Amid a cost-of-living crisis, everyday money worries can compound, resulting in significant stress for many Canadians. Nearly half of Canadians, or 48 per cent, say money worries keep them awake at night. Financial stress can also lead to difficulties in relationships and create serious health issues.
So if your finances are impacting your mental health, know that you’re not alone. Thankfully, assistance is available to aid you in managing both your money and mental well-being.
Below, we’ll discuss the impact of financial worries on your mind and body. We’ll also outline how a credit counsellor can provide you with financial stress management.
Financial Stress Examples
Financial stress can manifest and extend beyond the burden of significant debt. Everyday money worries and economic challenges can take a toll on mental health in numerous ways.
- Taking care of household bills: The pressure to cover essential expenses like rent or mortgage payments can be overwhelming – even more so when our income is limited or unstable.
- Getting unexpected expenses: Emergencies such as car repairs or home maintenance issues can arise, leading to financial strain and anxiety.
- Having difficulty saving money: The inability to save for your goals can lead to insecurity and stress about the future.
- Handling consumer debt: Accumulating debt from credit cards, personal loans, or other forms of consumer credit can result in ongoing stress. High interest rates and mounting balances only exacerbate the already-challenging situation. Additionally, ignoring debt can create even more emotional stress, especially if you have creditors calling.
- Dealing with a job loss or potential layoff: Uncertainty about job security or experiencing unemployment can create significant financial stress. Fear of economic instability or the inability to meet obligations can negatively impact mental health.
You may not even notice how money worries are impacting your mental health. However, recognizing the connection between financial stress and mental well-being is crucial for personal growth.
How Financial Stress Impacts Mental Health
Whether it’s anxiety or depression, financial stress can take a toll on your mental health and overall well-being. Changes in your behaviour can strain your relationships with family and friends and also impact your productivity at work.
The adverse effects of financial stress impact more than your mental health – they create physical health issues, too. Individuals experiencing financial stress are twice as likely to experience poor health and are more susceptible to serious health problems, including heart disease and high blood pressure.
Accessing support for your financial well-being can positively impact your mental health and help improve your overall quality of life. Break detrimental financial habits by contacting an accredited credit counsellor, who will provide personalized financial advice and access to a broader support network.
How to Manage Financial Stress with Credit Counselling
There are three significant ways that credit counselling can help you address your financial stress and mental health concerns.
- Understanding Your Financial Concerns
Effective financial stress management begins with identifying the root causes of your money-related anxieties. A credit counsellor can assist you with recognizing patterns in your spending habits and understanding the debt cycle. By pinpointing the sources of your financial stress, you can take proactive steps to address them.
- Providing Education and Tools
Credit counselling equips you with the knowledge and tools for long-term financial stability, unlike quick fixes like payday loans. Through informative workshops and educational materials, credit counsellors offer insights into managing debt and building savings. A professional counsellor can also provide practical tools like budget mentoring and repayment strategies. Strategic processes will empower you to make informed financial decisions and cultivate healthy financial habits.
- Connecting You With Community Partners
Beyond financial management, credit counsellors recognize the importance of addressing mental health concerns. These professionals can facilitate connections with community partners specializing in mental health support, like counsellors and mental health clinics. With the support of a mental health professional, you’ll be able to develop resilience and better coping strategies. Simultaneously, your credit counsellor can address your financial concerns and teach you to create positive money habits.
Debt Solutions From a Credit Counsellor
Having the tools and resources to manage financial stress is imperative, otherwise, the burden of financial worries can extend far beyond monetary concerns, affecting mental and physical well-being.
Recognizing the signs of distress and seeking assistance from professional credit counsellors is paramount to managing financial worry. You’ll learn to handle your finances better and alleviate the associated mental health burdens. Credit counsellors can guide you forward through education, personalized tools, and access to community resources.
Reach out, seek support, and gain greater financial stability and emotional well-being. Connect with a credit counsellor today to start your journey toward sustainable financial management and improved mental resilience!
