With inflation, more families are struggling to make ends meet and more than 80% of Quebecers say they are experiencing financial stress as a result of this situation.
In an interview with LCN, Professionals Financial Regional Vice President, Léa Saadé, gave some advice on how to avoid worrying about financial problems.
Here are 4 tips to reduce financial stress:
Lia Sade Classification: There should be no inhibitions when it comes to financial matters.
“The important thing is to feel comfortable, it’s not taboo. We need to talk about it and we need help if needed,” she said.
Communication is also key.
“You should sit down with your spouse and have this discussion because it energizes the couple and it’s healthy to have the discussion from the beginning when things are going well,” notes the Professionals Financial vice-regional president.
To avoid being overwhelmed by stress, focus on what you can control.
“By budgeting well, planning well, being consistent, reviewing your expenses. What are our fixed costs and our discretionary costs, which we can defer until later,” Ms. Sade explained.
Whether it’s a trip or buying a new vehicle, you shouldn’t hesitate to review your priorities, she says.
Léa Saadé also recommends staying well informed and not hesitating to consult a financial planner.
“He can guide them through it all, help them budget, plan well and negotiate,” she said.
Planning is important, but so is following the plan.
“We need to avoid panicking, overspending and not looking to avoid the problem,” said the specialist.
The latter also recommends that families allocate a maximum of 50% of their budget to current expenses, 15% to retirement savings and 5% to contingencies.
To watch the full interview, watch the video above.