I suspect it’s the same for some people when it comes to their finances. It can be scary to face your financial reality, especially if you are feeling financial stretched or suspect you are behind on your goals. And then there is the matter of where to start. What exactly should you be looking at? What kind of help do you need? Who do you ask?
Looking your finances in the eyes
Getting started is the hardest part, but it's crucial. More than a third of Canadians say that money is their stop source of stress, and 35% said that money stress has led to anxiety and depression. Not all financial stress is easily fixed, but facing the problem and making a plan can go a long way. Here are five steps to getting to work on your finances.
1. Go easy on yourself. There's no point berating yourself for leaving it so long.
2. Figure out what kind of help you need.
3. Find someone to work with - a financial advisor, financial planner, or a coach - or dedicate yourself to the task and go it on your own.
4. Commit! It will require some work on your part so commit to doing it.
5. Implement, because a plan is useless without action.
My peeling bathroom paint? I finally called a roofer who identified the leak and fixed it in an hour for $500. Phew. I felt better immediately. Have I had the drywall replaced and painted? Nope. But I’m cutting myself some slack because why make myself feel bad? I’ll get to it. Next week. Maybe.
Take care of yourselves (and your money),
Anita Bruinsma, CFA
Clarity Personal Finance
