Don't Let Money Get you Down

Money can cause you stress, grey hair and even sleepless nights. Money is one of the leading causes of divorce in this country. The global pandemic has only magnified this type of stress for millions of Canadians. 

Here are a few solutions to help

Try talking to your partner, a family member or a financial professional. Talking things through with others will give you new perspective and possibly a plan to address the issue.

Develop a plan to pay down your debt. Try using a line of credit to consolidate debts to a lower interest. Try calling your credit card companies and ask for any deals like balance transfers or even lower rates. Threaten to leave or ask to speak to someone in retention because you need help with paying off your debt and you are not happy with the service.

Start paying yourself first. Start with 5% of your income and if you are successful boost it to 10%. Most banks also have round up savings strategies that debit your chequing and deposit a few dollars into your savings based on the banks promotional plans. 

Create a budget. When you know where your money is going it is easier to track it and use it wisely. This simple strategy works however must people don't utilize it.

Create a financial plan. A plan is a road map. Create a plan and set goals. It's easy to reverse engineer a plan and put it into action. The hardest part of the plan is starting. Once it's in motions your on your way.

Hire a professional. A professional can help create a plan and put systems in place to help you achieve your goals. Financial professionals work with clients who need help. Advisors rarely consult clients who have their finances in order. Don't feel embarrassed or ashamed. Their job is to help.

Article By

Peter Simons

Wealth Management Advisor and Insurance Broker
Peter Simons is the CEO and managing director at CPN Financial Services Ltd and an active member of the Ontario College of Teachers.

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