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Give Me Back My Five Bucks – Best of the Best Blogger Series

by on October 11, 2011

Give Me Back My Five Bucks - Best of the Best Blogger Series

Today, in the 15th edition of our Best of the Best blogger series, we’re speaking with Krystal Yee of Give Me Back My Five Bucks Give Me Back My Five Bucks (GMBMFB).

Krystal is one of the many young, 20-something students who managed to pile up a stifling amount of debt upon graduation … (a story we here over and over again.)

Just prior to paying down all of that card debt, Krystal launched GMBMFB back in 2007 as a “window” into her financial life, a sounding board to discuss personal finance issues and to “keep myself honest and accountable for my spending”.

Krystal is a graphic designer by trade but her personal finance musings have earned her positions as a regular columnist for the Toronto Star’s MoneyVille.ca and as a weekly contributor to Canadian Living Magazine.  She’s also been quoted in the Wall Street Journal and MSN Money.

We caught up with Krystal yesterday and spoke with her at length about rock climbing, the Calgary Flames and living a debt free life.

Q: You’ve stated that your goal in creating Give Me Back My Five Backs (GMBMFB) was to create a “window” into your life on how you manage your money. Tell us a little bit about that “window” and what defines your money philosophy.

Krystal Yee

A: When I was younger, my attitude towards money was awful. Not only was I spending money I didn’t have, but I had no concept of saving, no retirement fund, and I lived right on the edge for years – with maxed out credit cards and student loan debt.

The “window” that I’ve created into my life is an open invitation for people to see that it is possible to turn your life around. I’m just a normal person, with a normal salary, dealing with normal problems – and I think people can really relate to that. I want to show my readers that money doesn’t have to be scary, and that we don’t have to hide from it. We all make mistakes (I’ve made plenty!), and we all have setbacks in our lives – but it’s how we choose to react that really define us and sets the tone for our financial future.

My philosophy towards money is simple:

  • Pay yourself first through automated savings
  • Aggressively pay down debt (all debt is bad debt)
  • Spend on what matters in life, and cut the fat everywhere else

Q: What kind of an impact did your student loan payments have in shaping your attitude about money and personal finance as a young adult?

A: Having to pay for my own education was a really big eye-opener. Borrowing thousands of dollars every semester was frightening, and when I gradated and it came time to pay those debts back – well it was really crazy to see just how much money I wasted on things that I can’t even remember buying.

Paying back such a huge amount of debt seemed like an impossible task, especially for someone right out of school. But I was desperate to change my life, and I knew I couldn’t move forward with so much debt holding me back. When I finally took the time to run the numbers, I realized that if I worked extremely hard, I could erase over 5 years of damages to my finances in less than a year. So I set a goal to pay back all $20,000 of y student loan and credit card debt within 12 months of graduating.

I think the experience of getting out of debt has completely reshaped my attitude towards money and personal finance. Instead of letting my debt hold me back from life, I created a path towards my financial independence. Now I know that I am in control of my money, and not the other way around.

Q: You’re a communications major and a graphic designer by trade. How did you make that logical leap to personal finance blogging?

A: I actually started GMBMFB as a way to hold myself accountable for my debt, not as a way to fuel my professional growth. By putting my debt totals on the internet for everyone to see, and combined with the support and advice from other personal finance bloggers, I was forced to change and do something positive with my life.

I’ve always had a passion for writing, but never had an outlet to express myself. Blogging gives me that opportunity to connect with other like-minded individuals. Now, 4.5 years later, I can see how my education and experience as a professional has helped shape my writing style and interaction with readers and fellow writers.

Q: What’s the single greatest gift that you’re blogging experience with GMBMFB has given you?

A: Without a doubt, the greatest thing that has come out from blogging is the friendships and relationships I’ve built over the years. Being able to support fellow bloggers and readers is really rewarding. My main goal with GMBMFB is to create hope in those who are currently in the same situation that I was in. If I can turn my life around, then anybody can.

Q: As a Canadian sports fan and outdoor enthusiast, can you draw any parallels between rock climbing and personal finance?

A: I really enjoy rock climbing because it reminds me of my journey out of debt. Being able to go out of your comfort zone, trust yourself, and get back up when you’ve fallen down – are all huge parallels between climbing and personal finance. One of the main reasons why I love rock climbing so much is because it is challenging, and it’s all about seeing how far you can push your mind and your body.

Q: You’ve had some experience paying down some sizable debt. What’s the secret to paying down such a sizable debt burden quickly without feeling overwhelmed?

A: For me, I was able to pay such a huge amount of debt off because I set my sights on a goal (getting out of debt in less than 12 months), and then broke down my goal into smaller, achievable tasks – like taking on a second job, finding ways to cut down expenses, and realizing that in just 12 months, I could start my life debt-free. That was a huge motivating factor for me, and whenever I got discouraged, I knew that my debt wasn’t going to be holding me back forever, and the sooner I got myself out of the mess I had created, the sooner I could breathe and start to live again.

Q: Given your experience with debt, how do you feel about credit cards? Be honest.

A: I think that credit cards are an essential tool in personal finance management. When I was getting out of debt, I took them out of my wallet and didn’t use them at all – it was a cash-only system for me. But as soon as I got out of debt, I realized that credit cards are extremely beneficial as long as they are used responsibly.

I currently try to buy everything on my credit card in order to benefit from earning points – both in travel rewards and cash back. I make sure to go through all of my receipts every week, and pay off my balance every couple of days.

My gratitude and appreciation goes out to Krystal for spending time with us and offering her personal money insights. Thank you Krystal!

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