03 Jan Are you dealing with Financial Fatigue?
What is Financial Fatigue?
Financial stress can stem from being in debt, not being able to operate at normal capacity for a number of reasons, therefore, affecting the ability to earn enough money. If you can reduce your financial worries, you may be able to focus on the other key areas of your life and relax.
Anxiety is high among all age groups these days, and it isn’t surprising that financial difficulties are among the top five causes. Over the past 15 years, I’ve seen firsthand how debilitating financial stress can be and how it impacts all Canadians regardless of age or income level.
According to the Financial Consumer Agency of Canada, 48 percent of Canadians say they’ve lost sleep due to financial worries. Financial stress can also negatively impact relationships, cause an inability to focus at work, and generate anxiety and high blood pressure, to name just a few negatives.
So what steps can you take to provide relief to your financial situation?
Evaluate where your business is at?
The easiest financial challenges to tackle are those within our control. When is the last time you sat down and evaluated all the key aspects of your business? Have you considered all the potential options available to you?
- Revenue: Which revenue sources are still profitable? and Which revenue sources are costing you money?
- Have you looked in depth at your expenses? When is the last time you canceled all those little subscriptions that you are not using the services of?
- Terms of payment and payment options. Do you accept as many sources of payment as possible? or are you limiting your business’s ability to collect funds?
- Do you budget for taxes, profits, savings, etc.?
Strategies to Eradicate Financial Fatigue.
- Compare prior year’s financials
- Compare your financials to other similar businesses in the marketplace.
- Create a budget. In your budget, make sure you budget a percentage to emergency funds and taxes. Budgets are a “plan to spend”. In planning your spending expectations, ensure you set aside funds for potentially “unplanned” expenses to avoid the use of credit.
- Elicit outside assistance to help you with details.
- Determine what you can change and create a plan.
- Track your progress! This is
While this may sound like it’s not an immediate solution to your financial problem, it can make a big difference in the amount of stress you feel each day and each month, it will indeed get a lot easier.
Find positive aspects of your financial situation by tracking your progress toward your financial goals. Looking at the positive aspects of your current financial situation can also help alleviate stress.
Remember, you can change your financial situation and you will find it easier to do if you are not living in an anxious state all of the time.
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