While money can’t buy true, lasting happiness, there’s one thing that can get in the way of that happiness: debt.
Having debt can feel paralysing, especially when you have letters coming through the door all the time, followed up with harassing phone calls.
Many people get anxiety as they just don’t know what steps to take to help themselves and feel lost.
Perhaps you constantly find yourself wondering what it would feel like to be debt free.
Maybe you imagine your life without being bombarded with phone calls and letters, without using different debts to pay off other debts, and with a feeling of peace and security around money.
Need Help Reviewing Your Financial Situation?
Contact a Licensed Trustee for a Free Debt Relief Evaluation
First of all, think of the emotions that are inspired when you picture being debt free.
Do you feel relief, joy, inspiration, or perhaps a mixture of emotions?
Anybody who is debt free will tell you that now, they finally have more time to focus on their lives and stuff they enjoy, rather than the debt that has been plaguing them for so long.
People can finally enjoy time with their loved ones and do not need to find a way to juggle various debts to get by.
They also feel more able to work towards goals and opportunities that they never would have been able to when debt was ruling their life.
Could You Be Debt Free?
The good news is, if this is what you want then it can happen for you.
Becoming debt free is entirely within your reach if only you decide to make a change.
You can once again feel a sense of optimism and lightness like never before when the burden of debt has been removed.
So, what do you need to do to work towards becoming debt free?
First, you need to be willing to answer some uncomfortable questions and make some important decisions.
You need to come clean to yourself about your unhealthy spending habits, and potentially your partner.
Having somebody there to keep you accountable can be a huge help if you feel like you might not be able to do it alone.
You will also need to work on changing your money mindset, management skills, and spending habits.
What Does Living Within Your Means Look Like To You?
Living within your means is not going to be the same as a friend or somebody you know, so it’s very important you don’t simply try to ‘keep up appearances.’
You need to decide what living within your means looks like to you.
Consider the expenses you know you can reasonably live without, and whether there’s anything you can downsize.
Could you purchase a more affordable car, or even a more affordable house?
You will likely be able to find a more affordable phone contract, and the more you figure out how to do this with various bills, the better off you will be.
Spending Money You Haven’t Got
Next you should consider how often you are tempted to spend money you haven’t got.
Many people see something, want it, and buy it without thinking of the consequences.
However, using credit to buy non essential purchases is a very dangerous habit to get into, and a surefire way to end up in debt eventually.
This doesn’t mean you can’t indulge in the occasional frivolous purchases – simply that it’ll be far more satisfying if you actually decide you want something and then save up for it instead.
Saving for something will always feel much better than using credit, plus, you give yourself more time to think about whether this is something you truly want.
If, in a few weeks, you no longer feel like you want the item, you could purchase something else you have wanted for a while.
Many people don’t realise that if they actually give themselves some space to think on a purchase, they will eventually come to the conclusion that they didn’t want it anyway.
Tracking Your Income And Spending
Of course, once you’ve decided to make a change in your life you can’t get away from tracking your income and spending.
This will give you a clear idea of what you’re earning, what essentials you need (bills, food, etc), and money you have left over to go towards savings goals and non essential purchases.
This alone can help you to feel so much more in control of your life and your situation.
Imagine how it would feel to spend all of the money in your account deliberately, rather than spontaneously and on a whim.
Imagine how you’d feel if you had money left over, and could put it towards savings rather than debts.
Imagine how you’d feel if you could freely save for a vacation, retirement, and just about anything else you can dream of.
You can when you decide to track your income and spending with no omittances.
Occasionally, you may find that you can stay accountable when you tell somebody you trust about your situation.
Discussing your finances with somebody you trust in an open and honest setting can help you to feel better straight away.
Ask them to keep you accountable by checking in, and helping you with things like your budget.
Talking about money should not feel shameful, but many have been taught that it’s a subject we should avoid.
It’s time to get out of that mindset!
Get In Touch With Bankruptcy Canada Today
If you need to stay accountable with a professional, or would like some expert help coming up with a solution to your debt issue, Bankruptcy Canada can help you.
Professional help may seem extreme or scary, but it is often the best course of action to take for many who would like to turn their lives around.
Call us today for advice!
Information on Consumer Proposals
Consumer Proposals in Canada – An Alternative to Bankruptcy
What is a Consumer Proposal?
How to Amend a Consumer Proposal
What are the Benefits of a Consumer Proposal?
What are the Steps in a Proposal?
Consumer Proposal Eligibility
What Debts Are Erased in a Consumer Proposal?
Is There Life After a Proposal?
How to File for Bankruptcy
What is Bankruptcy?
How Does Bankruptcy Work?
What is the Cost of Bankruptcy in Canada?
How to Rebuild Credit Following Bankruptcy
Personal Bankruptcy in Canada
What Debts are Erased in Bankruptcy?