Thanks to artificial intelligence (AI) and tools like ChatGPT, getting financial guidance is now easier and more personalized than ever before.

Debt doesn’t just show up in the bank account. It can also create a deficit in people’s hearts, minds, and everyday lives.

It’s easier than ever to spend more than we can afford. We pay for most purchases with a debit or credit card — or, increasingly, with the wave of a smartphone or swipe of a finger.

“The more you make the more you spend” is a familiar phrase that describes lifestyle inflation. Lifestyle inflation happens when your expenses increase along with the increase to your income. It can become perpetual; every time your salary increases, your spending increases accordingly.

The average person spends most of their life chasing financial stability. We work, we get paid, and we spend our income on bills, household expenses, retirement savings — and, if we’re fortunate, maybe a little bit of leisure.

Learning doesn’t just happen at school. Teaching children about money and how it works starts at home.

The festive season should be a wonderful, joyful, and relaxing time of year. However, the weeks and days leading up to the holidays are often stressful and overwhelming. This is due, in no small part, to the self-imposed pressure to stretch budgets beyond the breaking point and purchase the perfect gifts.

Parents and educators have a responsibility to ensure our young people understand the consequences of overspending and develop the life skills to budget. But it may be a difficult conversation to have, especially if you are struggling with debts of your own.