A little organization can go a long way to reducing personal financial stress
A recent national survey conducted for the Financial Planning Standards Council (FPSC) found that money is the leading source of stress among Canadians. Money and financial matters are a bigger stressor than work, personal health or relationships. 51% of women and 40% of men are losing sleep over financial worries and almost half or 45% are embarrassed about their lack of control over finances. Highlights of the survey on financial stress can be found here
Unlike other kinds of stress that can make your adrenaline go into overdrive and raise your energy level which can lead to a fight or flight response, financial stress is different. Financial stress often leads to a debilitating form of mental burden that is hard to shake and can have other long-term consequences of the very unfavorable kind.
What’s the answer? How can you reduce personal financial stress?
- Embrace Technology
Answer: All of the above and keep them going
Dealing with “cluttered” finances & personal financial stress can be debilitating
Organization is a key and positive first step to successful personal financial management & reducing stress that can help you achieve future success. Organization & simplifying are both BIG stress reducers. Organization goes beyond where things are. Organization is about knowing what you have which is way better than not knowing and imaging the worst.
Knowing what you have is the first step in moving forward towards what you want to achieve and where you want to be down the road. Knowing what you have on an ongoing basis will help you monitor your progress and keep you motivated towards your goals.
Our web-based LegacyTracker personal financial organizer helps you reduce personal financial stress by helping you to organize and:
- Safeguard important documents by scanning/saving them inside LegacyTracker
- Enhance your peace of mind by sharing important information you wish to share with your loved ones or professional advisors
- Receive reminders and alerts about what you still need to do in terms of being organized around your personal financial affairs
Organization can also help you Assimilate, Eliminate, or Consolidate helping you to Simplify
The process of becoming more organized can better highlight the fact that you might have multiple accounts or providers that can be consolidated or eliminated which will mean less paperwork management and maybe reduced costs over the longer term. You might also find while you are organizing, that you have gaps or opportunities that you had not taken care of previously because they were missed in some of the clutter
Getting organized is a Gift to you AND your family in the short and longer term. Disorganized personal financial/estate information can cause additional grief, expense & stress inadvertently for a loved one that you care about. Helping a spouse or family member or friend organize their own affairs is also a gift worth offering.
Our LegacyTracker financial organizing tool provides the ability to share what you want to share with loved ones or advisors for that specific reason. LegacyTracker can help you and your family members reduce personal financial stress