Source: https://www.mymoneycoach.ca/blog/how-to-overcome-financial-problems-difficulties
| Source of Financial Problem | Reason Why Difficulties Often Occur | Solution |
| Unemployment or lower than usual income | Using credit for living expenses on reduced income | Re-evaluate your lifestyle, create a budget and follow it. If employed, see if you can get a 2nd job or more overtime |
| Unexpected illness or accident | Increased medical expenses and low/no income | Simplify your lifestyle. Get all the help you can. Make sure you’re getting everything you’re entitled to: check with your province & reach out to agencies that can help |
| Moving out on your own | Used to a high standard of living that took your parents decades to achieve | Adjust expectations and learn to live on what you earn rather than what you’re used to; use cash, not credit |
| First baby is born | Parents didn’t budget for the increased expenses and the drop in income during maternity leave | Adjust your budget and your lifestyle to fit the reduced income and increased expenses |
| Divorce | Got the house but can’t afford the ongoing expenses on only one income; left over bills | Sell the house and downsize to something you can afford or generate revenue with the house |
| Retirement | You’re now asset rich and cash poor. You can no longer afford to live life plus pay the house upkeep on your reduced income | Sell the house, move into something you can afford, invest extra proceeds from the sale, and enjoy life more |
| Emotional attachment to something | You are not willing to part with something you can no longer afford: could be a home, business, vehicle or toy | Set emotions aside and look at the situation from a financial perspective; picture life 5 years from now & what bills will be then |
| An addiction | Spending more than you earn trying to satisfy the addiction | Get professional help and counselling to deal with the addiction. If you don’t, you’ll never overcome your financial problems |
