Back to Managing Your Triggers articles

FACE YOUR FINANCES

Money is one of the top causes of stress today — and it’s well known that stress can trigger a cold sore. Here’s why being on top of your finances can be good medicine.

Woman sitting at a desk and reviewing receipts | Create a budget.

Enter your income and expenses into a worksheet so all of your finances are in one place. You can create one on your own or use any number of pre-existing sources like the budget worksheet on canada.ca/en/financial-consumer-agency/services/mortgages/planning-housing-budget.html or balancing your monthly budget at itools-ioutils.fcac-acfc.gc.ca/yft-vof/eng/ieb-4-3.aspx. If your expenses are greater than your income, find ways to cut back.

Woman holding a coin jar | Follow the 50/30/20 rule

This rule suggests allocating 50% of your monthly income toward your absolute ‘needs’ (groceries, housing, car payments, insurance etc.), 30% towards your ‘wants’ (dining out, entertainment, traveling, shopping, etc.), and, in a perfect world, 20% toward savings and reducing your debt. However, the average savings rate in Canada is roughly between 3.8% and 5.8%. So even putting away 10% will put you comfortably above the average.

https://www.thebalance.com/the-50-30-20-rule-of-thumb-453922

Man sitting at a desk and reading mail | Review your budget every month.

Try your best to stick to a monthly budget. Sometimes, what’s worrying you are looming expenses related to special occasions, like weddings, holidays, and anniversaries. As you get closer to your personal savings goals, you’ll feel more in control, and reviewing your budget every month can help you better plan for these big events.

Woman sitting at a desk and reviewing receipts | Create a budget.

CREATE A BUDGET

Enter your income and expenses into a worksheet so all of your finances are in one place. You can create one on your own or use any number of pre-existing sources like the budget worksheet on Consumer.gov or Budgetworksheets.org . If your expenses are greater than your income, find ways to cut back.

Woman holding a coin jar | Follow the 50/30/20 rule

FOLLOW THE 50/30/20 RULE

This rule suggests allocating 50% of your monthly income toward your fixed expenses (rent, groceries, utilities, etc.), 30% toward lifestyle expenses (eating out, entertainment, traveling, shopping, etc.), and, in a perfect world, 20% toward savings and reducing your debt. However, the average savings rate in the U.S. is between 4% and 5%. So even putting away 10% will put you comfortably above the average.

Man sitting at a desk and reading mail | Review your budget every month.

REVIEW YOUR BUDGET EACH MONTH

Try your best to stick to a monthly budget. Sometimes, what’s worrying you are looming expenses related to special occasions, like weddings, holidays, and anniversaries.  As you get closer to your personal savings goals, you’ll feel more in control, and reviewing your budget every month can help you better plan for these big events.

Young woman sleeping in bed

GET YOUR ZZZZZZ’S

Young blond woman smiling with closed eyes

HOW TO KEEP CONFIDENT WHEN A COLD SORE STRIKES 

Young woman applying lip balm

CHAPPED LIPS? TAKE ACTION!

Toggle