelings and your issues in a safe place. In Canada, talking about debt and financial worries has always felt like a taboo subject, but it’s time to start opening the conversation more. These are a few ideas about how to get the conversation started discussing your debt situation.
1. Pick the right person to talk to.
If you’re scared about talking about your debt, your first step is finding someone you can talk to who you can 100% trust. This can be your spouse, a family member, or a close friend. If you’re still uncomfortable about talking about money with friends or family, you can always start by speaking to a third party who can help you sort out your feelings such as a therapist or psychologist. Whoever it ends up being, just be sure they are trustworthy & they will do what they can to help and support you.
2. Talk about your goals.
When talking about your debt to someone, it’s good to let them know where you currently stand. However, also talk to them about what your goals are and what progress you’ve made so far. Where do you want to see yourself in a year? 2 years? 5 years? Be realistic with your goals and work together to start creating a plan for the future.
3. Start budgeting.
There are many reasons why people have so much debt. Whatever the reason may be, this is the time where you need to start budgeting and create a spending plan. Evaluate your finances carefully and see where your money is going. You’d be surprised by how quickly a daily $5 coffee adds up.
4. Ask for support.
Again, your finances shouldn’t be a taboo subject – and neither should asking for help. You’d be surprised by what can happen if you just open your mind to help from others. Maybe the person you choose to speak to can help you out financially or even if they can’t, they can offer you advice from their own experience with debt & be there for you with moral support. Either way, don’t feel as though you need to deal with your debt on your own. Find help wherever you can.
5. Work with us at 4 Pillars.
From starting the conversation about debt to ending your debt completely, we’re here for you each step of the way at 4 Pillars. We can provide you with the knowledge you need to pay off your debt. We are here to represent you (and only you) in seeking the best debt solutions for your needs. Stop losing sleep to financial stress and start a plan with us so you can consolidate your debt with the help of our experienced 4 Pillars debt solution specialists! Book a free consultation at one of our three locations today by giving our Muskoka & Parry Sound office a call at 705-640-0187, our North Bay office at 705-980-0158, or our Sudbury office at 705-806-1252. A debt-free life is possible. Take the first step today.