The world is unpredictable at times. Sometimes, that uncertainty can even feel like the new normal. During these periods, finances often top the list of worries for many Canadians. The FP Canada™ 2025 Financial Stress Index found that nearly half of Canadians have been losing sleep due to money concerns. 

Even if you’re one of the better sleepers, we’ve got some tips for gaining more peace of mind—whatever your financial situation.

A little preparation goes a long way

Here on the Island, we’re all too familiar with preparing for the “Big One”. "Drop, Cover and Hold On" has been drummed into us for decades. Being financially prepared is just as important. Feeling prepared and capable can not only help you worry less about what might happen, but also stay calm when something does happen. In fact, worrying about what might happen can often be as stressful as the actual event.

Some potential situations are more common and easier to prepare for. These could include shifting interest rates, stock market fluctuations, and cost of living changes. Other things come as complete surprises. No-one expected the COVID-19 pandemic in 2020 or predicted the seismic changes to U.S.-Canada relations in 2025 after the U.S. Presidential Election. You can’t necessarily prepare or budget for such uncommon events, but you can be prepared in case they happen. 

Of course, there are also positive events to prepare for, such as your wedding, buying a home, starting a family, your kids’ education, and retiring. So how can you be prepared for (almost) anything and reduce your feelings of stress around your finances? We’ve pulled together a few practical things you can do.

Plan, don’t panic!

It pays to stay calm when something unforeseen happens. Often, the last thing you want to do is make snap decisions in the heat of the moment, such as selling off your stocks when the market takes a dip or making drastic changes to your long-term financial strategy.

During the early months of 2025, the stock markets fell and rose on an almost daily basis in response to a potential global trade war. While it’s important to stay up-to-date, avoiding stressors like information overload from too much time spent online is a good habit to get into during volatile periods. 

Control what you can 

Your goal should be to control the things you can and minimize damage caused by things you can’t. Whatever your situation or life stage, here are a few things to focus on:

Build an emergency life-raft

Ideally aim to always have three to six months’ worth of living expenses, such as mortgage payment/rent, money for groceries, and gas and utilities, readily accessible in a high interest rate savings account. Then if something happens, you don’t have to borrow or use a credit card to meet your day-to-day expenses. You can build this fund over time by making small “Scheduled Transfers” from your chequing account into a savings account. These are easy to set up in your Coastal Community online banking.

Look for leaks in your financial ship

Forgotten TV subscriptions? Too much takeout food? Impulse purchases? Review what you spend over a typical month to find a place where you can save a few dollars here and there. This can be a good way to navigate nasty surprises, such as rising food prices. You could also redirect those outgoings in the short-term to help build your emergency fund. In the long-term, you could aim to save a little more each month.

Actively manage your debt

One potential leak is paying too much interest on debt. You could consider switching to a low interest credit card. A debt management strategy with an advisor can also help you stay on top of your current situation by better managing your mortgage, line of credit, credit card, and other debt. Managing debt also means trying not to take on too much new debt, which is another good reason to have an emergency fund to help in tougher times.

Diversify your income and skills

Many people of all ages freelance, work part-time, or take on side gigs. Some even monetize a hobby, such as woodworking or making jewellery. Some walk their neighbours’ dogs! If there’s an entrepreneur inside you, unpredictable times can be an opportunity to let them out. Consider gaining new skills through courses, and keep a lookout for government programs that help people retrain.

Stress-test your plan

Whether you’re approaching retirement or it’s a long way off, it’s a good idea to review and take stock. Has the amount you need to live on in retirement changed? Should you retire later or earlier? Are your investments diversified enough to handle any of the events above? Lean on your Coastal Community advisor to undertake a personal investment stress-test for you to provide some extra peace of mind.

Think long-term

Having a long-term mindset is the real key to weathering financial storms. Stay calm in tougher times, seek out expert advice when you need it, and take small, consistent actions like “Scheduled Transfers” and regular spending reviews. All of this can bring you peace of mind and stability, even when the storms blow in.