Strategies to lower your stress this Financial Literacy Month

(NC) Feeling stressed can be an awful experience, and sometimes it feels like all you can do is try to manage the symptoms. But its root cause may be closer and more manageable than you might expect. For instance, according to the FP Canada Financial Stress Index, nearly half of Canadians feel that money is what causes most of their stress. November is Financial Literacy Month, the perfect opportunity to tackle that stress at its source by getting more comfortable with managing your money.

What lowers financial stress?

Research by the Social Research and Demonstration Corporation found that confidence may be an important part of the solution. They found that people with higher levels of financial confidence tended to have better results with day-to-day money and debt management than those with low confidence.

You can help lower your financial stress by improving your financial literacy and learning new strategies for managing your money effectively.

Here are some ways to get started:

1. Find free online resources. One way to boost your financial confidence and knowledge is by accessing free resources, such as those from Money Matters, a financial literacy program for adult learners.
2. Create a budget. Budgeting isn’t about restricting yourself or cutting out what brings you joy; it’s a tool for looking at your finances more objectively by asking what your spending is getting you. For example, if you find that you’re not using a subscription service much, cutting it can let you put that money toward yourself, such as by paying down debt.
3. Be cautious of your smaller expenses. These can sneakily add up over time. For example, if you buy a coffee and a muffin every day for a total of $3, that may feel like nothing. But that’s $21 per week, $84 per month, $1,008 per year. Tracking them lets you ask questions like: Are there ways you’d want to use $1,000 in a year other than on coffee and muffins?
4. Don’t be afraid to ask for help. Managing money is a skill that takes practice to develop. One way you can help set yourself up for success is by reaching out to a professional. There are non-profit debt counsellors who can help you assess your situation and develop strategies to reduce your debt and make the most of your money.

Reducing financial stress doesn’t happen in a single instant. By learning more about your finances, finding strategies that work for you and building up your confidence, you can set yourself on the right path. You can learn more and find free resources at abcmoneymatters.ca.

Attention editors: here's an alternate evergreen headline and introduction

Strategies to lower financial stress

(NC) Feeling stressed can be an awful experience, and sometimes it feels like all you can do is try to manage the symptoms. But its root cause may be closer and more manageable than you might expect. For instance, according to the FP Canada Financial Stress Index, nearly half of Canadians feel that money is what causes most of their stress.