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Young woman sitting on the grass drinking coffee and reading a book enjoys outdoor recreation.

<h2>Social media can often make us feel like we're financially behind.&nbsp;</h2><p>Many people worry about their financial situation often feeling as though they are not doing well enough or are "behind" the average person. The reality is, we are often doing better than we think.</p><p>Check in on your financial health with these 5 financial statistics below. I hope these statistics remind you that you are doing better than you think or give you some comfort that you are not alone.&nbsp;</p><figure id="figure-oalc2nrudvm1b3erer"><img id="oalc2nrudvm1b3erer" src="https://media.gettyimages.com/id/1200482681/photo/interior-and-decoration.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=J5P8afCVyH8DZtQZBqaYE8ya-8tMTcvX4qCOJBHqfLg=" alt="Interior and Decoration" title="Interior and Decoration" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1200482681/photo/interior-and-decoration.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=J5P8afCVyH8DZtQZBqaYE8ya-8tMTcvX4qCOJBHqfLg=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>1. You have $5000 or more in savings.&nbsp;</h3><p>Savings is the foundation to financial wellness. The Motley Fool Ascent survey found that 71% of people have $5000 or less in savings, with 41% having $500 or less set aside.&nbsp;<br><br>If you don't have $5000, but you have started setting aside funds in an emergency savings account, you are winning. Stay the course and keep building your financial safety net!</p><h3>2. You have $4k or less in credit card debt.&nbsp;</h3><figure id="figure-7xtckah7gm1b3estx"><img id="7xtckah7gm1b3estx" src="https://cdn.durable.co/blocks/6SYoAV8Ikz3dhHxImnlfOr6cOY9dEq1CEDrQWzoliTGbmzr2qPVQDohuQWmj6qAP.jpg" alt="debt management" title="debt management" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://cdn.durable.co/blocks/6SYoAV8Ikz3dhHxImnlfOr6cOY9dEq1CEDrQWzoliTGbmzr2qPVQDohuQWmj6qAP.jpg" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><p>If you carry credit card debt, you're far from alone.&nbsp;<br><br>According to Transunion, the average credit card balance for Canadians at the end of 2023 was $4265.&nbsp;<br><br>Make sure you have a consistent plan to take the outstanding credit card debt that you do have. Paying off high interest debt is crucial.&nbsp;</p><h3>3. Not a homeowner &amp; feeling behind?</h3><p>Don't stress.&nbsp;</p><p>The average age of a first time home buyer in Canada is 36 years old.&nbsp;<br><br>Data shows that 31 percent of first-time homebuyers have received financial help from family members so far in 2024 with the average amount of money they received rising to $115,000.&nbsp;<br><br>If you are independently saving for your first home, it is going to take a little longer. Keep it up and don't get down on yourself. And make sure you are taking advantage of the First Home Savings Account (FHSA) in Canada.&nbsp;</p><p>And remember if you don't want to be a homeowner, that is perfectly okay.&nbsp; A home is not the only way to build wealth.&nbsp;</p><figure id="figure-oth9kokzigm1b4mexq"><img id="oth9kokzigm1b4mexq" src="https://media.gettyimages.com/id/821895542/photo/house-key-in-hand.jpg?b=1&s=2048x2048&w=0&k=20&c=myr5u0AK3Cpe8jTnpmkCS9V4P6ho6_s_acjZ7qzOjv4=" alt="House key in hand" title="House key in hand" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure><h3>4. You don't have a car payment.</h3><p>Paying interest on a depreciating asset that becomes less and less valuable over time is not recommended.&nbsp;<br><br>The average car loan interest rate in Canada according to Statistics since 2023 has been 8%.&nbsp;<br><br>If you have a used or new car that you bought without a loan or financing, you are doing well!<br><br>If you don't have a car, you are in a unique position to save or invest the amount that you save by not spending on fuel, insurance and car payments. Take advantage!<br><br>If you are financing with a better rate than 8%, that is a win too!</p><h3>5. You have invested your first $100.&nbsp;</h3><p>Consistent investments are another key indicator you're better than you think financially, no matter how small.&nbsp;</p><p>According to recent studies, 48% of working Canadians put at least some money into investments, however 32% of working Canadians have never set aside money for retirement (saving or investing).&nbsp;</p><p>The earlier you start investing in your future, the better.&nbsp;</p><h2>You may be doing better than you think, but if not, you are not alone.&nbsp;</h2><p>Many people are doing better financially than they think. By building an emergency fund, paying down debt, saving for the future, tracking your net worth, and living within your means, you can gain a clearer picture of your financial health.</p><p>Remember, financial planning is a journey. Celebrate your progress and keep working towards your goals. Dream big, save often and come up with a financial plan that works for you and makes you feel good.&nbsp;<br><br></p>

