In this episode, Doug and Ted discuss the subtle ways debt accumulates over time, highlighting the unnoticed expenses that may lead you into debt. Have you ever calculated how much you spend monthly on subscriptions? Consider services like Amazon, Netflix, Disney, meal kits such as HelloFresh or Factor, pet and beauty subscriptions, car subscriptions, book clubs, and newspapers. These examples highlight how your money can slip away without you realizing it and potentially lead you toward bankruptcy. Tune in for practical advice on what to do to reduce these expenses, so you don’t find yourself in debt.

Time Stamps:

00:00 Introduction

03:00 Set it and forget it method

04:03 Subscriptions

13:01 Why would a business want you to be on a subscription service?

16:49 Practical advice

Related Links:

The Marketing of Consumer Debt. Avoid The Traps - https://www.hoyes.com/blog/the-marketing-of-consumer-debt-avoid-the-traps/

52 Tips to Avoid Debt - https://www.hoyes.com/blog/52-tips-avoid-debt/

5 Debt Lessons Every Student Should Know - https://www.hoyes.com/blog/5-debt-lessons-every-student-should-know/

How To Minimize Debt as a Millennial - https://www.hoyes.com/blog/how-to-minimize-debt-as-a-millennial/

How to Minimize Debt as Your Family Grows - https://www.hoyes.com/blog/how-to-minimize-debt-as-your-family-grows/

How to Minimize Debt Before and After Retirement – https://www.hoyes.com/blog/how-to-minimize-debt-before-and-after-retirement/

Doug is joined by Amanda Clayman, a financial therapist specializing in helping clients understand how their thoughts, feelings, and past experiences shape their financial choices through Cognitive Behavioral Therapy. Her expertise has been highlighted in various media outlets including CNBC, Forbes, The Wall Street Journal, The New York Times, and The Oprah Magazine.

In this episode, we look at the emotional aspects of financial challenges and address the impact it can have on our mental health. Amanda shares strategies for achieving financial objectives during times of struggle. We also discuss how financial decisions affect our relationships and the importance of values and goals.

Time Stamps:

00:00 Introduction

01:17 What is a financial therapist?

03:35 How can a financial therapist help you?

04:13 Do financial problems cause psychological stress?

06:07 How does financial therapy work?

09:01 What’s an example of how someone would describe their financial situation?

11:53 Advice for couples dealing with difficult financial decisions

17:00 Client trends in financial therapy

17:37 Values and goals

24:13 How many sessions of financial therapy will you need?

Related Links:

Are Debt and Mental Health Connected? Understanding Debt Stress: https://www.hoyes.com/blog/are-debt-and-mental-health-connected-understanding-debt-stress/

About Amanda: https://amandaclayman.com/about

Amanda Clayman Website: https://amandaclayman.com/

Amanda’s Podcast, Emotional Investment: www.Audible.com/emotionalinvestment

Amanda Clayman LinkedIn: https://www.linkedin.com/in/amandaclayman/

Amanda Clayman Twitter: https://twitter.com/mandaclay

Amanda Clayman Instagram: https://www.instagram.com/amandaclayman/

Amanda Clayman Facebook: https://www.facebook.com/AmandaClaymanFinancialTherapy/

Amanda Clayman Pinterest: https://www.pinterest.ca/claymanamanda/

Doug and Ted sit down to chat about the 2024 federal budget. Believe it or not Doug actually read the entire budget! They discuss taxes, what a budget means, making tax filing automatic, government single sign-in portal, reducing CRA call centre wait times, NSF fees, free and affordable bank accounts, cell phone charges, credit reports, and payday loans. They also get into detail about how credit for paying rent will impact Canadians.

Timestamps:

00:00 Documentary announcement

02:37 Why should you care about the Federal budget?

03:00 Taxes

06:28 What is a budget?

08:07 Automatic tax filing for low-income Canadians

10:29 Single sign in portal for government services

11:35 Reduce CRA call centre wait times

12:07 NSF Fees

14:23 Free and affordable bank accounts

17:47 Cell phone fees

18:38 Credit for paying rent

24:12 Credit utilization for rent

26:10 Student housing

27:45 Credit bureaus

29:03 Payday loans

29:55 Final thoughts

Related Links:

Should Rent Be a Part of a Credit Score?: https://www.hoyes.com/blog/should-rent-be-a-part-of-a-credit-score/

Federal Budget 2024: https://budget.canada.ca/2024/home-accueil-en.html

TurboTax Personal Tax Calculator: https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp

Bretton Woods and Related Agreements Act: https://laws-lois.justice.gc.ca/eng/acts/b-7/index.html