With all the talk surrounding mental health these days, let us not forget the effects of financial stress.
Sometimes we try to avoid stress by burying our heads in the sand, which only allows the stress to grow. The bigger it grows, the harder we work to avoid it. It is a bitter cycle. Put your hard work to better use.
Confronting the subjects that cause stress and gradually chipping it into manageable pieces is a great way to stop it from becoming overwhelming.
Tips to reduce stress:
- Take a few deep breaths.
- Action is better than avoidance.
- Develop constructive outlets to encourage peace. (Exercise, DIY projects, etc.)
- Ask for help!
Methods to resolve financial stress:
- Speak with a financial advisor – They have ways of finding funds, reducing debt, and establishing protection.
- Save, Save, Save! – Start a savings plan, even a dollar a day will make a difference.
- Reduce waste – Take a look at your expenses for the month and discover where your money is going.
Those who have already started investing funds, make sure you understand where you have invested, GICs or Term Deposits, Mutual Funds, Segregated Funds, High Interest Savings Accounts, Tax Free Savings Accounts (TFSA). At least once a year, take the time to review and make sure they are still in line with your goals. Be sure that you have good information and advice when it comes to the funds you have saved.
Start by saving 1% of income and build to 5%. Even the smallest of savings will bring about a feeling of relief and accomplishment. Keep building on that. A simple change in one direction makes a huge difference in many other ways.
Your peace of mind is critical during these turbulent times. Simplified Financial is here to help, and it is a great place to start. We genuinely care about our clients and their well-being. Our goal is to simplify complex financial matters and reduce financial stress. Give us a call!
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