Are You Doing Better Financially Than You Think?

Unrolled yoga mat on wooden floor in yoga studio

<h2>Why Wealth Does Not Equal Wellbeing</h2><p>There is no aruguing that wealth and wellbeing are interconnected, but it is important that we get the equation right. Wealth ≠ Wellbeing.&nbsp;</p><p>While I do believe financial security plays a crucial role in supporting our overall well-being, there is more to the equation than just having an abundance of money &amp; assets.&nbsp;</p><p>On the other side of the equation, when we think about our wellbeing and wellness routines, we often think about our physical, mental &amp; emotional health, without considering the impact of our financial health.<br><br>I think it's important that we bridge the world's of wealth &amp; health together to achieve true wellbeing.</p><p>The goal is not more money. The goal is to be at peace and healthy to do the things we love with the people we love.&nbsp;</p><p>Yes, we need money to make it happen. But it's not about the money. It's about managing our money and time in a way that makes us feel good.&nbsp;</p><p>Let's stop prioritizing more money, and start prioritizing financial wellness.</p><figure id="figure-3wlrm130nlzonwph9" class=""><img id="3wlrm130nlzonwph9" src="https://media.gettyimages.com/id/1160000566/photo/letters-on-blocks-spelling-wealth-or-health.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=ziBBayLxwdnzAnMYzd713ZxTUyFHOoO6xYqOmrXvZjs=" alt="Letters on blocks spelling wealth or health" title="Letters on blocks spelling wealth or health" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1160000566/photo/letters-on-blocks-spelling-wealth-or-health.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=ziBBayLxwdnzAnMYzd713ZxTUyFHOoO6xYqOmrXvZjs=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h3>Understanding Financial Wellness</h3><p>Financial wellness is not about the actual dollars and more about our relationship with money, the way we manage our money and how it impacts other aspects of our lives.&nbsp;</p><p>It involves a holistic approach to managing money, ensuring that our financial decisions support overall our physical, mental and emotional well-being.</p><h3>The Impact of Financial Wellness on Overall Well-being</h3><p>Why is Financial Wellness important? It effects all aspects of our lives, influencing our physical health, mental health, relationships, and productivity at work. When we don't take control of our financial wellness, it can negatively impact other aspects of our lives.</p><p>Physical health – </p><p>It is no secret that money is a leading cause of what keeps people up at night and a good night sleep is key to our overall health. In addition, financial stress can often lead to unhealthy coping behaviours, such as overeating, smoking, or excessive alcohol consumption.</p><p>Mental Health- </p><p>The burden of financial debt, the fear of an uncertain financial future or the constant comparison to what success should look like <span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">can weigh heavily on a person’s mental well-being and cause anxiety, stress or depression.</span></p><p><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">Relationships-</span></p><p><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">Financial issues often put a strain on the relationships with those closest to us and is a leading source of conflict amongst couples and families.