With inflation, more and more families are having a hard time making ends meet and one of the consequences of this situation is that more than 80% of Quebecers say they are experiencing financial stress.
In an interview with LCN, Regional Vice President of Finance Professionals, Leah Saadeh, gave some advice to avoid indulging in anxiety due to monetary issues.
Here are 4 tips to reduce financial stress:
Leah Saadia is categorical: there should be no taboos when it comes to financial issues.
“The important thing is that you feel comfortable, this is not a taboo subject. We have to talk about it and we have to ask for help if needed.
Communication is also key.
“You have to sit down with your spouse and have that discussion, because it’s empowering for the couple and it’s best that way to have the discussion from the start when things are going well,” reminds the pro’s regional vice president of finance.
To prevent stress from taking over, you need to focus on what you can control.
“By good budgeting, good planning, consistency, reviewing your expenses. What are our fixed expenses and also our discretionary expenses we can probably put off until later,” explains Ms. Saadia.
Whether it’s a trip or buying a new car, feel free to review your priorities, she says.
Léa Saadé also recommends getting good information and not hesitating to consult a financial planner.
“He’ll be able to guide them through all of this, help them budget, plan well and discuss it,” she says.
Planning is important, but so is following the plan.
“We must avoid panic, spend more and not search, to avoid the problem,” says the specialist.
The latter also recommends that families try as much as possible to set aside a maximum of 50% of their budget for current expenses, 15% for retirement and 5% for emergencies.
To watch the full interview, watch the video above.
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