{"id":94651,"date":"2025-06-10T15:58:28","date_gmt":"2025-06-10T19:58:28","guid":{"rendered":""},"modified":"2025-06-10T15:58:29","modified_gmt":"2025-06-10T19:58:29","slug":"7-tips-for-coping-with-financial-stress","status":"publish","type":"rbc_my_money_matter","link":"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/struggling-to-make-ends-meet\/managing-expenses\/7-tips-for-coping-with-financial-stress\/","title":{"rendered":"7 Tips for Coping With Financial Stress"},"content":{"rendered":"\n<section class=\"wp-block-rbc-section-block  pos-rel\" style=\"border-radius:0px\">\n<div class=\"wp-block-rbc-section-inner-block  section-inner\" style=\"border-radius:0x\">\n<div class=\"wp-block-rbc-rbc-block drop-shadow pos-rel top-line-blue block-wpr\">\n<div class=\"wp-block-rbc-rbc-block-inner-block block-inner\">\n<h4 class=\"wp-block-heading\" id=\"h-tldr\">TLDR<\/h4>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Financial stress is often overwhelming, but it can be overcome<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Creating a budget and consolidating debt are two ways to deal with money-related anxiety<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Several other strategies can help you gain financial peace<\/p>\n<\/li>\n<\/ul>\n\n\n\n<ul class=\"wp-block-rbc-list is-style-blue-disc\">\n<li class=\"wp-block-rbc-list-item\">\n<p>Starting small can make rebuilding after financial stress easier to do<\/p>\n<\/li>\n<\/ul>\n<\/div>\n<\/div>\n\n\n\n<p><\/p>\n\n\n\n<p>Many Canadians experience financial stress at points in their lives, especially during volatile economic times, with markets gyrating up and down and the cost of living continuing to rise. One study found that Canadians hold just over <a href=\"https:\/\/www.equifax.ca\/business\/blog\/all-news\/-\/story\/stable-versus-struggling-canada-s-financial-divide-widens\/\" data-dig-id=\"LP-94651-e6247fa7\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"$20,000 in consumer debt,\" class=\"rbc-link-format\">$20,000 in consumer debt,<\/a> while <a href=\"https:\/\/www.canada.ca\/en\/financial-consumer-agency\/services\/financial-wellness-work\/stress-impacts.html\" data-dig-id=\"LP-94651-6579f1fd\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"nearly half\" class=\"rbc-link-format\">nearly half<\/a> of us say we\u2019ve lost sleep over money.&nbsp;<\/p>\n\n\n\n<p>That pressure can take a toll on your body and mind. Your brain may be working overtime, crunching numbers and dreaming up scenarios, while your heart could be pounding, as the adrenaline around how to fix your money woes kicks in.<\/p>\n\n\n\n<p>Research suggests that money worries increase our levels of psychological distress, which can impact both physical and mental health. Those who feel financial strain are twice as likely to report poor health and four times more likely to suffer from headaches, sleep problems and other illnesses. Living with the pressure of financial stress can also increase the risk of heart disease and high blood pressure.<\/p>\n\n\n\n<p>Fortunately, there are strategies that can help alleviate money-related anxiety and put you on the path toward greater financial stability. Here are seven steps you can take right now to manage financial stress.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-get-to-the-root-cause-of-your-financial-stress\">Get to the root cause of your financial stress<\/h2>\n\n\n\n<p>Financial hardship often comes with shame that can prevent you from doing a deep dive into your finances. But it\u2019s important to have a clear understanding of your current situation to determine why you\u2019re feeling the way you do.<\/p>\n\n\n\n<p>One <a href=\"https:\/\/www.fpcanada.ca\/newsdetail\/fp-canada--2025-financial-stress-index-reveals-top-financial-stressors--barriers-and-generational-differences#:~:text=The%20top%20cited%20barrier%20is,paying%20necessary%20expenses%20(51%25).\" data-dig-id=\"LP-94651-a75c1ea8\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"report\" class=\"rbc-link-format\">report<\/a> found that the increased cost of living is a main source of stress, with rising grocery prices and inflation hitting people\u2019s wallets and mindset. Climbing housing prices and rents are weighing on Canadians, too, especially younger generations.<\/p>\n\n\n\n<p>Of course, there may be many more reasons why you\u2019re feeling stress, whether it\u2019s a recent job loss, a mortgage renewal at a higher rate or an unexpected expense to deal with. Identifying what behaviours or circumstances are making you feel stressed can help you move forward with a plan.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-create-a-budget\">Create a budget<\/h2>\n\n\n\n<p>Building a budget is critical to finding financial peace. Using paper, an online spreadsheet or an app such as <a href=\"http:\/\/rbcroyalbank.com\/mobile\/feature\/nomi\/budgets\/\" data-dig-id=\"LP-94651-5c020735\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"RBC\u2019s NOMI\" class=\"rbc-link-format\">RBC\u2019s NOMI<\/a>, its important to review your expenses against your income. First, allocate funds to essential spending such as housing, utilities, groceries and necessary daily expenses. Then see how much you have left to put toward other expenses. You may want to prioritize some areas of these over others, such as an annual winter getaway or a monthly night out.