</span></p><p><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">Productivity-</span></p><p><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">&nbsp;Financial worries are without a doubt a major distraction, leading to decreased focus, lower job performance, and less engagement with work.&nbsp;</span></p><figure id="figure-ig3l3ovxy9lzoon24l"><img id="ig3l3ovxy9lzoon24l" src="https://media.gettyimages.com/id/660654466/photo/life-balance-choices-signpost-with-sunrise-sky-backgrounds.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=gmkaaFjaNU2HaMQKgnfbOFstBTbXVSV_iJKcumRkL-M=" alt="Life balance choices signpost, with sunrise sky backgrounds" title="Life balance choices signpost, with sunrise sky backgrounds" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: undefined undefined;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/660654466/photo/life-balance-choices-signpost-with-sunrise-sky-backgrounds.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=gmkaaFjaNU2HaMQKgnfbOFstBTbXVSV_iJKcumRkL-M=" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;"></figure><h3>What Financial Wellness feels like:</h3><p>It's not about what it looks like. It's about what it feels like.</p><ol><li>&nbsp;Security- to feel the peace of mind that you can cover unexpected expenses or get through any financial obstacles that may present themselves.</li><li>In Control- to actively manage your money in an intentional way that helps you reach your personal goals and sleep at night.</li><li>Clarity- to approach financial decision-making with a postive mindset &amp; mental clarity to ensure we manage our money in a way that aligns with our values.</li><li>Confidence- the belief that you are deserving and capable to make money and make informed financial decisions to comfortably navigate living the life you desire.</li><li>&nbsp;Empowered- to feel excited and eager to manage your finances in a way that aligns with your personal values &amp; goals.</li></ol><h3>Strategies for Achieving Financial Wellness</h3><p>The key is to start simple and incorporate a healthy balance between money management, movement and mindfulness as they all affect our financial wellness.&nbsp;</p><p>Read our guide: <a data-mce-href="https://femfinancial.ca/blog/5-steps-to-kickstart-your-financial-wellness-journey" href="https://femfinancial.ca/blog/5-steps-to-kickstart-your-financial-wellness-journey">5 Steps to Kickstart your Financial Wellness Journey</a> to get started.</p><figure id="figure-j9t62oqqlzop7gxn"><img id="j9t62oqqlzop7gxn" src="https://media.gettyimages.com/id/1137366043/photo/young-woman-sitting-on-the-grass-drinking-coffee-and-reading-a-book-enjoys-outdoor-recreation.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=aPvO7iSW6B5vMwTBYGAKmsB0FvXtud8Hcj5sxRDI1zc=" alt="Young woman sitting on the grass drinking coffee and reading a book enjoys outdoor recreation." title="Young woman sitting on the grass drinking coffee and reading a book enjoys outdoor recreation." class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: undefined undefined;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1137366043/photo/young-woman-sitting-on-the-grass-drinking-coffee-and-reading-a-book-enjoys-outdoor-recreation.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=aPvO7iSW6B5vMwTBYGAKmsB0FvXtud8Hcj5sxRDI1zc=" data-mce-style="aspect-ratio: 16/9; object-position: undefined undefined;"></figure><p>Financial wellness is about more than just accumulating wealth. It's about making informed decisions that support your overall wellbeing. By focusing on financial health, you can create a balanced and fulfilling life.</p><p>Remember, it's not the amount of money you have, but how you manage it that matters.</p>

