» Interviewing personal finance coach Raeah Bromfield and life coach Courtney Adams

Alexis Zygan
Staff Writer

 

here is no better time to become financially literate than as an

undergraduate student or recent graduate. It may be overwhelming
to see the amount of student loan debt you have accumulated. Do not
fret; help is here.

After graduating with a bachelor’s degree in communications, |
decided it was time to transform my relationship with money. A relative
gifted me the personal finance novel, The Wealthy Barber. But | found
the plotline outdated and the topics hard to wrap my head around. There
needs to be clear, straightforward, and easy-to-access resources that
guide students to financial freedom and fill the gap left over from the
education system. Fortunately for us, financial experts on social media
demystify credit scores and provide practical, helpful advice. The books
worth reading are Clever Girl Finance: Ditch Debt, Save Money and Build
Real Wealth by Bola Sokunbi, and Get Good with Money: Ten Simple
Steps to Becoming Financially Whole by the budgetnista Tiffany Aliche.

WHY DO WE STRUGGLE WITH MONEY?

Our relationship with money is complex. We may have grown up in
households where money was a topic of contention. Money fights were

Aversion to risk and fear of debt
leaves people thinking they're bad
with money when they’re not.”

Sem CLUN GaN a Cek- Drie
life coach

the leading predictor of divorce in a 2013 study of 4500 couples by

the Journal of Family Relations. How people around us discuss money
shapes our relationship with finances. Shame about bad credit scores or
a history of bankruptcy may lead to avoiding the topic altogether.

The Other Press spoke with Vancouver activist, life coach, and
podcaster Courtney Adams over Instagram to get her advice for young
people struggling with their finances. Her advice is to “acknowledge
that everything we have learned about budgeting responsibly and how
to make money is a lie taught in a way that holds people back from
making money. Aversion to risk and fear of debt leaves people thinking
they're bad with money when they're not.”

There is a psychology to changing financial habits through visual
reminders such as lists and budgets. As a starting point, prioritize saving
over spending. Raeah Bromfield suggests “saving 10 percent of your
income.” The Other Press spoke with globetrotter and personal finance
coach Bromfield over the phone about saving, barriers to financial
literacy, and her one-on-one coaching service launching in early May.
“Not having access to living wages and affordable housing [is a barrier
to financial literacy] If you do not have enough money to cover your
necessities, there is no way that you will benefit from financial literacy,”
says Bromfield.