EP312 Check Up On Your Financial Health

Young Money with Tracey Bissett

Are you equipped to handle the complexities of managing debt and navigating financial emergencies? In this episode, I dive into the crucial aspects of financial health, focusing on debt management and emergency preparedness. November, being Financial Literacy Month in Canada, serves as a timely reminder to assess and enhance our financial literacy, a key component of overall financial wellness.

Join me as I explore the theme of this year’s campaign, "Managing Your Money in a Changing World," and discuss practical tips and strategies for dealing with debt, creating budgets, and setting up emergency funds. I’ll cover the importance of understanding your financial rights, the benefits of having a solid plan for debt repayment, and ways to increase income and reduce expenses. Plus, I’ll offer insights on how to navigate financial emergencies, from contacting financial institutions to considering mortgage deferrals and credit card payment holidays.

"Managing debt is one of the key consumer building blocks that leads to greater financial resilience." - Tracey Bissett

This Week on Young Money:

• The significance of financial health checks and understanding debt management.
• Strategies for creating budgets, paying off debts, and avoiding additional debt.
• Tips for setting up an emergency fund and reducing expenses.
• Guidance on navigating financial emergencies, including mortgage relief options and credit card payment holidays.
• The importance of seeking professional financial advice and being cautious of misleading information.

Key takeaways:

1. Get a pulse on your financial health.
2. Manage your debt.
3. Optimize your financial health.
4. Know your financial rights.
5. Create a budget.
6. Save and invest.
7. Get help when you need it.

Resources Mentioned:

• EP056 Back to Basics - The 5Cs of Credit
• EP057 Bankruptcy and Consumer Proposals what does it mean with Doug Hoyes
• EP058 Invest in Your Financial Well-Being - Financial Literacy Month 2018
• EP109 Milli Moves: Take Charge of Your Finances - Financial Literacy Month 2019
• EP149 Adulting 101: How to Deal with Overwhelming Debt Levels with Taz Rajan, Bromwich + Smith
• EP166 Financial Literacy Month 2020: 10 Things you Should Know During Times of Financial Uncertainty
• EP184 Credit Canada Debt Solutions with Keith Emery
• EP218 Financial Fitness All Year Round
• EP222 Why Financial Literacy Matters at Work
• EP267 Managing Your Money in a Changing World

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