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DON’T LET YOUR FINANCES GET YOU DOWN

Tips to reduce your financial worry

If your bills are mounting and you’re just not sure where all your money is going, know that you’re not alone. Almost half of Canadians are battling heavy debt loads with very little money to spare each month**. While the task may seem daunting, it’s important to get a handle on your finances as the stress can have a major impact on your health, potentially contributing to depression and/or anxiety.

The good news is that it is not too late to develop a plan to get your finances back on track. Here are a few tips to get you started:

1. Monitor your spending

It’s important to know what you’re spending money on from month to month. That may seem like a silly concept, but many of us end up spending money on things we don’t really need without even realizing it. Gather up all of your bills from the month and take a close look at where your money is going. See if there are any expenses you can do without or look for ways you can reduce the bills that are unavoidable.

2. Create a budget

Once you’ve analyzed your spending, it’s important to sit down and develop a monthly budget. Knowing what money is coming in each month will help you properly determine how much can be spent. A budget is one of the best tools you can use to manage your finances as it allows you to decide how you are going to spend your hard-earned dollars. You may even find that you have money leftover to put toward your retirement and savings goals.

3. Sit down with a professional

It’s important to realize that you don’t have to have all the answers. Seeking outside help is an important step in striving for financial fitness. Westoba professionals are here to help! Let us sit down with you to create a plan to meet your goals, whether it’s a long-term savings or investment plan. Call 1-877-WESTOBA, visit any branch or email FinancialPlanning@westoba.com.

If your finances are still leaving you feeling overwhelmed and the stress is becoming unbearable, it may be time to seek outside help. January 30th is Bell Let’s Talk Day. If you’re not sure where to find help or who to turn to, Bell offers a number of resources that can be found here. One in five Canadians will suffer from mental illness at some point in their lifetime. Know that you’re not alone!

**https://globenewswire.com/news-release/2019/01/21/1702759/0/en/MNP-Consumer-Debt-Index-Update-Canadians-more-worried-about-debt-interest-rates-and-personal-finances-compared-to-September.html