2023-05-14 21:53:04
With inflation, more and more households are having difficulty making ends meet and one of the consequences of this situation is that more than 80% of Quebecers say they experience financial stress.
In an interview with LCN, the regional vice-president of the Professionals’ Financial, Léa Saadé, gave some advice to avoid being overwhelmed by anxiety due to monetary issues.
Here are 4 tips to reduce financial stress:
Léa Saadé is categorical: there should be no taboos when it comes to financial issues.
“The important thing is to feel comfortable, it’s not a taboo subject. We have to talk regarding it and we have to seek help if needed,” she says.
Communication is also key.
“You have to sit down with your spouse and have this discussion, because it empowers the couple and it’s healthier that way to have the discussion from the start when things are going well”, mentions the vice- Regional President of Professionals’ Financial.
To prevent stress from taking over, you have to focus on what you can control.
“By making a good budget, good planning, being consistent, reviewing your expenses. What are our fixed expenses and also our discretionary expenses that we can perhaps postpone until later, ”explains Ms. Saadé.
Whether it’s a trip or the purchase of a new vehicle, you shouldn’t hesitate to review your priorities, she says.
Léa Saadé also recommends being well informed and not hesitating to consult a financial planner.
“He will be able to guide them through all of this, help them make a budget, plan well and discuss it,” she says.
Planning is important, but so is following the plan.
“We must avoid panicking, spending more and not looking, to avoid the problem,” says the specialist.
The latter also recommends that households try as much as possible to allocate a maximum of 50% of their budget to current expenses, 15% to savings for retirement and 5% for contingencies.
To see the full interview, watch the video above.
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