Majority of Canadians haunted by Financial Stress

Are you stressed about your personal finances? I’m sure you are, and that’s the reason you are reading this article. According to the Financial Planning Standards Council – Financial Stress Survey, 41% Canadians cite “money” as the greatest reason of stress.

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Here are top 3 Simple and Easy steps which will ensure that you regain some confidence about your personal finances.

  1. Weigh in financially

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Where are you now, how much do you earn, your spending habits, and how much you owe.

2. Create a Goal Plan

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What are your goals (short term & long term)? Saving for a home, buying an SUV, saving for children’s education, paying off debt?

3. Action Plan

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The next question is how are you going to get there? Are you going to earn more, spend less, automate your savings, or all 3?

Here is the solution:

Taking charge of your personal finances is the best way to reduce money related stress. 

  • Find & Cancel Unwanted Subscriptions

If you analyze your transactions to find all your recurring subscriptions, you will at-least find 1-2 subscriptions which you no longer use. So, why not cancel them?

  • Get out off credit card debt

A technique lot of people like to use to get out off debt is to pay off small credit card balances first. This can have a powerful psychological effect on many people because it can feel like they are making progress sooner. This can be very encouraging and provides a lot of people with motivation to keep paying down their debt.

  • Remove your payment information from Online shopping carts to cut down on Impulse purchases.

  • Consider a cooling period of 24 hours before buying a “want” as compared to a “need”.

  • Consider opening a TFSA or RSP

If you don’t have one, consider opening a TFSA or RSP. Start to save, even as little as $50 a month and it will increase your feeling of financial confidence.

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