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What do Baby Boomers, Gen X, and Millennials have in common?

November 21, 2019

Author: Patricia Solorzano

Manulife Bank

And no, it’s not the set up to a joke. The answer is a simple four-letter word… D-E-B-T. Ugh. Dreadful isn’t it?

But we’re hoping it doesn’t have to be. After getting the results from our Fall Debt Survey we wanted to get back to basics with a few helpful tips to get you on the path to financial freedom. Well, maybe not financial freedom just yet, but definitely gets you talking about it.

Here we go!

1. Start with a budget

Yes, we know the “b” word is almost as scary as the “d” word but you have to start somewhere and, someone once said, all you need is twenty seconds of insane courage for something great to happen. How bad can it be? Let’s do this!

2. Set and share financial goals

This one goes hand in hand with setting a budget. When you’re setting a budget you’re trying to figure out where you stand in terms of what money is coming in and what money is coming out. But to get ahead, you want to have some accountability or a vision for what you want to do with your money .  Sometimes, accountability to yourself isn’t enough so have an accountability buddy – this could be an advisor, a significant other, or simply a friend or a family member to keep you in check.

3. Prioritize your debt payments

By the time you get here you should be well on your way, you’ve created a budget and set some goals you want to crush. This step is the how; how will you achieve these goals? You have to be realistic with what you can do based on the income you have. By prioritizing what you owe and breaking it down, it’ll make it less daunting and more achievable.

4. Borrow money wisely and anticipate the unexpected

These two go hand in hand. Sometimes we might come across an unexpected expense, so we're stuck borrowing money - whether it’s a cash advance from a credit card, taking out a high interest loan or even having to borrow money from mom and dad. But, by anticipating the unexpected and having an emergency fund, it’ll help make your decision about needing to borrow money a little easier.

And remember, a goal without a plan is just a wish. Hopefully these tips will help you put together a plan to get you on your way to a healthy relationship with your finances. And remember, every little step counts