Welcome to Season 11, unofficially deemed our *practical* era.

Are your expenses outpacing your income? With inflation rising and wages lagging, many Canadians are feeling financial strain. Doug Hoyes and Ted Michalos discuss why government stats might not tell the whole story, why lowering interest rates won’t solve everything, and share practical advice for anyone struggling to keep up with debt. 

Timestamps:

(0:00) Spending More, Not Making More? Hilarious Season 11 Premier with Doug Hoyes and Ted Michalos (1:00) How Different Groups Have Fared from 2019 to Now (3:00) Discrepancies in Government Stats: Inflation vs. Wage Growth (4:50) How Has Everyone Been Coping with Rising Prices and Stagnant Wages? (8:10) Looking Ahead: Why Falling Behind Might Be Inevitable for Some (9:20) Bank of Canada Rate Cuts: Why They Won't Make a Big Impact (10:28) The Reality of Recession: Focusing on the Most Vulnerable (13:10) The Pitfalls of Side Gigs and Increasing Income (14:50) Strategies to Decrease Expenses (17:22) Mindset Matters: Breaking Out of Unhelpful Financial Habits (19:15) The Future of Debt Free in 30: What to Expect

Master Your Money! Subscribe to the Debt Free in 30 podcast, enable notifications, and follow us on socials for practical expert advice and engaging content: Watch: Debt Free in 30 YouTube Follow: Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources:“Joe Debtor” Hoyes Michalos Annual Bankruptcy StudyRising Interest Rates and Debt – Current Rates Tips to Avoid Debt Inflation is Driving Up Credit Card Usage  What To Do? Advice for Overwhelming Debt Disclaimer:The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized guidance from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.

Pros and Cons of Budgeting: What Works, What Doesn't, and What to Do Instead | Debt Free in 30 | Episode 522

Is budgeting the best way to manage your finances, or is there a more practical approach?  Debt Free in 30’s Doug Hoyes discusses the pros and cons of budgeting, breaking down popular budgeting methods like the 50/30/20 rule and the practicality of saving 20% of your income. Explore why traditional budgets can often be overly simplistic, why it’s hard to start budgeting, and how to find a method that truly works for you. Doug shares his perspective on effectively managing money without being a "budget guy" and offers practical tips for those who struggle with budgeting. From understanding different budgeting styles to finding the right balance between debt repayment and saving, this season finale has everything you need to know to make budgeting work for you. Episode Timestamps:

(0:00) Doug Hoyes Isn’t a “Budget Guy” 

(0:50) Maureen Explains the 50/30/20 Budget Concept 

(4:20) Is Traditional Budgeting Overly Simplistic? 

(5:50) Doug Reconsiders His Stance on the Value of Budgeting 

(6:45) Budgeting Based on Pay Cycle

(9:50) Is Saving 20% of Your Income Realistic? A Breakdown of Saving vs. Debt Repayment

(14:40) Annual Budgeting: Why It Can Be Helpful and Practical Tips

(19:20) Consumer Proposal Budgeting Sessions: What to Expect

(21:20) Overcoming Difficulties of Starting a Budget  

(22:10) Exploring Budgeting Styles

(23:45) The Importance of Being Realistic in Budgeting and Making Tools Work for You Stay ahead of financial challenges with expert advice delivered straight to your device. Subscribe to Debt Free in 30, turn on notifications, and follow us on your favorite social channels for more entertaining and educational content. Watch: YouTube Listen: AppleSpotify PodbayDeezerAmazon Music Follow: Hoyes Michalos InstagramHoyes Michalos Facebook Hoyes Michalos TikTokHoyes Michalos Twitter (X)Hoyes Michalos LinkedIn Resources:“Joe Debtor” Hoyes Michalos Annual Bankruptcy StudyZero Based Budgeting – Giving Every Dollar a Purpose 7 Reasons Budgets Fail and How to Succeed Budget Mistakes to Avoid (Youtube)Is the 50-30-20 Budget Rule Do-Able Today? Disclaimer: The information provided in the Debt Free in 30 Podcast is for entertainment and informational purposes only and is not intended as personal financial advice. Individual financial situations vary and may require personalized advice from a qualified financial advisor. Always consult with a financial professional. The views expressed in this episode do not necessarily reflect the opinions of Hoyes, Michalos & Associates, or any other affiliated organizations. We do not endorse or guarantee the effectiveness of any specific financial institutions or strategies discussed.