January 2010


Wellness Tip:

Wake & Walk Fall out of bed and lace up your sneakers, even before your brain has a chance to wake up. Walk for a minimum of 10 minutes or 1000 steps…every day.

Morrow, Crossdale & Associates Inc.
445 Apple Creek Blvd.
Suite 219
Markham, Ontario
www.morcro.ca
E.G (Ted) Morrow:
ted.morrow@morcro.ca
Paul Crossdale:
paul.crossdale@morcro.ca
Sean Ross:
sean.ross@morcro.ca

The changing economy has forced many to rethink their expectations for the future. Some people are putting off retirement or returning to the workforce because their savings have been hit by the financial crisis. Other are readjusting their spending habits and budgets, and many are reflecting on the place that money and possessions have in their lives. Change in life is inevitable, but sudden unexpected change can create anxiety and uncertainty. A key to successfully weathering change is to accept that you don’t have full control over what happens and to focus on those areas you do have some control over. Adjusting to changes in your financial situation.
•Taking practical steps to manage financial change can help you with the emotional adjustment of living with less. There are some ways to maximize what you have and bring money into your household.
• Rethink how you spend money. You may be tempted to keep up familiar spending patterns by using credit cards or dipping into savings. But if you have less money to spend, put a halt to unnecessary purchases so you don’t get into serious debt.
• Review your budget. Look for expenses to trim or to cut out entirely. Putting a revised spending plan down on paper will help to clarify your spending priorities.
• Consider ways to supplement your income. You may be able to increase your income by  selling things you have or make, or providing services like babysitting or car repair. If you have an extra room in your home, consider renting that out for extra income.
• Delay retirement. If you were planning on retiring soon, you can increase your retirement income by seven percent if you continue working for one year, and 22 percent if you work for four more years, according to a U.S. study by T. Rowe Price. Adjusting emotionally
• It’s normally to feel upset and anxious when you experience a sudden change. A healthy way to deal with these negative emotions is to accept that you need to rework your plans for the future and find ways to adjust. Readjusting Your Expectations
Find opportunities in the change. Any change—even an unwelcome one—can bring new opportunities to learn and grow. The decision to go to work or to find new ways to earn money might lead you to rediscover long-forgotten skills or inspire you to learn new ones. Adapting to the change can make you stronger and better prepared for the next challenge that comes your way.
Take pride in your coping skills. Taking control of spending is a source of pride for most people. Finding bargains in the grocery store, for example, can put a smile on any shopper’s face. You might also consider doing more around your home on your own instead of hiring others to do it. For example, learn how to make minor car repairs so you can hold onto your vehicle longer. Do home maintenance yourself. Allow yourself to take pride in your efforts to stretch your money.
Take stock of your life. Remind yourself of what is most important to you. A financial or other crisis often forces us to focus on our priorities and to remember what we truly value in life. Even if the financial downturn means that you have to make a major change, such as moving into a new home, step back and look at what you still have, instead of dwelling on what you’ve lost. Focus on those things that you value, such as your family and friends.If you are having difficulty adjusting to the financial or other changes in your life, contact Life works for more resources about coping with change and dealing with financial hardships.

www.lifeworks.com

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