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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