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Posted in Your Money | November 2017

5 simple ways to calm your money anxieties

Calm-your-money-anxieties

It’s important to have the knowledge and confidence needed to make daily and long-term financial decisions, but 7 in 10 Canadians aren’t confident that their math and money management skills are good enough to help them plan for a secure financial future,¹ and 4 in 10 say they aren’t saving anything at all.2

If money anxiety has you stuck in a financial rut, here are some tools, solutions and advice to help calm you down and get you moving in the right direction:

1. Don’t procrastinate

You may be a procrastinator at heart, but putting off until tomorrow what you should be doing today only makes anxiety worse. Plus avoidance could actually be having an impact on your finances if, for example, you’re avoiding paying bills and racking up interest charges, or afraid to tackle your income taxes and filing late because of it.

It’s always best to deal with your financial tasks head on before things get out of control. Foresters Financial has host of tools and guides to help determine what’s best for you and your family.

2. Get help

Some people are embarrassed to admit that their financial literacy isn’t where they’d like it to be, or that they have found themselves in a financial bind. But there is nothing to be ashamed of – it happens to the best of us.

There are professionals who are trained to help you make sense of things and to put you on the right track, so never be afraid to reach out for help and ask as many questions as it takes until you feel comfortable. In the meantime our article on financial literacy will give you tips to help you improve your financial confidence.

3. Review and revise your plan regularly

Things change, so make sure to check back regularly to ensure that the financial plans and solutions you’ve come up with are still working for you and your family. For example, your budget may no longer work if a new baby is on the way, or if someone has recently lost a job, gotten a promotion or retired.

If you’re using one, have regular meetings with your financial advisor so that everyone is always working with the most up-to-date information. Knowing that your plan is current and working well for you is a great way to ease your anxiety.

4. Talk to your family

If you are concerned about your finances, talking about your anxiety to your partner and any adults in your home who are responsible for contributing financially can really help calm your fears as you all work together to find a solution that works. If you think the conversation may not go well and you’re struggling to find the right words or the right approach, these suggestions may help you get the ball rolling. If your children are younger, check out these tips to help you introduce them to important money basics they can start learning now.

5. Set up a budget

You may feel like it’s limiting, but budgeting really does set you free. When you’re not used to a budget, it’s easy to feel deprived, especially when your monthly entertainment stipend runs out and it’s only the middle of the month. But balancing your outgoing funds with your incoming funds is the only tried and true way to make sure you don’t spend more than you earn.

Knowing exactly where you stand gives you incredible peace of mind. Check out our free, printable budget worksheet and The Balance for a step-by-step guide to writing up a family budget.

Finally, talk to us.

As a Foresters member, you have access to Everyday Money, our toll-free financial helpline that connects you to an accredited counselor who can help answer your questions about your personal financial matters such as debt management and budgeting. You can also consult with a local legal professional for help with a variety of issues including wills, estate planning, home ownership and family law – all at a reduced cost – through Legal Link.

Talk to us. It’s what we’re here for.

 

SOURCES
1 Ipsos Reid poll, conducted on behalf of ABC Life Literacy, 2011
2 Ipsos Reid poll conducted on behalf of ABC Life Literacy, 2011

 

415651B CAN/US (10/17)

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