Beyond Wealth: Why We Should Prioritize Financial Wellness

Multicultural group of people stacking hands together - University students putting their hands on top of each other - Human relationship, social, community, startup, teambuilding and college concept

<p>Rising cost of living, inflation at a high globally, mass layoffs becoming the new normal for workplaces... it is no secret why the average person in North America is stressed out financially.<br><br>Financial stress is a concern for employees at all income levels: According to <a data-mce-href="https://www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html" href="https://www.pwc.com/us/en/services/consulting/business-transformation/library/employee-financial-wellness-survey.html" target="_blank" rel="noopener">PwC's 2023 Employee Financial Wellness Survey</a>, even among employees earning more than $100,000 or more, 47% report feeling stressed by finances.&nbsp;</p><p>It's time to starting considering finanical wellness and the impact it has in the workplace.</p><h2>Understanding Financial Wellness</h2><p>Financial wellness is more than just having a good salary. It encompasses a person's entire financial situation, including their ability to manage expenses, save for the future, and handle unexpected costs. In the workplace, financial wellness programs aim to equip employees with the knowledge and tools they need to achieve financial stability.</p><p>When employees feel financially secure, they are more focused and productive at work. They are less likely to be distracted by financial worries and more likely to engage fully in their roles.</p><h2>The Benefits of Financial Wellness Programs</h2><p>Implementing financial wellness programs in the workplace can lead to several positive outcomes. These programs often include workshops on different financial management topics, stress management techniques and they may also offer one-on-one financial counseling.</p><p>Employees who participate in these programs often report lower stress levels. They feel more confident in their financial decisions and are better prepared for the future.</p><h3>Increased Productivity</h3><p>One of the most significant benefits of financial wellness programs is increased productivity. When employees are not distracted and preoccupied with financial concerns, they can concentrate better on their work. This leads to higher quality output and improved job performance.</p><figure id="figure-oo20c8lujlzfz1yxg"><img id="oo20c8lujlzfz1yxg" src="https://images.unsplash.com/photo-1471897488648-5eae4ac6686b?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw0fHx3b3JrcGxhY2UlMjBwcm9kdWN0aXZpdHl8ZW58MHx8fHwxNzIyODAwNjk4fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" alt="workplace productivity" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9;" data-mce-src="https://images.unsplash.com/photo-1471897488648-5eae4ac6686b?crop=entropy&amp;cs=tinysrgb&amp;fit=max&amp;fm=jpg&amp;ixid=M3wyNjI5NjF8MHwxfHNlYXJjaHw0fHx3b3JrcGxhY2UlMjBwcm9kdWN0aXZpdHl8ZW58MHx8fHwxNzIyODAwNjk4fDA&amp;ixlib=rb-4.0.3&amp;q=80&amp;w=1080" data-mce-style="aspect-ratio: 16/9;"></figure><h3>Enhanced Employee Retention</h3><p>When employees are burdended by money matters or suffering from financial stress, they are more likely to be searching for other jobs with higher pay or greater benefits- and you can't blame them.&nbsp;<br><br>More money though is not always the solution to financial stress and does not make our money problems go away. Often with education, mindfulness and better money management habits people can reduce their financial stress and achieve financial wellness.&nbsp;<br>&nbsp;</p><p>For employers, it is important to proactively help employees achieve financial wellness to avoid high turnover rates and losing good talent.</p><h2>Introducing Financial Wellness in the workplace</h2><p><span style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));" data-mce-style="font-family: inherit; font-size: calc(18px * var(--body-fontSize, 1)); font-weight: inherit; font-style: var(--body-fontStyle, normal); background-color: rgba(249,250,251,var(--tw-bg-opacity));">Financial wellness in your workplace does not have to be complicated. Here are some steps to get started:</span></p><ol><li>Assess the financial needs of your employees through surveys, focus groups or 1:1's.</li><li>Partner with financial experts to provide <a data-mce-href="https://femfinancial.ca/employers" href="https://femfinancial.ca/employers">interactive workshops</a>, lunch &amp; learns or counseling.</li><li>Encourage a culture of financial literacy by promoting ongoing education.</li><li>&nbsp;Offer a retirement matching contribution program to help employees save for their future.</li></ol><p>By following these steps, you can create a program that meets the specific needs of your employees. This tailored approach will make the program more effective and beneficial for everyone involved.</p><h2>Conclusion</h2><p>Financial wellness in the workplace is essential for both employees and employers. It leads to increased productivity, enhanced employee retention, and overall better job satisfaction. By implementing financial wellness programs, companies can support their employees in achieving financial stability and success.</p><p>Investing in your employees' financial health is not just a benefit for them; it is a strategic move that can lead to a more engaged and productive workforce. Start exploring financial wellness options today and see the positive impact it can have on your organization.&nbsp;<br><br>Because when your employees thrive, your business thrives.</p>

Financial Wellness in the Workplace: A Must Have.

A strong businesswoman pushing rocks up the hill to reach the goal on top.

