Avoiding your finances? Here's how to regain control and take the fear out of debt
BNN Bloomberg
Jenna Young began avoiding her finances after graduating with student debt from her law degree in 2015.
Jenna Young began avoiding her finances after graduating with student debt from her law degree in 2015.
The 30-year-old executive assistant in Halifax left the legal field for better work-life balance, but wasn’t able to pay back her student loans as easily as she expected because she wasn’t making a lawyer’s salary.
While Young kept up with her minimum debt payments, she stopped checking how much she owed and ignored her bank account balance.
“On paydays, I would buy everything I thought I needed for the next couple of weeks right away, and just pray whatever was left would cover the rest of the bills that came out of my bank account automatically. I racked up some credit card debt during this time as well, mostly for unusual expenses that should have been predictable — things like winter tires, Christmas gifts, bigger purchases that only happen occasionally,” Young said.
“By the time my next payday was approaching, I’d be out of cash — sometimes overdrawn — and waiting impatiently for the next cash influx. I kept telling myself I needed to start paying off more of my debt, or at least get my spending under control, but it was so much easier to ignore.”
Young’s experience is not uncommon, as people tend to avoid their finances when they’re feeling fear, anxiety or failure, said Caval Olson-Lepage, a certified financial planner with Affinity Wealth Management in Saskatoon.
