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5 Money Habits I Learned To Help Get Myself Out of Debt

Oct 7, 2020

Habits may be formed as a result of small but consistent changes in your behaviour over time. Eventually, the habit may even become second nature.

Just like any other habit, getting to know how far your money will go takes practice. So does paying off debt. By adding a few simple money habits to your routine, you may be able to get out of debt faster than you thought. These are 5 money habits I learned that helped me to get myself out of debt. 

1. Picture Your Future Self

Ever picture yourself 5 years from now? Do you have a house? Kids? Are you travelling full time? Have you ever thought about how you’re going to reach these milestones? If debt is in your way and you’re just getting by with minimum payments, it might take a lot longer to get there than you think. Get into the habit of keeping your goals at the front of your mind. Debt can slow down the vision of your future; don’t let it.

2. Budget EVERY Month

Building a budget is can be very helpful in paying off debt. Once you budget, you’ll be able to see exactly where you can squeeze every extra dollar into paying off debt. However, the budget only works if you actually use it. This means that building a budget monthly and checking it often to make sure you’re on track is important. If there’s one money habit to add to your routine, it’s budgeting.

3. Track It

The budget won’t work if you’re not tracking your spending. You need to know where your money is going. Get into the habit of checking your accounts regularly. If you prefer everything in one place, you can dedicate one card for all of your everyday transactions. The PC MoneyTM Account is a rewards card that earns 10 PC Optimum™ points for every $1 spent, everywhere you shop1. With it, you can easily add funds and track your account balance, savings goals and daily transactions through the PC Financial app. It’s a useful option to help stay on top of your spending.

4. Plan Ahead

Debt repayment is all about planning. Plan for meals, birthdays, and everything in between. Your budget is your plan, and it’s your calendar. Get into the habit of forecasting where you need to put your money ahead of time so you can always stay on top of it.

5. Make Sacrifices, But Treat Yourself

Getting out of debt takes sacrifice. Building new habits like eating dinner at home can save money, but if you want to treat yourself, go for it. Just put it in your budget. An extra savvy way to do this is by using the PC MoneyTM Account for your regular spending. Those PC Optimum points add up. You can use your rewards to cover the cost of your next date-night meal at home, or even a wardrobe refresh. It’s an easy way to give yourself an extra special treat while still knocking out your debt.

Getting out of debt may take longer than the time it takes to build a new habit, but with these simple money habits, you just might get there a little bit faster.



1Earn 5 regular PC Optimum points plus a bonus of 5 PC Optimum points per dollar of your purchases with your PC Money™ Account. President’s Choice Bank reserves the right to cancel, change or extend regular and bonus points earning rates as of September 30, 2021. PC Optimum points will be deducted for any returns. Account must be in good standing at time of qualifying transaction and awarding of points. Minimum redemption is 10,000 PC Optimum points (worth $10 in rewards) and in increments of 10,000 points thereafter at participating stores where President’s Choice® products are sold. Some redemption restrictions apply; visit pcoptimum.ca for details, participating stores and full loyalty terms and conditions. 

General information not about PC Financial products is provided for your reference and interest only. The above content is intended only to provide a summary and general overview on matters of interest and is not a substitute for, and should not be construed as the advice of an experienced professional. PC Financial does not guarantee the currency, accuracy, applicability or completeness of this content.