Feeling the pinch? Here are 6 strategies to reduce money stress

For some, the root cause of financial stress could be as immediate as not being able to pay the bills, pay down credit card debt or cover rising mortgage payments. For others, it could be a longer-term concern, like worrying about saving enough for retirement.

Take a few minutes to jot down your biggest money concerns. Keep the list short to avoid feeling overwhelmed. Naming the cause of your stress, whether it's one issue or more, is a great way to narrow your focus and start to create a plan to address it.

Creating and sticking to a budget doesn't have to be restrictive or time-consuming. In fact, getting back to basics with a clear and realistic budget can give you more control over where your money is going. This can also help you make smarter, more informed decisions.

To get a big picture view of your monthly cash flow, use our budget calculator.

Already have a budget? Reviewing your spending and savings plan may help you find ways to free up extra cash for what’s most important.

The same way that clearing off your desk can help you focus on the task at hand, organizing your finances can make it easier to keep a handle on things. Here are some tips.

Track your spending: Knowing what's coming in and going out of your account allows you to adjust monthly spending habits, to align with your budget and meet your goals. Track your expenses using CIBC Insights on the CIBC Mobile Banking® App.

Streamline your bill payments: Automated transfers and payments through your online banking will help ensure you never miss a payment.

Meet with an advisor: They'll help you set realistic goals, provide tailored advice and create an overall plan.

Find an accountability buddy: Choose someone who will hold you accountable to your goals and check in on your progress.

Debt happens. But you can get out of the red with a clear plan.

Start by creating a list of what you owe, ranking your debt from the highest to lowest rates of interest. A good strategy is to pay off the debt with the highest rate of interest first, like credit cards, which can average close to 20 percent.

31 percent of Canadians say the best way to describe financial wellness is having enough funds put aside for an emergency².

Setting aside even a small amount on a consistent basis can help you build up a financial safety cushion. Better yet, this process may eliminate some worries you might have about being unable to cover unexpected costs.

Want to put your savings on autopilot? Starting an automatic transfer into a high-yield savings account is a great way to set it and forget it.

Whether it's finally paying down credit card debt or sticking to a budget, rewarding yourself is an important part of your journey.

Celebrating your successes doesn't mean you have to spend a lot of money, but be sure to acknowledge how far you've come.

One of the best ways you can reduce money stress is by taking action, no matter how small. Even if your financial options are limited right now, take a step back to identify the areas you want to improve, get organized and work on a plan. This can help you feel more at ease and see what the right next steps are.

^{1, 2} 2022 CIBC Financial Wellness Survey