When you picture health and wellness, you probably think about exercising, eating well, and self-improvement.
What you might not think about is budgeting, reviewing financial statements, or meeting with an advisor.
Your financial wellness is just another part of your overall health. Here's how improving it can help you better manage money stress:
Our finances affect so many aspects of our lives. That’s why taking the time to better understand your financial situation can have wide-reaching positive effects.
To paint the picture, a recent Statistics Canada survey revealed that 44% of Canadians reported feeling concerned with their household’s ability to afford housing or rent.
A lot of people are stressed about their finances, and the impacts of that stress can take a toll on your physical and mental health.
What can you do to manage it? One solution is to work on your financial wellness. That can look like:
You know that getting a handle on your money can improve your mental health. So, how do you do it? Here are a few ways to ease your stress:
Part of the reason why finances can be so stressful is ambiguity. If an unexpected expense comes up, will you be able to cover it? What if rent or housing costs increase in the next couple years?
You can diminish that stress by building your emergency savings.
You don’t have to complete your rainy-day fund all at once! Start by aiming to save 3 months of expenses. Then, try working your way up to 6 months. Soon enough, you won’t need to worry as much about how you’ll cover unexpected costs.
If you feel like your debt is hanging over your head, it may create feelings of stress in your everyday life. To alleviate that pressure, plan exactly how you’ll work to pay off your debt.
With a Payoff Loan, you’ll set up a set payment schedule so you’ll know precisely when you’ll be debt-free.
Having a timeline can take away some ambiguity and stress from your life – which can take you one step closer to financial freedom. Contact us to find out if debt consolidation is right for you.
Another way to deal with money anxiety is to figure out where each dollar is going.
We’ve covered 2 popular budgeting methods in past blogs: the 50/30/20 rule & zero-based budgeting. Check out these articles to get a start on your budget and gain a clear understanding of what you’re spending (and saving) each month.
Is there a certain topic in finance you want to know more about? We publish new articles on our Financial Literacy blog every week. From mortgages to registered savings plans, we share financial content in easy-to-read blogs. Check back often to read the latest content!
Talking about money isn’t easy, especially if you’re feeling stressed about it. We’re here to help simplify your finances.
Your journey to financial wellness begins here. Book a meeting to speak with a Cambrian Advisor to talk about what your financial future could look like!
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
It takes less than 5 minutes to make an appointment or to apply online. It is up to you how you want to meet your advisor - you will have the option to meet your advisor:
