Word Count

4 ways to minimize financial stress

(NC) For many Canadians, money worries are a source of stress. And the higher cost of borrowing we are experiencing can make things worse for those who are struggling to pay off their debts. There are no miracle solutions, but here are a few tips that could make a difference:

Create a budget
Making a budget will help you manage your money. It will allow you to identify your income and expenses and prepare you for unexpected situations. Don’t know where to start? Try the Financial Consumer Agency of Canada’s budget planner, a free and unbiased tool that helps you to create a personalized budget. It gives you tips and guidelines and helps you figure out your next steps with suggestions.

Make a plan to pay off your debt
You can start by making a list of all your current debts and the amount of debt you owe. Then, think about your strategy. Set a payment timeframe that is reasonable and affordable for each. Depending on the type of debt you owe, it may be best to pay off certain debts first. For example, by paying off the debts with the highest interest first, you’ll pay less interest, which will help you be debt-free sooner.

Contact your bank to know more about your mortgage relief options
If you’re experiencing financial stress, contact your financial institution. They may be able to offer mortgage relief. That could include delaying your mortgage payments for a defined period of time or extending your amortization period. Keep in mind that if you make changes to your mortgage contract, you may have to pay fees and you could be paying more interest in the long run.

Take advantage of electronic alerts
Your bank must send you electronic alerts when the balance of your chequing or savings account falls below $100, or another pre-set amount you’ve chosen. These alerts can help you avoid paying costly overdraft fees.

For more information, tools and resources to help you reduce your financial stress, visit

Media Attachments Related Posts Terms of Use

All News Canada content is provided free of charge. Any source/sponsor of the information must also be identified as presented. For articles, credit of usage must be attributed to News Canada with "(NC)" at the beginning of an article or "" or "– News Canada" at the end. Images are only to be used with corresponding editorial copy. Usage of News Canada content constitutes your acceptance of these terms and an agreement between you and News Canada.

Disclaimer: Comments and opinions in News Canada content are those of their respective contributors only. The views expressed do not necessarily represent the views of News Canada Inc., its management or employees. News Canada Inc. is not responsible, and disclaims any and all liability, for the content of comments provided by contributors.