November is Financial Planning month; and as a follow up to the Financial Planning Standard’s Council (FPSC) survey done in 2014, the FPSC recently commissioned a Financial Stress survey. Of the over 1,100 Canadians surveyed 41% ranked money as their #1 greatest stress. Over half (51%) are embarrassed by their financial situation causing 48% of them to have sleepless nights.
Additional Findings:
-Nearly a quarter (23%) of respondents feel pressure to keep up with their friends and colleague’s financial status.
-83% have at least 1 financial regret; wishing they saved and invested more was at the top of the list; followed by wishing they had bought real estate/land and wishing they had done more schooling.
Tips if you are feeling anxious about money:
Take it one step at a time. Take a good look at your financial situation; overcoming procrastination is the first step towards getting back on track. Start with making a few small changes in your behaviour, as time goes on it will get easier. Use this momentum of change to address your larger concerns and ultimately devise a plan to eliminate them.
Get help from a professional. If you needed a new roof you would probably call a professional. The same goes with hiring a Financial Planner. You shouldn’t feel embarrassed about your situation; a Financial Planner is there to help, not judge. Planners coach people through countless situations and help them get back on track towards their financial goals. No matter what your circumstances a Certified Financial Planner (CFP) is trained to provide you with the strategies needed to get you back in control of your finances.
There are no dumb questions. Many people struggle with numbers and financial terminology, don’t be afraid to ask your Financial Planner for clarification. A good planner will ensure all your questions are answered and you feel totally comfortable with what’s is being recommended.
Discuss your concerns with your family. Stress can be reduced or eliminated when we stop trying to hide our situation from the ones closest to us. Have an open discussion with family members, use the time to share and learn from trusted sources. You may be surprised at whom has experienced similar challenges and how they were able to overcome them.
Review and revise your financial goals regularly. Once you start, make it a habit. As you gain control over your finances review your short and long-term goals, ensure your day-to-day spending habits are in line with reaching those goals. Implement a cash flow plan to help you stay on track if you find it difficult to remain disciplined.
Money is intricately woven into many aspects of our lives. If we are under financial stress it can be exhausting, even cause temporary reductions in our IQ and problem solving abilities. Working with a CFP to develop a realistic plan for you and your family is a great way to reduce or eliminate your financial stress. If you need help, give me a call.
Have a great weekend,
Tracey
Sources: www.fpsc.ca papers Money and Mental Health and 5 Tips to fight anxiety about Money. Survey done by Leger conducted on 1,106 Canadians (excluding Quebec) completed between March 30-April 2, 2018, using online panel LegerWeb.
Image courtesy of David Castillo Dominici at FreeDigitalPhotos.net