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Mounting home debt, lack of budgeting and risky investments are among the top contributors to financial stress. These factors have only been compounding Canadians’ stress levels since the COVID-19 outbreak.
In fact, the increasing rate of debt in Canada has been on the rise since reports came in early 2020. Now, with the impact of the pandemic and it’s ensuing economic downturn, the household debt rates are sure to skyrocket.
We took a deep dive into these three major stress-inducing areas and added potential solutions you can consider to help you position yourself for the happier, financially free life you deserve.
Mounting Household Debt
Financial experts are quick to first point out the importance of keeping track of household debt. Mortgages, car loans, and student debt may only be the tip of the iceberg. Keep track of it all in a way that you can see which ones you can pay off first. A good rule of thumb is to start with the debt that has the highest interest rate.
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Lack of Budgeting
Another common financial stressor stems from a lack of savings. Usually, its because the person isn’t budgeting correctly. This can lead to having to dip into ‘rainy day’ funds – and an unexpected decrease in your savings.
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Many people are living this COVID reality right now where they are being forced to use their reserves. Others, on the other hand, may still have their monthly income unaffected by the COVID shutdowns. Either way, the importance of saving up is a priority.
It doesn’t have to be painful, just try a personal budgeting app like Emma. The Emma Personal Finance and Budgeting App is $38.99 (originally $299.99) for a lifetime subscription. Using state-of-the-art technology, Emma analyzes your personal finances and gives you the power to make smarter decisions with your money.
Diversify, Diversify, Diversify
Finally, the markets may be unpredictable, but your confidence in your portfolio doesn’t have to be. Take it from investment expert and Nobel Prize-winning economist Harry Markowitz and his Modern Portfolio Theory. His theory states that you can reduce your risk without reducing returns, simply by diversifying your investments.
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Follow these steps to financial freedom and you’ll be looking forward to a happier tomorrow. It all starts with a little bit of knowledge to get yourself on track to a secure financial future.