<p>Managing debt can be challenging &amp; overwhelming. It's can be hard enough to even think about &amp; acknowledge the debt, let alone think about how to begin paying it off.</p><p>&nbsp;Two popular strategies to tackle debt are the Snowball and Avalanche methods. Each has its own approach and benefits. Understanding these methods can help you choose the right path for your financial situation.</p><h2>Snowball Debt Strategy</h2><p>The Snowball method focuses on paying off your smallest debts first. You make minimum payments on all your debts and then add as much extra as you can afford to your smallest debt. Once paid off, you move to the next smallest.</p><p>This method can provide quick wins and is psychologically motivating. Paying off a debt can give you a sense of accomplishment and encourage you to continue.</p><p>The hardest part of debt repayment is getting started and sticking to a strategy, so if the smallest debt gets the ball rolling, let's do it!</p><figure id="figure-4hftbj7i6mlzagrf7l"><img id="4hftbj7i6mlzagrf7l" src="https://media.gettyimages.com/id/499466605/photo/piggy-bank-seesaw.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=gPNDn_bxWT7XwupKKZAoSi-sdrUja-25ny_tE_gq-Xs=" alt="Piggy bank seesaw" title="Piggy bank seesaw" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/499466605/photo/piggy-bank-seesaw.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=gPNDn_bxWT7XwupKKZAoSi-sdrUja-25ny_tE_gq-Xs=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>Avalanche Debt Strategy</h2><p>The Avalanche method targets debts with the highest interest rates first. You make minimum payments on all debts except the one with the highest interest rate. For this debt, you pay as much extra as you can afford. Once you pay off the highest interest debt, you move to the next highest interest debt.</p><p>This method can save you money on interest over time. It focuses on reducing the amount of interest you pay, which can help you get out of debt faster.</p><figure id="figure-d6ehcg2viklzagrgjs"><img id="d6ehcg2viklzagrgjs" src="https://media.gettyimages.com/id/1337324812/photo/woman-taking-credit-card-out-of-wallet.jpg?b=1&s=2048x2048&w=0&k=20&c=ncTXCAj8IBojXLFcv5XcLsNMlwEZ4U9X0RPnTjySfPw=" alt="Woman taking  credit card out of wallet" title="Woman taking  credit card out of wallet" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="null" data-positionY="null" data-fullWidth="false"/></figure><h3>Steps to Implement the Avalanche Method</h3><ol><li>List all your debts from highest to lowest interest rate.</li><li>Make minimum payments on all debts except the highest interest debt.</li><li>Pay as much extra as possible on the highest interest debt- often times credit card debt</li><li>Once the highest interest debt is paid off, move to the next highest.</li><li>Repeat until all debts are paid off.</li></ol><h2>Choosing the Right Strategy</h2><p>Choosing between the Snowball and Avalanche methods depends on your personal situation. If you need quick wins to stay motivated, the Snowball method might be right for you. If you want to save money on interest, the Avalanche method could be a better choice.</p><p>Both methods require discipline and commitment. The key is to choose a strategy that you can stick with. Consistency is crucial to becoming debt-free.</p><p>It may also help to book a session with a financial coach. They can provide personalized guidance based on your specific circumstances and check-in to keep you accountable! Remember, the goal is to reduce your debt and improve your financial health.</p>

Snowball vs Avalanche: Which Debt Strategy is right for you?

