For several reasons, you may experience financial stress. Perhaps you have had unforeseen events requiring you to pay an amount of money that you did not foresee, have spent too much or are unable to work due to an illness? Financial stress means that you feel an inability to “make ends meet”, that you may even be discouraged and helpless about your situation.
Did you know you are not alone? One in two adult feels financial stress. It is likely that the mere act of discussing finance is crippling, but to see a way out of this stormy road, you have to take big or small steps.
Identify your source of stress
What is causing you stress? Is it that you can’t put money aside, have you used up your hard-earned emergency funds, do you have any upcoming expenses? To fully understand the source, you have to get to the bottom of it and explore your problem to fix it.
Create a budget
Take stock of all your income and expenses, then revise it to suit your needs. Do not hesitate to ask for the help of one of our professionals to revise your budget. Never fall into the trap of credit offers since this will increase your debt and thus, the tension felt in your situation.
Pay attention to your expenses
By the time your situation gets back under control, allow yourself a certain period of time, buying only what you need and paying off your debts as much as possible. Your budget will go a long way to helping you get a picture of your situation. Now is the time to take action!
Once your financial situation is “under control”, prevent stress from returning by better planning for the unexpected. By putting money aside, you will better cope with the unforeseen and the blow will be better amortized if you have money for a future purchase / investment.