Introduction:
Hi all, my name is Amanda and I am a 36 year old woman living in Toronto. I am also known as the Neurodivergent BCBA as I was diagnosed with ADHD in 2020 and have been working to learn how to adult. This blog post is all about how I am becoming financially literate as someone with a neurological minority in a world designed for those with privilege to get ahead. I have decided to take this year to learn from my mistakes and take control of my finances.
Life often takes unexpected turns, and our financial journeys are no exception. In 2018, I made the difficult decision to sign a consumer proposal in Canada, hoping it would alleviate my financial burdens. I made the right decision for myself in the moment and worked on my career by gaining experience in the US. Little did I know that my struggles would rear their ugly heads when I moved home in 2021. Returning to Canada, I found myself in my mid-30s, facing the harsh reality of being unable to obtain credit, purchase a house, and restart my life from scratch. In this personal blog post, I will share my experiences, frustrations, and offer hope to those battling similar financial challenges in a system that appears designed to perpetuate inequality.
The Consumer Proposal: A Temporary Relief
In 2018, I made the choice to sign a consumer proposal, seeking financial relief and a fresh start. A consumer proposal allowed me to negotiate a repayment plan with my creditors, reducing the amount owed and providing some breathing room. Living in Ontario, I went through 4 Pillars Financial Consulting that worked with me and an insolvency trustee. I was able to absolve 75% of my debt with an interest free payment plan to pay the rest. This came at a price though. I was told that I would not be able to obtain credit until 3 years after I paid off my proposal. I made accelerated bi-weekly payments on the plan and completed my payment obligation February 2023. Initially, this seemed like a step in the right direction, offering hope for a brighter future.
Pursuing Career in the US: New Beginnings?
Looking for career opportunities, I decided to move to the US, believing that a fresh start would bring new financial possibilities. I initially moved in August 2019 and worked through the entire pandemic providing me invaluable professional growth and experiences. However, moving abroad to chase an easier life was not the best idea. Fast forward to 2021 and I felt trapped with the inability to take time off or to come home to see my family. I made the decision to come home and quickly realized the repercussions of the consumer proposal would not be left behind so easily.
The Return to Canada: Facing Persistent Hurdles
Returning to Canada, I found myself confronted by the harsh realities of my financial situation. The inability to obtain credit, purchase a house, or secure financial stability created overwhelming challenges. The system seemed designed to favor the wealthy, making it difficult for individuals like me to break free from the cycle of poverty. I found myself in my mid 30s living at home. Saving seemed pointless because all my goals were so out of reach. I chose short term comforts rather than sacrifice now for the potential of a better tomorrow. Furthermore, although my parents are always there, they haven’t made the best financial decisions either and my mental health took a toll and living with them was no longer an option.
So here I am, mid 30s, living in a one-bedroom apartment in uptown Toronto. I have been working hard to get a better understanding of my spending, tracking everything I have spent and earned in 2023. So here I am to share what I have learned from you. Over the next 52 weeks, I will be posting about different strategies that have helped me to gain insights to my spending and how I changed my mentality to support my financial health. Here are some important things to consider.
- Seeking understanding: Educate yourself about your finances. You need to know you starting point in regard to credit reports, credit scores, and financial literacy. How much does it cost to have a coffee from Starbucks every day for a year? Would it shock you to know that I spent over $6000 this year on eating out including Starbucks and Tim Hortons. If I had put that in a regular savings account, I would have made $244.00.
- Budgeting and Saving: Create a comprehensive budgeting plan that accounts for your income, expenses, and debt repayment. If you are interested in how I use excel to track my finances be sure to tune in to my next post!
- Understand your goals and timelines of those goals: With more and more millennials giving up on the dream of owning a home, there are lots of other financial goals we can have. Regular vacations, financial security, a retirement timeline; these are all things that you can have if you pay attention to your spending.
- Learn from the Experts: Watching endless TikTok’s of 20-somethings will give you a glimpse, but reading books with a wide variety of perspectives will give you more of a well-rounded picture of where to start. Click here to look at the books that I have read to start the foundation of my financial literacy.
- Utilize Support Networks: Depending on where you are in your financial journey there are many programs that can help such as community organizations, financial fiduciary, or credit counselling agencies. These resources can offer guidance, personalized advice, and tools to overcome obstacles and regain financial stability.
Cultivating Resilience: Perspective and Perseverance
Though the journey may be challenging, it’s important to maintain perspective and persevere. Remember that setbacks do not define our worth or define us indefinitely. Focus on personal growth, self-care, and continuously working towards your financial goals. Recognize and celebrate small victories along the way as stepping stones to a brighter future.
Conclusion:
My personal journey battling financial challenges, beginning with a consumer proposal, moving abroad, and returning to Canada, has been filled with setbacks and frustrations. However, I have come to realize that the journey to financial stability is not a linear path. Despite the obstacles designed to perpetuate inequality, there is hope. By educating ourselves, being financially proactive, and accessing support networks, we can rebuild our financial lives. The road may be long and arduous, but through resilience, determination, and support, we can create a future that breaks free from the constraints of the system and leads to personal and financial well-being. Remember, you are not alone in this journey, and your strength will pave the way for a brighter tomorrow. Thanks for reading, if you like what you saw, or if you have any questions please leave a comment, or reach out!
Best,
@neurodivergentBCBA