Join us at our AGM
Pre-register for our Annual General Meeting on April 14, where election results will be announced.
Pre-register here.The only constant in the economy is change itself.
So what can we do? Focus on staying steady when times get tough!
Emotions always have some influence on decisions, but it’s risky when fear is the main driver. It’s important to know how to deal with your emotions when it comes to your finances.
Let’s get into it.
Fear often stems from uncertainty about the present, the future, or both. We are prone to speculate, and we often jump to the worst-case scenario—this comes from natural survival instincts.
While it’s often a good thing to prepare for the worst, it’s also good to take a step back to get some perspective before making and acting on decisions.
It’s also important to solidify some spending, saving, and investing fundamentals.
One way to manage the stress that might come with the rising costs of living is to be proactive with budgeting. Read this article to learn some basics of budgeting.
You can also turn to the REDRESS acronym in tough times:
Review and make use of any opportunities available to you at work. You could start with benefits you might receive as a full-time or near full-time employee, including mental health support.
Be sure to investigate any potential continuing education or training offered—and maybe even paid!—by your employer. It’s never overboard to become as skilled and knowledgeable as you can in your field.
Always save for emergencies. Everyone should have an emergency fund to bridge any time between jobs.
If you end up without work, use the suggestions above to help carry that emergency fund through until you’re re-situated.
When the market is unstable, it’s important not to panic and run for the hills. The worst thing you can do is react emotionally to market changes.
You may think you’d be able to take advantage of a market dip for a quick profit. Don’t cave to the temptation! Market timing is gambling, particularly in short-term windows.
Staying invested is key. Remember: time in the market beats timing the market!
Think of your investments like a cruise ship on an extended journey with some rough waters along the way. When the weather gets bad, you don’t take to the life rafts and abandon ship. You trust in the solid engineering and experienced crew to keep you safe and get you to your destination.
Essentially, a well-constructed portfolio and a qualified advisor are your best bet for you to sail through difficult times with little damage to your financial goals.
A great way to rationalize your thoughts is to talk things out. Our advisors can help you make informed decisions. Book a meeting today and let us help!
For more information, please consult your advisor and tax professional.
Mutual funds and other securities are offered through Aviso Wealth, a division of Aviso Financial Inc.
The information contained in this article was obtained from sources believed to be reliable; however, we cannot guarantee that it is accurate or complete. This material is for informational and educational purposes and it is not intended to provide specific advice including, without limitation, investment, financial, tax or similar matters. This document was adapted from an article by Aviso Wealth and all views expressed in this document are those of Cambrian Credit Union or Aviso Wealth.
We would be happy to discuss your unique situation with you.
Our goal is to make complex topics like this one, simple.
