{"id":6516,"date":"2020-11-12T09:54:35","date_gmt":"2020-11-12T14:54:35","guid":{"rendered":"https:\/\/goday.ca\/blog\/?p=6516"},"modified":"2022-03-21T23:23:28","modified_gmt":"2022-03-22T03:23:28","slug":"are-your-finances-stressed-out","status":"publish","type":"post","link":"https:\/\/goday.ca\/blog\/are-your-finances-stressed-out\/","title":{"rendered":"Are Your Finances Stressed Out?"},"content":{"rendered":"\n
\"\"<\/figure>\n\n\n\n

Finances can create a lot of stress. Do you have enough saved? What if a costly emergency strikes? Will you be able to make ends meet? Will you have money for the future you want to lead? It\u2019s normal for these questions to roll through your head and even easier to stress out over them. <\/p>\n\n\n\n

A study<\/a> conducted earlier this year found that money is the number one cause of stress for Canadians. Of course, the pandemic isn\u2019t helping matters. Four out of ten respondents said the COVID-19 crisis impacted their financial stress levels. <\/p>\n\n\n\n

We’re shifting to working from home, juggling e-learning for kids, and some have lost their jobs. It\u2019s no surprise that 2020 has been more stressful than ever before when it comes to finances. <\/p>\n\n\n\n

It\u2019s important, however, that you don\u2019t let stress completely control your finances. We know that sounds easier said than done, but here are some tips<\/a> to help keep your stress and your finances in check.<\/p>\n\n\n\n

Talk About Finances<\/h2>\n\n\n\n

No one likes to talk about money problems. In fact, many people say it\u2019s one of the three topics you should avoid (next to religion, and politics). Some find it uncomfortable or shameful to discuss it. <\/p>\n\n\n\n

However, willingness to push through that awkwardness to have an open conversation about your financial health can be your first step to get back on-track. Stressing over finances can take a mental toll on you. Chatting with someone you trust (whether a friend or professional) can help you better process your emotions, thoughts, and next steps. You will probably be surprised that the person you are chatting with can relate, in some way, to your situation.<\/p>\n\n\n\n

Review Your Budget<\/h2>\n\n\n\n

Budgeting is incredibly important. Having a budget will help you see a clearer picture of your finances. It shows you how your money comes and goes.<\/p>\n\n\n\n

If you don\u2019t already have a budget, we have a ton of useful guides here<\/a> for you to get started. Step one is to create a budget. If you already have one, evaluate it again. Take an honest look at where your money is going and decide how to shift those allocations to fit your current life. By doing this, you may regain a sense of control.<\/p>\n\n\n\n

Another area where you should be focusing on as you work through your budget, is your goals. Whether that\u2019s saving more, spending less, or just cutting expenses, you have to ask what do you want to financially achieve? Do you want to save for something specific, create an emergency fund<\/a>, or have funds for retirement? Having clear goals and a plan to achieve them will make you less stressed about your money. <\/p>\n\n\n\n

Lastly, you should take your debt<\/a> into consideration. How are you managing it? Debt is a financial burden and can certainly create immense stress. This is especially true if you’re paying a lot of interest. Determine what your plan of attack is to pay off debt and get on track. <\/p>\n\n\n\n

Access Free Training<\/h2>\n\n\n\n

One of the biggest downfalls of our educational system is we aren’t taught financial literacy. This can make us financially inadequate, especially when we are going through a tougher time. However, a variety of resources can help, and many are free. Try out some of the following:<\/p>\n\n\n\n