It’s well known that stress can have a significant impact on our mental health, leading to things such as anxiety or depression. And one of the big stress factors for many Canadians is the constant financial worry that comes with debt and living paycheck to paycheck.
So how can you be conscious of your financial burdens and work towards lessening them?
1. Talk about it
As the name of the day #BellLetsTalk suggests, one of the very best things we can do to alleviate that stress and sometimes stigma of financial struggles is to talk about them and have those important conversations.
Finances shouldn’t make us feel ashamed, and when you sit down with a professional to have a judgment-free conversation about your finances, you can start to plan for a way to get yourself to a better place. Asking for help is always a step in the right direction!
If you’re ready to take that step, team Westoba is here to support you! Let’s build a plan to meet your goals starting with a financial checkup to go over your financial situation and create solutions to alleviate those stresses. You can book yours online today, here.
2. Audit your financial habits
Start looking at your purchases and taking notice of where your spending habits are contributing to the stress. Our purchases can make sometimes us feel guilty, so really look at which purchases are making you happy and which are contributing to your stress without actually benefiting you.
For example: A gym membership might be a cost that we know isn’t a necessity but if it’s making you feel better and overall helping your mental health then it’s also a beneficial purchase.
But if your new clothes hang in the closet with the tags on months after you purchased them because they were an impulse purchase, maybe you should re-examine your habits towards shopping.
As with everything, it needs to be balanced. Pick the habits and purchases that don’t lead to guilt, and at the end of the month look and see which expenses don’t benefit your overall well-being and that you don’t need to spend money on.
3. Seek the help you need for your mental health
A financial advisor can help if you’re feeling financially overwhelmed, but if the struggles are more than just financial then it might be beneficial to look for additional help and support. January 29th is Bell Let’s Talk Day and if you’re not sure where to find help or who to turn to, Bell offers a number of resources that can be found here. One in five Canadians will suffer from mental illness at some point in their lifetime. Know that you’re not alone!
**Read more about how finances can affect mental health through the resources below**