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Couple With Money Anxiety Seeks Guidance: The Saturday Weekend Review #329

Is money anxiety making you ill? Perhaps you’re struggling to sleep at night because your money anxiety takes over.

You’re not alone.

In fact, if you don’t worry about money it’s likely because you panic when it becomes a problem.

Try not to do that because tackling debt standing before the pit of fire can be a tough battle.

What once was keeping people afloat has sunk with Covid-19 which has changed the state of the economy.

It will take time to recover what is called a “Covid-19 Hangover” as consumers and retailers will be more cautious.

I also know that by telling you that you’re not alone means little because that doesn’t solve the problem.

The reality is there is no quick fix however there are steps you can take to make the process easier.

Has The Pandemic Caused You Money Anxiety? Tips To Help Get You Out Of A Financial rut.
Has The Pandemic Caused You Money Anxiety?

Money Anxiety Over Job Loss

Over the past 2 years since Covid-19 landed on our doorstep Canadians have had a wake-up call.

Many were laid off or let go permanently as businesses struggled to keep the doors open even for curbside pickup.

Although consumers wanted to help support small businesses the money wasn’t there for them.

To add salt to the wound prices of just about everything is going up especially groceries and utilities.

Related: How to save money buying meat at the grocery store.

In fact, in the past four months, the price of ground beef has risen by 5 percent, steak and bacon are up 4 percent, and chicken is up 3 percent, according to Statistics Canada data.

Meat Prices Are Heating Up In Canada

Although we are debt-free we still have money worries because If I get sick or die we lose my income.

We are prepared with life insurance policies in case of death and even so we worry.

It’s fantastic to have a financial plan leading into retirement but anything can happen.

This is where plan B comes into play but even that can become a source of stress with little to no funds.

Money anxiety is life-long however there’s that fine line of feeling better about where you stand as opposed to falling over.

Rental Money Anxiety

Those who owe a mortgage or pay rent also feel the financial crunch.

How am I going to pay my rent?

As well, if you’re very unlucky your landlord is cashing in and putting up their rental for sale.

With houses fetching over $100,000 asking prices many seniors are selling as are landlords.

Being a landlord is not for everyone so those who want out, now is the time to cash in.

As a tenant you’ll need to find another rental and the prices out there are scary right now.

How would a rental increase effect your monthly budget?

Just to rent a room in a city such as London, Ontario can cost up to $1000 all inclusive.

A one bedroom apartment in our city in the Greater Toronto Area starts at $1299 plus utilities.

Money Anxiety Paying The Mortgage

For those of you who have a low-interest mortgage but on the high-end of your budget money anxiety can be a huge burden.

Just about anyone who owes money and are relying on the government for funding are trying to pick themselves off the ground.

It really was and still is a financial blow to so many people and could take years to see recovery for all Canadians.

Money anxiety is real and it can cause depression, stress, and other mental health problems.

What I’ve learned over the past two years is that we can’t let anything stop us from being happy.

Money is important as I’m not trying to downplay it however so is our well-being.

Someone recently emailed me about his money anxiety and he’s not the first as I get them often.

It’s easier to talk to someone you don’t know about money than it is someone you do know.

Couple With Money Anxiety Need Guidance

Dear Mr. CBB,

I’ll get right to the point as to why I’m emailing you since I know you are very busy.

We are struggling financially and I’m not sure what we can do.

Our money worries are intense and we don’t want to ask relatives for help let alone talk about it.

My wife lost her job which net $2200/month and I’m working from home earning my full income.

She has gone into a depression because she misses her coworkers and earning money.

The last thing she expected was to be collecting unemployment. I guess no job is ever secure.

As well, we are being pulled quite thin when it comes to paying our monthly bills and debt.

Currently, we have a mortgage of $1500 a month, credit card debt approximately, $23,000, and two car payments of $475/month and $350/month.

On top of this we have one child being homeschooled which prevents her from looking for another job.

I’m earning enough just to pay the bills but we’ve had to cut off our retirement savings.

We are worried that something is going to happen and we won’t have anywhere to turn.

What do you suggest us to do to start improving our financial situation?

Bob, Belleville, Ontario

Tackling Money Anxiety Head-On

Hi Bob,

Thanks for being strong and reaching out to me about your money anxiety.

I know it’s a tough place to be in as well as stepping up to say help is needed.

Often times we just need to get what we want to say off of our chest because we don’t want to burden those close to us.

Most importantly you’re seeking help before something goes wrong.

