Each week, ICBA’s Jordan Bateman reflects on what we’ve learned as we participate in ICBA’s Workplace Wellness Program. This program is free for all ICBA members – check out icba.ca/wellness for details.
Did you know that 37% of British Columbians say financial stress has led to health issues? I think a lot of us have felt that tightening stomach from time to time, that anxiety that comes with not knowing if the paycheque will stretch far enough – or even worse, if the paycheques have stopped flowing in. This is an experience common to many of us.
So it’s important we talk about these issues – and make a plan to help. That’s the crux of this month’s learnings in ICBA Wellness.
Here are 5 steps to financial fitness:
- Set financial goals. Hard to know if you’re succeeding or failing without a target to aim for!
- Understand where your money is going. Where are you spending now? What money can be redirected to other priorities?
- Check your credit report. Make sure there are no errors in your report, or servicing debt costs you more than it should.
- Manage your debt. Creating a plan to pay down debt is helpful; some people take their smallest debt and pay it off first, in order to feel as though they’re making progress. Making sure you have budgeted enough for mortgages and payments is key.
- Keep learning! We don’t talk or read about this money stuff nearly enough. Look for good tools and strategies for saving, budgeting and handling debt.
ICBA’s Workplace Wellness Program is helping more than 50 companies, and thousands of construction professionals, better understand mental health. The program is free for ICBA members — see icba.ca/wellness.