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Are You Debt Stressed? These 5 Blogs Can Help

A new year is here! For Gen Xers, January may be the perfect time for some renewed motivation when it comes to their finances. Getting help with their debt is just part of the picture for these Canadians in their late 30s to early 50s. For Gen X parents especially, the affordability challenges at this stage of life can also be a real source of stress.

These challenges were revealed in results from our 2018 Affordability Index survey. Almost six-in-10 Gen Xers carry credit card debt. Canadian parents are more likely to struggle to afford basics like groceries, utilities and transportation costs. And they’re also far more likely to admit they are overwhelmed by their personal debt.

There’s no question that this is a generation that could use some help with debt relief. With that in mind, here are five blogs that share different strategies on how Gen Xers can de-stress.

  1. Why Gen Xers tend to have more debt. Sometimes it’s just helpful to feel like you’re not alone. In this blog from our national site, we explore the reasons behind why those in Generation X are saddled with more debt than other generations. Bigger mortgages along with rising costs of basics like utilities, food and child care mean a lot of Gen Xers are relying on credit cards and lines-of-credit to make ends meet.

    Older Gen Xers can also face the added money challenges that come with being sandwiched between assisting parents and helping adult kids. As a first step, this blog a good read to understand wider issues and possible pitfalls to avoid.

  2. Five ways to de-stress during a spending fast. Have you pledged to fix your overspending and deal with your debt by starting a spending fast this year? This blog from And Then We Saved can help, as it looks at five ways to break the monotony of a spending fast — including free yoga classes and finding a hobby.
  3. Financial planning for those in the sandwich generation. Older Gen Xers with adult kids can find a lot of good in this post from The Balance. It includes actionable strategies for those in the sandwich generation who are financially responsible for senior parents and millennials at home. Some of the tips include prioritizing retirement savings for both you and your parents and seeking support if needed.
  4. How to budget at 40 (for single women). What changes when you’re 40? As your financial priorities adjust, so should your financial plan. This post from The Classy Simple Life gives advice on how to deal with the all-too-common panic of not having enough and what types of savings to put first.
  5. Deciding between saving for your retirement or your child’s education. This is a common conundrum for those in their 30s and 40s. It can be hard to decide whether to put your kid’s education or your retirement first. This post from LouAnn Ross at Yummy Mummy Club talks you through the mathematics of the decision, and how to do what’s right for you.

Let’s face it, debt can be stressful. Spending this month reviewing alternate budgeting methods, spending strategies and possible debt solutions is a valuable use of time for those in Generation X. Finding workable solutions to get your finances on track and decrease your debt load can really help relieve some of that stress in 2019.

Do you have strategies for managing debt stress that you want to share with others? Join the conversation on social media, using the hashtags #LeaveDebtBehind, #NewYearMotivation, and #GenXers.

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