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10 Mars 2020

In a financial stress period, what is the way out?

For many reaons, you may experience financial stress – whether it is because of an unforeseen circumstance that require to pay a sum of money that you did not anticipate, have spent money over your budget, or because you are unable to work due to a recent illness. Financial stress is synonymus with feeling unable to ‘’make ends meet’’ or feeling discouraged and helpless in your situation. Did you know 1 out of 2 quebecer is under financial stress. Maybe simply discussing finances causes paralyses you, but in fact, to see the way out of this hectic road, you must take small or large measures.

Here are some tips to help you get rid of your financial stress:

1 – Identify the source of your stress

What causes your stress? Are you unable to save some money, did you have to use your hard-earned emergency funds, are you anticipating some upcoming expenses? To understand the source, you must get to the bottoms of things and explore your problem in order to solve it.

2 – Create a budget adapted to your situation

Note and calculate all your revenues and expenses, then revise it to adapt it to fit your needs. Don’t hesitate to contact one of our professionnal to help you revise your budget. By knowing your situation, you can eliminate unnecessary expenses and be aware of your operations. It is important not to fall into the trap of credit offers (credit cards, gambling, loans) since this will increase your debt and thus the tension you feel in your situation.

3 – Pay attention to your expenses

By the time your situation is back under control, allow a certain period of time where you buy only the necessary stuff and pay your debts as much as possible. Your budget will help you to have a portrait of your situation. Your budget is the portrait of your financial situation – now is the time to take action!

4 – Save money for the future!

Once your finances are « under control », avoid a future stressful situation by planning ahead for unexpected events. By putting money aside, you get through the unexpected more easily.

Some situations seem beyond our control - a divorce, a death or the loss of a job. This emotional stress can be multiplied, if combined with financial stress. By staying organized and planning ahead, you eliminate the loss of financial control in such an eventuality.

Contact one of our professionals and together you will find a solution for your debts.

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