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

Related Content

How newcomers can find meaningful careers in Canada

How newcomers can find meaningful careers in Canada

If you’ve recently moved to Canada and are frustrated by a tough job market, you’re not alone. Many newcomers struggle to find similar positions to those they held back home and take on survival gigs to support their families. Fortunately, there are many things you...

read more
Budget like a pro this summer

Budget like a pro this summer

As Canadians navigate the current financial environment, they are seeking ways to reduce their expenses. According to a recent Belairdirect survey, close to half (41 per cent) of Canadians think of themselves as financially savvy, with more than a third sharing their...

read more
How to help make your money grow

How to help make your money grow

In today’s complicated financial environment, every dollar counts for Canadians. Many may miss the opportunity to maximize their money. The question is: how should Canadians allocate their funds? Should they put it towards personal spending, savings or high-interest...

read more
Top tips to save on your car and home insurance

Top tips to save on your car and home insurance

Insurance is meant to provide peace of mind when you need it most. Yet, the monthly expense of car and home insurance remains a stressor for many Canadians. If you’re looking for a way to lower your insurance rates, you’re not alone. Start by exploring all your...

read more
The best times to shop around for deals

The best times to shop around for deals

When you’re in the market for a new or used car you don’t buy the first one you see. It’s important to shop around and do your research to find the best deal. But what is the best time of year to do so? Here are the top three times of year to get the best bang for...

read more