Six wooden blocks arranged in pyramid shape

<h3><br></h3><p>It is not a nice to have, it is a must.&nbsp;</p><h2>Why You Need an Emergency Fund</h2><p><br>Life is unpredictable. Unexpected expenses can arise at any time. An emergency fund acts as a financial safety net. It can help you cover sudden costs without going into debt or having to withdraw from your investments or retirement funds.</p><p>An Emergency Savings Fund in my humble opinion is the foundation to Financial Wellness.</p><p> Building one requires time and discipline, but the peace of mind it brings is worth the effort.&nbsp;</p><figure id="figure-zf59z2yltflza8cxp7"><img id="zf59z2yltflza8cxp7" src="https://media.gettyimages.com/id/1188682549/photo/wooden-silhouette-of-dollar-sign-under-umbrella.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=PtQt_-6qNmaayNPVtGo2uyYod75IKT_Ces6AlJRIUuQ=" alt="Wooden silhouette of dollar sign under umbrella" title="Wooden silhouette of dollar sign under umbrella" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1188682549/photo/wooden-silhouette-of-dollar-sign-under-umbrella.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=PtQt_-6qNmaayNPVtGo2uyYod75IKT_Ces6AlJRIUuQ=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>Choose your Number</h2><p>First, determine how much you need in your emergency fund. A common recommendation is to save three to six months' worth of living expenses. This amount can cover your basic needs if you lose your job or face a significant expense.</p><p>Write down your monthly expenses. Include rent or mortgage, utilities, groceries, and other essential costs. Multiply this total by the number of months you want to cover.</p><h2>Open a Separate Savings Account</h2><p>It's important to keep your emergency fund separate from any other savings or chequing account. Open a dedicated savings account for this purpose. This makes it easier to track your progress and reduces the temptation to dip into your emergency fund for non-emergencies.</p><p>Look for a high-yield savings account. This type of account offers better interest rates, helping your money grow faster.</p><h2>Start with small, regular contributions<br></h2><p>Before you get overwhelmed with trying to make a budget and maximize the amount you can save, just think of a small amount that you can comfortably afford to set aside when you get paid.&nbsp;</p><p>Choose that amount — whether it’s $15 or $100 commit to paying yourself first when you get paid!</p><h2>Automate Your Savings</h2><p>Automating your savings can make the process easier. Set up automatic transfers from your checking account to your emergency fund. Choose a specific amount to transfer each month or each payday.</p><p>This "set it and forget it" approach ensures you consistently contribute to your emergency fund. Over time, these small contributions add up.</p><figure id="figure-z8aywj22239lzage2lp"><img id="z8aywj22239lzage2lp" src="https://media.gettyimages.com/id/1473130513/photo/white-3d-background-with-wide-margins-with-arrow-graphs.jpg?b=1&s=2048x2048&w=0&k=20&c=LFCZWUBNFil_Yry-ks7ZEx_M7mJ8PQTFq911uXnOwLc=" alt="White 3D background with wide margins with arrow graphs" title="White 3D background with wide margins with arrow graphs" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionX="undefined" data-positionY="undefined" data-fullWidth="false"/></figure><h2>Now, boost your savings.&nbsp;</h2><p>Now it is time to take a look at a budget sheet and see where you can cut unnecessary expenses or where you may be overspending in categories that aren't aligned with your values.&nbsp;<br><br>It doesn't mean you have to cut out these expenses forever, but it is helpful to be extra mindful on your spending until you have your emergency fund in place!</p><p>Even small amounts can make a big difference over time. Stay focused on your goal and keep looking for opportunities to save more.</p><h2>Increase your money in.&nbsp;</h2><p>Easier said then done, but if you are struggling to put any money aside or want to superboost your savings, it might be time to explore other ways to increase your income.&nbsp;</p><p>This could involve asking for a raise, taking on a part-time job, or starting a side hustle. Use the extra income to boost your emergency fund first- not to enhance your lifestyle spend.</p><h2>Stay Committed</h2><p>Building an emergency fund requires commitment and patience. Often times people give up since they don't see quick progress. Stay motivated by tracking your progress. Celebrate small milestones along the way!! Your first $500, $1000, $2500, $5000 etc.</p><p> Remember, an emergency fund is a crucial part of financial wellness. It provides security and peace of mind in uncertain times and finanically prepares you to have the capacity to start investing!</p>

Finance Foundations: Building an Emergency Fund

Cozy Window Nook with Open Journal And Coffee

<p>Mindfulness has become a buzzword in recent years. But what does it have to do with money management? Surprisingly, quite a lot. Mindfulness can help people make better financial decisions and reduce stress related to money.</p><h2>Understanding Mindfulness</h2><p>Mindfulness is the practice of being present in the moment. It involves paying attention to your thoughts, feelings, and surroundings without judgment. This practice can help you become more aware of your financial habits and decisions.</p><p>When you are mindful, you can notice the triggers that lead to impulsive spending. You can also recognize the emotions that drive your financial choices. This awareness can help you make more deliberate and thoughtful decisions.</p><figure id="figure-x7o096u1xilza0kph2"><img id="x7o096u1xilza0kph2" src="https://media.gettyimages.com/id/1055435980/photo/healthy-mind-body-and-spirit.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=BuaDdSjS8WqxTrAEvYVWquDlmmqxwzB3j1qZ1pPvL2I=" alt="Healthy mind body and spirit" title="Healthy mind body and spirit" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="null" data-positiony="null" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1055435980/photo/healthy-mind-body-and-spirit.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=BuaDdSjS8WqxTrAEvYVWquDlmmqxwzB3j1qZ1pPvL2I=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure><h2>The Connection Between Mindfulness &amp; Money Management</h2><p>Mindfulness can lead to better financial health in several ways. First, it can help you reduce stress. When you are mindful, you are more likely to feel in control of your finances. This can reduce anxiety and improve your overall well-being.</p><p>Second, mindfulness can help you build better financial habits. By being aware of your spending triggers and emotions, you can make more intentional choices. This can lead to better spending habits and saving practices.<br><br>Third, mindfulness can help you reconnect with what is important to you and what you value to help you get more financial clarity on your goals.</p><h3>Steps to Incorporate Mindfulness in Money Management</h3><p>Here are some steps to bring mindfulness into your financial life:</p><ol><li>Set aside time each day to practice mindfulness. This can be as short as five minutes. I enjoy going on long walks in the morning without distractions and thinking about my wealth &amp; wellness goals during this uninterrupted time. Yoga, reading, meditating, stretching are all other great options.&nbsp;</li><li>Journaling- write down your financial decisions and the emotions behind them. Practice gratitude by acknowledging the things you already have. Set financial goals for the week, month and year.</li><li>Before making a purchase, take a moment to breathe and consider if it aligns with your financial goals. I like to go as far as the 24 hour sleep on it rule, where I wait 24 hours before making a purchase. If I am still thinking about it after having time to ground myself, it typically means it aligns with my values.</li><li>Review your spending habits regularly to identify patterns and areas for improvement. You can't change what you don't measure!<br><br><figure id="figure-3q4eah4ks5lza7tqt3"><img id="3q4eah4ks5lza7tqt3" src="https://media.gettyimages.com/id/1412521067/photo/woman-writing-on-a-mountain.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=mTesMOjuvsPElM9n1YFpsqqaAypQEkn2HmsbmAqsKZY=" alt="Woman Writing on a Mountain" title="Woman Writing on a Mountain" class="object-cover bg-gray-100 rounded-sm md:rounded-md lg:rounded-lg" style="aspect-ratio: 16/9; object-position: center center;" data-corners="default" data-aspect="16:9" data-caption="" data-positionx="undefined" data-positiony="undefined" data-fullwidth="false" data-mce-src="https://media.gettyimages.com/id/1412521067/photo/woman-writing-on-a-mountain.jpg?b=1&amp;s=2048x2048&amp;w=0&amp;k=20&amp;c=mTesMOjuvsPElM9n1YFpsqqaAypQEkn2HmsbmAqsKZY=" data-mce-style="aspect-ratio: 16/9; object-position: center center;"></figure></li></ol><h3>Journal Prompts to help you stay mindful in your relationship with money:</h3><p>Here are some practical prompts to help you stay mindful in your financial life:</p><p>1. What are your earliest memories of money/how was money handled as you grew up? Did you learn any lessons or do you see any similar patterns?<br><br>2. Do you practice impulse buying/make unplanned purchases? What typically triggers this: sales, stress, emotional states, excitement?<br><br>3.&nbsp; What are the core values that guide your life (e.g., wellness, family, education, adventure etc)? Are you spending money in ways that support these values?<br><br>4. What is your motivation and your “why” to earn and have money?</p><p>In conclusion, mindfulness can be a powerful tool in managing your money. By staying present and aware, you can make better financial decisions and reduce stress. Start incorporating mindfulness into your daily routine today and see the positive changes it can bring!</p>