How To Demolish Your Debt In Six Easy Steps

Find your Financial ‘Ki’ and be Debt Free

Learn more about Kirin here.

What a month! It’s been horribly cold with a series of daunting tasks to complete.

The strength to be able to know financial wellness is a “Ki” component that most women are still not too savvy with. Of course this is understandable, as men for generations have been the bread winners and the decision makers in how a family invests their money.

Here are some “Ki” isms that everyone can work on to become more financially aware:

1. Know the difference between luxuries and necessities.

Society is evolving more and more to satisfy one’s wants as opposed to their needs. Living within our means is something we need to learn and implement. We should restrain ourselves from the desire to live beyond our means so the next generation doesn’t develop a sense of entitlement.

2. Don’t bet on the next bonus.

As we tend to live beyond our means, we tend to also bank on that next cheque. We all do it. I spent 80k on renovations before that money came in, and guess what? That “next” wave of money never happened. The renovations were no longer as attractive because the stress to fund the project was too overwhelming.

3. Keep control of your money.  

Women are generally control freaks to begin with, so why not learn the art of controlling our money?  Become knowledgeable in how others are investing and don’t be afraid to ask questions. Then, when you’re confident enough, you can make an informed decision in how you want to see your money grow.

4. Use cash instead of credit

Credit cards have become convenience cards and interest rates are CRAZY!!! There is good debt and bad debt. Good debt would be a mortgage because it’s a tangible asset and the debt is being paid off either by yourself or a tenant. Bad debt is credit cards at 18% + compounded daily.

5. Be credit savvy.

Know your credit score. In this country, it’s not about how much money you make, but how great your credit is. The banks will give you money. When you are aware of your credit score and protect it, opportunities will come your way to make financially savvy investments.

6. Don’t ignore retirement.

All of these tips can help anyone save enough money to create their own retirement and residual income, and not have to depend solely on their Canada Pension Plan.

These few “Ki” points are what make the difference between being an apple and being an orange. As women, we know that when we leave the house, we plan out our full day. We know what we are going to need for the office, we plan to go out after work for drinks with our friends, we pick our children up from daycare and still look smashing throughout the day. Simply put, you must plan your financial success. You must plan your retirement, because know one cares more about your financial well-being than you do. That’s my Ki to success.

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