Simple money moves to restore calm when financial waters are choppy

Economists and personal finance advisers are telling you to ride it out, but it takes determination to overcome your nervousness … and the strong temptation to sell everything and move to Belize … in this woeful financial environment.

Here are some ways you can bring tranquility to your financial circumstances and your emotional health:

Invest in your wellness

Counter to what you might think, it is a very good idea to spend money to be well.

And, it doesn’t need to cost a lot.

Affordable meditation apps, such as Calm or Headspace, will provide you with soothing music, guided meditations, simple movements and wisdom, to bring peace to your mind. Your employer may even have a discounted membership to these apps and you can usually try them for free, for a few days.

Yoga, Pilates, running and working out are great options to be well, physically and emotionally. Scan your budget to see how much money you can earmark for your physical well-being. If the answer is “nothing,” that’s OK; you can enjoy free content on YouTube, design your own at-home workouts. (You probably did this throughout the pandemic anyways, so you’re a pro.)

If you can squeeze in some spending, look for discounts on memberships and class passes, and try to use the gear you have, not buy more. Cancel other less-used subscriptions to reroute the savings here. Focus on what you know will get you to move your body, and drop the rest.

Spending on mental health is a core part of most benefit plans, even if you are self-employed and paying into an independent one. Take a look at your coverage, and, if you need support from a therapist, book your sessions. Depending on the level of spending, and if the provider is properly registered, you may be eligible for the medical tax credit. If you are absolutely unable to pay for this, search non-profit, free, mental health options and speak to your family doctor about accessing their network of free resources.

Nutrition affects the physical body and mental state of mind. It’s critical to note that, amidst soaring prices at the grocery store, you can still eat a balanced diet on a budget.

The best approach is to map out what you want to be eating for the week. (For example, Day 1: overnight oats in the morning; a hard-boiled egg and some cheese for a snack; soup and salad for lunch; crackers and an apple for an afternoon snack; and a lean cut of meat, with veggies and rice, for dinner).

With your healthy plan in place, hit the grocery store and buy only what you need. Yes, it takes a bit of time to compare prices and ingredients properly, but the process will get faster as you become a planning pro. You’ll see the benefits of a lower bill. (Meal planners save about 20 per cent.)

I know you already know this, but it’s worth a friendly reminder: Learning to cook healthy is of huge benefit to your life and finances. It will help you avoid unplanned, unhealthy takeout. (It is completely OK to do takeout once in while, when it works with your budget.) It’s also totally OK to focus your money on quality food if that is important to you, but just ensure you’re on top of price comparisons.

Simplify everything

Annoyed with all the bogus financial advice on social media? Can’t find your coupon code in the piles of papers stacked in your living room? Exhausted by the pickups and drop-offs to programs your kids aren’t even that interested in and that! cost a fortune? Getting spammed by vendors with deals you know you can’t afford?

Cut out the noise! Take a deliberate pause from scrolling on your phone. Tidy up your home and purge what isn’t serving you. (That’s essentially anything you haven’t used in six months). Choose fewer, better activities with your children … things you can actually afford and that they are engaged in. Unsubscribe from email lists that trigger overspending. Reduce the amount of bank accounts you have. Simplify and consolidate debt, so that it’s easier to pay off and see your progress. If you overdid it on your home purchase or rental, it might make sense to consider downsizing to a more simple and affordable space. (Run the numbers with your financial adviser first.)

When you slow down and bring focus to what is most important for you and your family to be well and healthy, you will benefit from a sense of peace around your finances and almost always find savings.

Don’t do anything rash!

People who are anxious and don’t have a plan, sell investments at precisely the wrong time and buy investments that don’t make sense for their stage of life or risk tolerance. This doesn’t have to be you. (Even if you’ve been rash recently, you can stop.)

The best approach is to step back from whatever the financial decision right in front of you is. Give it 24 to 48 hours to ask yourself questions such as: “Do I have all the information to make a smart choice?”; “What advice is my financial adviser giving me?”; “How does this align (or not) with my financial goals and overall wellness?”; “What other impacts could this decision have on my life?” Pausing to do this will reduce anxiety and increase the chances you will make a well thought-out decision. And, do get advice from your financial adviser!

Research shows that having a peaceful and positive outlook for your future financial picture is key to your wellness right now.

So, as you’re implementing these peaceful money moves, believe that better times are approaching!

This article was originally published in The Star. Lesley-Anne Scorgie is a Toronto-based personal finance columnist and a freelance contributing columnist for the Star.