Managing stress and money
By: Henry Choo Chong
Q
I am a single male in my early 30s. My income is fixed with very little savings and in light of the recent recession and layoffs, I’m still afraid of aftershocks. Should I have a more optimistic approach?
Dale, Burlington
A
The media often does a great job reporting bad news because it is what many tune in for. What’s more interesting: "100 families lose jobs and homes, must live in homeless shelters" or "Mom buys new mini-van to drive kids to dance class"? I am in the corner of "the glass is half-full" on this one. However, optimism is not a bubble that is oblivious to world economic issues.
This might be a good opportunity to take a closer look at your work ethic, organize priorities and formulate a contingency plan. Individuals cannot eliminate the anxiety of losing a job, or how to pay next month’s mortgage, but they can take steps to manage the stress.
Stress is not managed like a car hitting a large rock, but more like water that flows around it. There could be something to this Yoga stuff.
Consider some of the following that may ease your insecurities:
» Sit back and take inventory
» Create a budget or review your monthly cash flow
» Be objective and cut unnecessary expenses
» Have an emergency fund, savings account or start a Tax Free Savings Account
» Reduce your use of credit
» Apply for a line of credit for use only on rainy days. Banks will loan money when times are good, but not when they are deteriorating
» Have sincere interest in your job
Henry Choo Chong, CGA, sits on many committees and provides accounting and tax services to individuals and businesses in the GTA. He can be reached at 416.485.5225. Questions to Taxing Issues can be e-mailed to
choochonghcga@yahoo.ca The opinions and views expressed herein are those of the author and not those of Condo Guide. Condo Guide does not necessarily endorse or encourage any specific tax strategies. Please consult a tax professional for advice specific to your particular situation