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5 Tips to Manage Financial Stress

General Nicole Perri 6 Jun

With the continued rise of inflation, interest rates and the overall cost of living, uncertainty is high among Canadians. But don’t fret! Here are some tips to help you manage your financial stress and power through these latest economic changes:

Prioritize What You Can Control

It can be easy to feel like you have no control over your financial situation, especially in today’s economy. However, dwelling on things you cannot fix will only cause more stress. Instead, we recommend focusing on what you can control within your situation. For instance, check out your phone bill and services to see if you can reduce the cost (even temporarily). Review your grocery bill and look for stores with sales, switching to cheaper brands or perhaps buying in bulk. You’ll not only save money, but you will feel like you have more control to help reduce stress.

Pay Essential Bills

If you’re struggling to pay your monthly bills, prioritizing them can help you gain some control. Knowing which bills are most important to pay first can ensure you’re not scrambling to decide what to pay. Prioritizing your bills can also help you uncover unnecessary spending and you may find something that can be eliminated, even temporarily.

Automate Payments and Savings

Do you find yourself struggling to keep up with your bills and payments, or keep saying you’ll save money but aren’t? Consider automation for your finances a step in the right direction. Paying your bills on time will help reduce stress and protect you from wasting money on penalties for missed payments. You can also set up automatic money transfers on the days you are paid to move funds into a separate, savings account before you even see it. You’ll reduce the likelihood of skipping adding to your savings that month.

Find Ways to Earn More Money

When cash flow is a problem and you are feeling the strain of trying to afford your current lifestyle, looking for ways to earn additional money can be a lifesaver! Consider part-time work for the weekends, consulting in your area of expertise or picking up extra hours at your current place of work. Now is also a great time to discuss with your manager if you are due for a raise.

Talk to Your Mortgage Professional

For most people, their mortgage is their largest monthly bill. If you are feeling the financial crunch, now is a great time to talk to your mortgage broker about potentially changing your payment schedule or even looking for a different mortgage product with better rates (ideally if you are at the end of your term). Do not hesitate to be honest about your situation and ask what your options are. Regardless of where you find yourself financially, there are often many solutions to help reduce and resolve your stress and ensure that you have healthy monthly cash flow.