From the information, you provided I can tell you that you’re not alone in this fight to recover financially from Covid-19.

There are a few things I will suggest to at least give you both some direction and peace of mind.

First off, you both have to be committed to finding ways to reduce or get rid of expenses you can do without.

It now becomes a game of wants and needs so you both need to choose wisely.

Let me create a list below of how we reduced our bills when Mrs. CBB lost her job and we were living on one income just 3 months after buying our home.

The Canadian Budget Binder Budget was born in 2012 although it was in 2009 that she lost her job.

In between those years we managed our money without a budget although we wrote everything down.

It wasn’t until I started this blog that budgeting took center stage in our lives and we don’t regret it at all.

Tips To Reduce Money Anxiety

These are just some of the more important tips that popped into my head however this blog is filled with ideas and free budgeting tools.

I hope I’ve provided some form of stress reduction by letting you know there are options available.

Let me know how things go and thanks for reaching out.

Mr. CBB

Create A Side Job To Reduce Money Anxiety

I wanted to point out something that both Mrs. CBB and I noticed happening on our street.

There’s a young man who lives up the road with his mother and brother both in their 20’s.

I was chatting with him the other day about what he’s doing with the furniture he’s finishing.

To our surprise he said that he is struggling to find a job to save money for school so he created one.

Apparently, he picks up any free wood furniture that he can refinish and sell for profit.

He’s been doing very well with this cash business that he’s created to help reduce money worries.

It was nice to see how inventive he was and that he wasn’t sitting around moaning about not having money.

Often you have to put yourself out there whether it be offering gardening services, dog walking, pet sitting, or selling low-risk food, or preserves from home.

Low-risk items that can be sold more easily now under new rules in the province include most bread and buns (without fillings or meats, etc), most baked goods (but no custard), chocolate, hard candies, pickles, jams, preserves, granola, trail mix, brownies, muffins and cookies (unless the icing requires refrigeration), as well as coffee beans and tea leaves. 

CBC New Rules For Home Based Food Businesses 2021

Although not everyone can jump into furniture refinishing he’s found a way to earn extra money.

I also applaud him for chatting about his money anxiety which is not easy for people to do.

What once was a taboo topic has eased into daily chit-chat.

Even I was stressed when I moved to Canada not knowing what I could do for a career.

Strip Down To The Basics

Final thoughts, strip your money down to the bare bones and create a financial plan that is reasonable.

For those of you who are working with basic level income I wish I had more answers, but I don’t.

At the end of the day we are left with spend less (using tips above) or earn more (extra income, second job).

Oh and for the love of all things money stop caring what everyone else thinks about what you have and don’t have.

Odds are they have more debt than you do.

Discussion: Have you ever talked to someone about money worries? Who did you turn to and what steps did you take to work out a financial plan? Leave me your comments below.

Mr.CBB

Recent CBB Posts That You May Have Missed

Below is a recap of the blog posts I’ve published in the past week.

Support CBB and I’ll continue working to bring you the best information in frugal living and finance.

If you’re on Pinterest follow my Pinterest Social Media Account. Let’s PIN together.

Finance Read Of The Week

Is it better to rent or to buy a house? Well, it depends on the person and most certainly their debt to income ratio and even credit score.

Not everyone can afford to buy a house especially in today’s market so renting is a viable option.

An interesting point in this article I read states that renting is not all it’s cracked up to be.

I’ll have to agree it’s certainly not where we wanted to be.

Sure, renting has its time and place. As a student, for instance, it almost always makes sense. But when you have a young family and you’re wanting to put down roots in a community, looking to provide a stable home near a good school for your kids, renting sucks.

Lowest Rates Canada

Before we bought our home we rented a basement room and although it wasn’t ideal it worked for us.

It helped us to save money for a down payment and when the markets were in our favour we jumped in.

That was back in 2009 and not a day goes by that we aren’t happy we made the moves we did.

Thoughts Corner

Money quote to motivate people to find a way to reach their goals.
Money Quote : Don’t Let Money Ruin The Path You Want To Follow. There’s Always Another Route.

We all have dreams to be the best we can at something and rewarded with money for our efforts.

Isn’t that why we go to college and university or take over the family business?

Although it seems true at the time not everything works out the way we want it.

This is why you have to work hard to stay motivated and find another route.

From a young age we wanted to be somebody or do something that would save the world.

For instance, I wanted to be superman and I am but just to our son. There are no financial gains there, just love and I most certainly did not save the world. However, as a dad, I saved his world.

