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    • Tips on managing your financial stress

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    Are you stressed about upcoming bills, debt, or your current income?

    Financial strain can be a very uncomfortable burden to bear, especially if you feel that you鈥檙e doing as much as you can and are barely managing to stay afloat.

    The cost of living continues to rise and making ends meet has become difficult for many.

    As somebody who鈥檚 experienced plenty of my own financial ups and downs, I鈥檒l share some tips and advice for managing financial stress and digging your way out so you can come out on top and improve your quality of life.

    You鈥檙e not alone

    If you feel like you鈥檙e at the end of your rope, just know you鈥檙e not alone. In fact, one in four Canadians stated they would be unable to cover an unexpected $500 expense, according to a 2023 survey by .

    Another study by the revealed that 70 per cent of those surveyed are worried about their ability to keep up with the cost of living in today鈥檚 economy.

    The point being, although it may look like everyone else around you is living a carefree life, many are statistically just as likely to be going through their own financial troubles.

    Ways to manage financial stress

    Unless you鈥檙e born into royalty or a super-wealthy family, you鈥檙e most likely going to experience a few potholes along your financial journey.

    These bumps in the road could come from unexpected job loss, illness/injury, your car breaking down, your landlord raising the rent, and more.

    While there are some ways you can mitigate these risks, the real trick is to learn how to better manage financial stress when it comes.

    1. Identify your triggers

    When you feel the weight of the world on your shoulders, it can be all too easy to get triggered and respond by isolating yourself and leaning into negative coping mechanisms to escape the stress.

    For instance, you might find yourself ignoring bills, hoping the problem will go away, or overspending on unnecessary items to make yourself feel better temporarily.

    While this may offer some short-term relief, it can also end up creating long-term problems.

    At the end of the day, you know yourself better than anybody. If you have a history of responding negatively to stress, the first thing you should do is to identify your triggers, so you can learn to recognize and address them before they send you into a downward spiral.

    This often means facing your problems head-on and being brutally honest with yourself about your situation. It鈥檚 important that you respond to your problems instead of reacting emotionally.

    Once you do this, you can begin creating a plan to get back on top.

    2. Analyze your current spending and create a budget

    One of the first places to start is to analyze your current financial predicament. Take a look at your last few month鈥檚 worth of bank statements to see how much you鈥檙e spending.

    Then, separate your necessary living expenses (rent/mortgage, utility payments, car payment, insurance, etc.) from your discretionary spending.

    Often, cutting back on some of your discretionary spending can help you save hundreds of dollars a month, putting more funds back into your pocket that you can use to improve your situation or pay off your debt more quickly.

    By discretionary spending, I鈥檓 talking about expenses like:

    • Eating out
    • Shopping for clothes, shoes, or the latest tech
    • Nights out or buying alcoholic beverages
    • Paying for rideshare rides instead of using public transportation
    • Subscriptions to entertainment platforms

    3. Practise meditation

    I recently attended a 10-day meditation retreat, and it really opened my eyes to the benefits of a meditation routine. You don鈥檛 have to be anywhere or do anything special. Just close your eyes when you find a free moment and follow a five or 10-minute guided meditation on your favorite streaming platform.

    has been scientifically proven to reduce your stress hormone levels, which can help you view your financial troubles more objectively. This, in turn, can help you find creative solutions.

    It can also be helpful to start a gratitude journal. Every day, try making a list of five or 10 things in your life that you鈥檙e grateful for. It could be something simple, like the fact that you have a roof over your head, food in your refrigerator, or a cell phone that you can use to connect with others and find opportunities.

    4. Focus on finding solutions

    This brings me to my next point. Make an effort to be solution-oriented rather than focusing all of your energy on your problems.

    Every minute or hour that you focus on your problems is time that鈥檚 not spent solving them. Unfortunately, most financial problems can鈥檛 be wished away.

    If you鈥檙e facing a seemingly insurmountable financial problem, write it down on a piece of paper. Then, spend some time brainstorming and write down every possible solution you can think of to help solve your problem.

    This exercise gets you to focus your attention on solving the issue at hand, instead of allowing negative thoughts to spiral out of control.

    5. Don鈥檛 be afraid to ask for help

    If you鈥檙e the type of person who self-isolates when faced with challenges, then this message is for you. You don鈥檛 have to reach out and start asking your friends and family for money, but you shouldn鈥檛 be afraid to lean on them as a support system every once in a while -- even if it鈥檚 just talking about your problems.

    If you don鈥檛 have anybody in your personal network you can lean on, speaking to a therapist can be a great alternative. You can try in-person therapy, or use a virtual therapy platform to find affordable therapists you can vent to and receive sound advice from.

    A financial planner or debt counsellor may also be able to help you formulate a strategy to tackle your debt and create a roadmap for you to get back on top of your finances.

    Side hustle your way to success

    Managing your state of mind while going through a stressful time will help you stay positive and find creative solutions to overcome your challenges.

    One of the best methods to get ahead of your finances is to pick up a side hustle and start earning some extra money on the side.

    In some cases, you may even be able to turn your side hustle into a full-time career and earn great money doing something you enjoy.

    Keep on reading for more tips on how to .

    Christopher Liew is a CFA Charterholder and former financial advisor. He writes personal finance tips for thousands of daily Canadian readers at .

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