Need Help Getting Out of Debt?
Turn to Gail Vaz-Oxlade
If you want help getting out of debt I suggest you watch "Til Debt Do Us Part" featuring Gail Vaz-Oxlade. It had become one of my favourite television shows to watch while recovering from my appendix surgery. I think I first became hooked after they ran four episodes back-to-back as I firmly placed my butt on my parents’ sofa (I think that’s why they play them so close together, to get people hooked!).
I have always been good with my finances- so why does someone like me find a show that helps couples breakout of debt so appealing?
There are a couple of reasons:
1. To keep myself on track.
2. There’s always room for improvement.
3. Even people with good finances have a weak spot!
It’s hard to change a person’s view on money. Some people view their credit card limit as disposable income, whereas others like myself will never let themselves carry a credit card balance.
Spender verses Saver
The best way to determine whether you’re a saver or a spender can be determined by whether you live in the moment or live in the future. I’m not saying one way is better than another, but living in the future allows you to conquer big financial goals (i.e. buying a place, a big trip, saving for a wedding- you get the idea).
Although you can technically get all those things on credit, isn’t it great to not have to pay them off long-term and get them close to cost as possible? One of the couples in Til Debt Do Us Part said it nicely. He’s able to put his daily coffee on his credit card, however, since he does not pay off his credit card right away the $1.50 coffee quickly turns to $8 over a couple of months. Yikes!
Learning from Til Debt Do Us Part will Help Getting out of Debt Faster:
Everyone has a different definition of what is a necessity item and what is a luxury item. For example, I noticed one family on the show that was struggling in debt had a TV in each of their rooms. I think there was more TV in that house than people.
I’m not “throwing stones” because some of the items I consider as necessities are my yoga membership, my laptop computer and internet.
How to Beat Debt
In Til Debt Do Us Part host Gail Vaz-Oxlade suggests you make a list to see where your money goes. Really be accurate about it- don’t forget to count the miscellaneous items. Are you spending more than you’re earning? This will provide clarity and help getting out of debt more quickly.
When I first moved out that was my biggest issue. I thought I had budgeted for everything but I would keep on forgetting to include some of bills that would pop up every other month or little expenses like people’s birthday presents. I know most of the first year I over spent what I made.
How I got myself back on track was that I calculated how much money I had leftover after all my bills were spent. I actually had no clue and that was part of the problem.
Then just before each month started I would write out my “big expenses” for the month. They might be things like getting my driver’s licence renewed or buy some more contact lenses. I would subtract those expenses from my original leftover amount.
I still try to save a little bit extra from each month that helps me cover any overflow costs or emergencies. I was also able to see how all the small stuff added up and I eliminated or reduced the ones that weren’t necessary. Preventative measures will help getting out of debt before it happens.
Taking the time to see where you’re money goes each month is key to get back on track financially whether you are a couple or an individual.
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