You’ll always be something special to someone but don’t forget the importance of finding you.

Look for the other route if you’ve experienced bumps in the road and things will fall into place.

Landscape And Garden Tip Of The Week

How To Fix a Sloped Yard

When I landscaped our front yard I had to work with a slope at the right side of our house.

I used large rocks to create a tight wall and included steps in between to access the side of our house.

The rock wall has to be secured properly or the rocks will shift over time which is why I didn’t cut any corners.

retaining wall with large rocks for sloped property
Retaining Wall for Sloped property

I filled the inside of the retaining wall with soil, two bushes along with a burning bush that was already there.

At the bottom of the burning bush, I added some purple ground flowers which don’t need attention apart from water.

The name of the game was to create a rock garden that allowed us to fix the slope and low-maintenance.

It must have worked out great as people who walk by always compliment us if they see us outside.

There are some great tips in the article How To Decorate A Sloped Yard as well as photo ideas.

Weekend Recipe Pick

Homemade Butter sauce for steak or other foods you want to dip.
Cowboy Butter Sauce – Keto friendly

In the summer I grill lots of meat and salmon on our Akorn Kamado Grill.

Years ago we got rid of our propane grill and went with charcoal and never looked back.

I buy the charcoal from Costco Canada for $14.99 and even grill in the winter.

Although I always marinade meats that I grill I still like a dipping sauce on the side.

This Cowboy Butter Sauce is full of spices and of course butter which makes it keto-friendly.

This sauce is definitely going on our list of recipes to try and it’s so simple to make.

What types of dipping sauces do you like for your BBQ meat and fish? Comment below.

Another thought is to use this recipe on grilled vegetables. The taste would be amazing. Drool!

Find The Full Recipe Here.

  • 6 tablespoons butter, melted (grass-fed butter is best for this recipe)
  • Juice and zest of half a lemon
  • 4 cloves garlic, minced
  • 1 tablespoon Dijon mustard
  • Pinch of cayenne pepper
  • 1/4 teaspoon paprika
  • 2 tablespoon fresh chopped parsley
  • 1 tablespoon freshly chopped chives
  • 2 teaspoons minced thyme
  • 1/4  teaspoon crushed red pepper flakes
  • Salt and freshly ground black pepper

Saturday Search Term Giggles

Google Search Terms Canadian Budget Binder Saturday Weekend Review.
Google Search Terms for Canadian Budget Binder

These are keywords that readers typed into their search engine and landed on this blog.

I get quite a few of these every single day and pick some of the best to feature right here.

  • DIY haircuts for men – No chance I’d be cutting my own hair.
  • Money grows on money trees – Funny, we have a 12-year-old money tree and no luck for us.
  • Saving money using a budget – There you go.
  • Rhubarb recipes without the rhubarb – what? hahaha!

That’s all for this week CBB Friends.

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Have a great week.

Mr. CBB

Couple With Money Anxiety Seeks Guidance: The Saturday Weekend Review #329

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4 Comments

  1. I was shocked that they had credit card debt of over $20,000. I can only imagine the interest they must be paying every month. The wife needs to get real and find a job even if it is just as a store clerk. Dedicate that salary to paying off the credit cards. Credit cards are a killer.

  2. Although you gave Bob some good tips on how to save money or make more money, you missed a couple of points on the info he gave you. Right now they’re paying over $800/month in car payments. You should have told them to turn in at least one car. The wife’s not working, they can get by on one car for now. Or better yet turn in both cars and buy a car they can afford without taking on payments. There are other ways to get around like walk, bike, bus, or ride share. They need to get their kid into the public school system and free up the wife to take any kind of job she can get. Fast food restaurants and large retailers are always hiring. It’s not a time to be picky. It’s not a forever job, but it’ll help pay the bills. You nailed it when you said they both have to be committed. Maybe I’m wrong but it seems to me that Bob and/or his wife are not committed to making any changes. Using homeschooling as an excuse not to go to work and make money when the bills are piling up and Canada offers free public education? They need to make radical life changes, at least for right now. Best of luck to them. I hope they make the changes they need to before things get worse.

    1. Hi Cheryl,
      Good point and exactly what Mrs. CBB and I did when she left her job since we didn’t need two vehicles on the road. We still only have 1 and our neighbour was selling two cars as he is moving out of country for 5k each. We considered it but she didn’t see the worth in having a second car still. Thanks for the excellent tip for Bob.
      Mr.CBB

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