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Explore simple tips to help ease financial stress and plan for a better future.
Financial stress is one of the most common problems people face. A 2021 study conducted by Financial Planner Canada shared that more than 51 per cent of Canadians have lost sleep over money concerns, with 31 per cent stating it has led to health problems – a significant increase from 18 per cent in 2020. With statistics like that, it is no wonder financial stress is so prevalent, but there are ways to manage financial stress effectively.
Start a path to better financial health with eight simple tips for dealing with financial stress and uncertainty.
If you do not have a household budget, you are flying blind. Knowing where your money is going is a critical first step to reducing financial stress and anxiety. Consider creating additional budgets for vacations, high-cost items, emergency funds, etc.
Once your budget is in place, you can look for money leaks you may have overlooked before. Sweating the small things can make a big difference, so scour your monthly spending for insightful ways to cut back.
Financial stress can ruin a relationship, but talking openly and honestly about money could strengthen your marriage or bring you closer to your partner.
Being in debt is likely to trigger financial stress, but paying off that debt can help eliminate or lower anxiety. It may be painful, but acknowledging your debt and working to pay it off will feel great later.
Living without an emergency fund can make managing a financial crisis more challenging, so building such a fund is a priority. Even if it is just transferring a few dollars to your savings account each pay period, the sooner you start building an emergency fund, the better.
You might not think an audit would reduce anxiety, but auditing your finances can relieve your financial stress. Simply knowing where you stand can set your mind at ease and help you develop a plan for improving your finances.
Sometimes a little help is needed, so talk to a professional if you are stressed about your finances. An impartial outsider can evaluate your current financial situation and give you tips for improving it.
Taking on a side gig can give you extra cash, help you pay down debt and relieve your financial stress. It never hurts to have an additional source of income, so think about how additional work could fit into your life.
If you are suffering from financial stress, know that you are certainly not alone. Many people face financial stress and anxiety, and a high income does not necessarily shield you from the dangers. No matter how much or how little you earn, it is important to take financial stress seriously.
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