Bank Notes

Most Canadians, regardless of age or income, have felt anxiety over their money and finances at some point in their lives. Over 8 in 10 Canadians wish they’d made better financial decisions earlier in life, according to the Financial Planning Standards Council.*

The good news is that there are things you can do to help ease your money worries. Here are five tips to help you combat money worries and approach your finances more calmly and confidently.

1. Don’t put off what you can do today.

It is easy to ignore or put off thinking about things that can cause stress – like money. Taking a proactive approach to your finances can be the first step to getting everything under control. Meeting with a financial advisor, who can help you create a plan is a great start.

2. Ask for help.

Being ashamed or embarrassed to ask for help is natural, but can make a bad situation worse. Sometimes financial problems can escalate not because of negligence, but because of a lack of understanding. It’s okay to ask for help and ensure you understand what options are available to you.

3. Involve the family.

Talk to your family about what is going on in your finances. Involving your family can help provide additional support and be a major source of stress relief. Not having to hide money problems is also a major factor in reducing money anxiety. Talking to your family about money will also open up the conversation about how to effectively transfer your wealth to the next generation when it’s time.

4. Establish good habits.

Once you have a financial plan in place that is aligned to your financial goals, the next step is finding the best way to achieve those goals. Investing on a regular basis through pre-authorized contributions can help you get into the habit of building your savings easily and automatically.

5. Revisit, Review and Revise.

Even with a sound plan in place and good habits established, the work doesn’t end there. It is important for you to keep revisiting the plan with your advisor to ensure it is still relevant, and revising if necessary.

 

*Source: Financial Planning Standards Council, A Matter of Trust, 2015
Legal Disclaimer: This article is provided for information purposes only. It is not to be relied upon as investment advice or guarantees about the future, nor should it be considered a recommendation to buy or sell. Information contained in this article, including information relating to interest rates, market conditions, tax rules, and other investment factors are subject to change without notice and The Bank of Nova Scotia is not responsible to update this information. All third party sources are believed to be accurate and reliable as of the date of publication and The Bank of Nova Scotia does not guarantee its accuracy or reliability. Readers should consult their own professional advisor for specific investment and/or tax advice tailored to their needs to ensure that individual circumstances are considered properly and action is taken based on the latest available information.