Welcome to The MapleMoney Show, the podcast that helps Canadians improve their personal finances to create lasting financial freedom. I’m your host, Tom Drake, the founder of MapleMoney, where I’ve been writing about all things related to personal finance since 2009.
My guest this week is Jackie Beck, personal finance blogger and creator of an award-winning debt payoff app for your iPhone or Android device. Jackie shares her debt payoff story with me, explaining how her determination to pay off a student loan eventually led her and her husband to pay off their mortgage in under four years.
Jackie and I discuss two popular debt payoff methods, the debt snowball and the debt avalanche. Jackie explains why the debt snowball method was the right one for her but points out that the best approach really boils down to personal preference.
Have you created an emergency fund? According to Jackie, this is one of the most important things you can do, to stop the cycle of borrowing money to cover financial emergencies that arise.
Like anything else, paying off debt and creating an emergency fund requires careful planning. Thankfully, Jackie has an app for that. Her award-winning smartphone app will help you organize your debts a variety of ways, making it easier to rid that credit card balance or car loan from your life.
This week’s sponsor is Wealthsimple. With no fees on deposits and withdrawals and higher interest rates than the big banks, Smart Savings is a better way to save. Find out more at Wealthsimple.
- How losing her job helped Jackie get out of debt.
- Good debt vs. bad debt
- The debt snowball and debt avalanche defined
- The one thing you need to do to get out of debt
- You don’t necessarily have to be frugal to get out of debt
- The value of creating a plan to pay off debt
- Why having an emergency fund is so important
- Closing your credit card is not the end of the world