&nbsp;<\/p>\n\n\n\n<p>One popular budgeting strategy is what\u2019s called the 50\/30\/20 rule. Every time you receive a paycheque, you put 50% of those funds toward your basic needs. Then you allocate 30% of those funds to the fun stuff, such as trips, entertainment and streaming services. This is the allocation you can look to cut if you\u2019re basic needs and debt exceed the allocation. The remaining 20% goes toward savings and paying down debt. The less debt you have, the more of this bucket can go toward your savings goals, whether that\u2019s retirement, home ownership or education.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-consider-debt-consolidation\">Consider debt consolidation<\/h2>\n\n\n\n<p>Debt can be a major source of stress, so you may want to prioritize paying off your loans. While budgeting will help make sure you\u2019re setting aside money each month to reduce debt, if you feel like you have too much, you could reach out to your financial institution or credit card company to see if they have any payment or&nbsp;<a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/money-academy\/credit-and-borrowing\/understanding-loans\/how-debt-consolidation-might-help-improve-your-financial-well-being\/\" data-dig-id=\"LP-94651-2610ca1d\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"debt consolidation options\" class=\"rbc-link-format\">debt consolidation options<\/a>.<\/p>\n\n\n\n<p>With the latter, you could potentially merge mortgage and line-of-credit debt into one easy-to-make payment that\u2019s potentially at a lower rate, which could help <a href=\"https:\/\/www.rbcroyalbank.com\/personal-loans\/pay-down-debt.html\" data-dig-id=\"LP-94651-2fb0292a\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"free up cash flow\" class=\"rbc-link-format\">free up cash flow<\/a>. There may be other temporary relief options, too, such as making interest-only payments or, for those who may have lost a job or are facing some other unusual circumstances, skipping payments until you\u2019re ready to resume.<\/p>\n\n\n\n<p>If you do need help, it\u2019s important to maintain honest and open communication with your financial institution or credit card company. The more you can do to push yourself in the right direction to lowering debt, the easier it will be to deal with financial stress.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-find-new-sources-of-income\">Find new sources of income<\/h2>\n\n\n\n<p>If you do need more cash, you could consider finding ways to make more money. Most of us have some sort of creative pursuit or potentially extra time that can be turned into a side-hustle. Whether it\u2019s delivery driving, selling something you\u2019ve created or tutoring in the subject you aced in school, there are <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/goals-aspirations\/school-and-career\/finding-a-job\/serious-side-hustle-scenarios-your-guide-to-earning-more-cash\/\" data-dig-id=\"LP-94651-edf2b763\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"several gigs\" class=\"rbc-link-format\">several gigs<\/a> you could test out to supplement your income.<\/p>\n\n\n\n<p>Getting started doesn\u2019t need to be difficult. Setting up an e-commerce store, for instance, has never been easier, while social media can help you get the word out about your wares.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-set-up-an-emergency-fund\">Set up an emergency fund<\/h2>\n\n\n\n<p>Financial stress often occurs when an emergency happens, and you have to spend a lot of cash or tap into debt to fund that unexpected expense. Many experts suggest setting up an emergency fund for that reason \u2013 to have a pool of money you can use in a pinch. You might need it to buy a new car after an old one breaks down, to pay for an unplanned roof repair or to cover costs related to being off work for an extended period of time.<\/p>\n\n\n\n<p>How much you should put into an emergency account will depend on several factors, such as your income, expenses and if you have a spouse or partner who earns money, but many suggest setting aside enough to cover six months of costs. While the number can change, saving at least some money in an emergency fund is the most important thing. Automatically deposit a small amount from each paycheque into an account so you can rest easier knowing you have something put away to help get you through tough times.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-seek-professional-financial-advice\">Seek professional financial advice<\/h2>\n\n\n\n<p>It\u2019s hard to manage money on your own. That\u2019s why there are financial advisors who work with you to create a budget, set up an emergency fund and offer more general support to help their clients rebuild while experiencing and after financial stress. The services advisors provide have evolved significantly over the years, shifting from mainly investing to being a sounding board for all your financial needs. They can offer educational resources, expense tracking help and, perhaps most importantly in these situations, emotional support.<\/p>\n\n\n\n<p>Having a support network you can talk to about what\u2019s on your mind \u2013 whether an advisor or trusted family or friends \u2013 has been <a href=\"https:\/\/www.rbcroyalbank.com\/en-ca\/my-money-matters\/debt-and-stress-relief\/unexpected-events\/handling-financial-stress\/how-checking-in-can-help-reduce-stress\/\" data-dig-id=\"LP-94651-15132734\" data-dig-category=\"LP\" data-dig-action=\"link click\" data-dig-label=\"proven to help\" class=\"rbc-link-format\">proven to help<\/a> people deal with stress. Make sure to find an advisor you trust and who has experience assisting people deal with financial challenges.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-practice-self-care-and-stress-management\">Practice self-care and stress management<\/h2>\n\n\n\n<p>Finally, make sure to take care of yourself. Go for walks to de-stress, meet up with friends, take up meditation, play guitar if you know how;&nbsp;do what you need to do take your mind off your money. Sleep on any big financial moves you may need to make and watch your mood, which can impact how you handle financial pressure and make decisions.<\/p>\n\n\n\n<p>Financial stress may be challenging to deal with, but it\u2019s something many people go through at some point in their lives. The key is knowing how to manage and overcome it so you can stay on track to meet your future financial goals.<\/p>\n<\/div>\n<\/section>\n\n\n\n<div class=\"wp-block-group  mar-b-hlf has-rbc-bright-blue-tint-4-background-color has-background is-layout-constrained wp-block-group-is-layout-constrained\">\n<h2 class=\"wp-block-heading has-text-align-center\" id=\"h-speak-with-an-rbc-advisor\">Speak with an RBC Advisor<\/h2>\n\n\n\n<p class=\"has-text-align-center\">We can offer a clear view into your finances and help you make a plan for the future.<\/p>\n\n\n\n<div class=\"wp-block-buttons pad-b-hlf is-content-justification-center is-layout-flex wp-container-core-buttons-is-layout-16018d1d wp-block-buttons-is-layout-flex\"><div>\n<div class=\"wp-block-button  is-style-primary primary btn before\"><a class=\"wp-block-button__link wp-element-button\" href=\"https:\/\/www.rbcroyalbank.com\/book-an-appointment\/book-an-appointment.html\" data-dig-id=\"LP-94651-d98bff85\" data-dig-category=\"LP\" data-dig-action=\"button click\" data-dig-label=\"Book An Appointment-https:\/\/www.rbcroyalbank.com\/book-an-appointment\/book-an-appointment.html \">Book An Appointment<\/a><\/div>\n<\/div><\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Financial stress can be overwhelming, but these seven coping strategies will help you get your money \u2013 and your mind \u2013 back on track.<\/p>\n","protected":false},"author":319,"featured_media":94656,"parent":57275,"menu_order":0,"template":"wp-custom-template-mmm-sticky-nav","meta":{"_acf_changed":false,"advgb_blocks_editor_width":"","advgb_blocks_columns_visual_guide":"","footnotes":""},"tags":[517,520,77],"rbc_content_type":[31],"rbc_audience":[261,110,231,59,39,300,93,49,61],"rbc_lob_group":[506],"rbc_difficulty_level":[33],"rbc_mmm_category":[302,328,306],"class_list":["post-94651","rbc_my_money_matter","type-rbc_my_money_matter","status-publish","has-post-thumbnail","hentry","tag-budgeting","tag-managing-money","tag-personal-finance","rbc_content_type-article","rbc_audience-black","rbc_audience-business-owners","rbc_audience-indigenous","rbc_audience-newcomer","rbc_audience-parents","rbc_audience-relationships","rbc_audience-seniors","rbc_audience-students","rbc_audience-youth","rbc_lob_group-ways-to-bank","rbc_difficulty_level-beginner","rbc_mmm_category-debt-stress-relief","rbc_mmm_category-managing-expenses","rbc_mmm_category-struggling-to-make-ends-meet"],"acf":{"contently_publication_id":"","custom_author":"Royal Bank of Canada","rbc_video_header":"","rbc_media_duration":"","rbc_toc_for_mmm_tag":"h2","rbc_toc_for_mmm_limit":6,"rbc_toc_for_mmm":[{"title":"Get to the root cause of your financial stress","url":"#h-get-to-the-root-cause-of-your-financial-stress"},{"title":"Create a budget","url":"#h-create-a-budget"},{"title":"Consider debt consolidation","url":"#h-consider-debt-consolidation"},{"title":"Find new sources of income","url":"#h-find-new-sources-of-income"},{"title":"Set up an emergency fund","url":"#h-set-up-an-emergency-fund"},{"title":"Seek professional financial advice","url":"#h-seek-professional-financial-advice"}],"rbc_toc_for_mmm_action":"Generate Table Of Contents"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.7 (Yoast SEO v26.8) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<meta name=\"description\" content=\"Financial stress can be overwhelming, but these seven coping strategies will help you get your money \u2013 and 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