3 ways to invest in your financial wellness and reduce stress

by | Feb 15, 2024 | Finance and Business

For many Canadians, money worries are the greatest source of stress, more than work, personal health and relationships. To ease that anxiety and find more confidence about money, there are a number of things you can do. Here are three ways to get started.

Know where your money is going

Tracking your money will help you figure out what comes in and what goes out of your pocket. Every dollar you spend affects your overall budget. The first thing to do when making a budget is to determine what your needs and wants are. Then, you can use a free online budget planner to create a personalized spending plan that’s useful and realistic.

Take steps to manage your debt

Create a plan — choose a timeframe that’s reasonable and affordable for each debt you owe. Decide which debts to pay off first, depending on the type and considering things like interest rates. And remember that you can work directly with your bank and creditors to discuss your situation. They may have some advice and options to offer, so don’t wait until you feel overwhelmed.

Explore financial wellness at work

Does your employer offer financial literacy programs? If not, this could be something you discuss with your manager. Financial wellness, physical wellness and mental wellness go hand-in-hand. Many employees are stressed about their finances, and financial wellness programs in the workplace can help reduce that stress and boost productivity – so your employer has incentive to get on board.

To build a successful, effective financial wellness program that meets the needs of their team, employers first need to assess employees’ financial challenges, needs and preferences. The Financial Consumer Agency of Canada has an exhaustive list of free educational programs, interactive resources, checklists and templates to help your workplace get started.

Learn more at canada.ca/money

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