We’ve all been there, a month where unexpected costs creep up and then our credit card statement arrives with a number that sends us into a tailspin.
There is no stress quite like financial stress. In fact, 42% of Canadians say financial worries are their biggest source of personal stress.
If money is on your mind, there is a likely chance it is affecting your overall well-being. Here are some strategies you can use to minimize your stress while you balance your finances.
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Develop a plan
In order to relieve financial stress, you must have an active plan on how to improve your finances. This might be achieved by working with a financial advisor, looking for a new job if you were laid off, or setting a strict budget to help you navigate tough times. When you have a plan in place, you will feel more in control of the situation and your mental burden will be eased.
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Identify how you react to financial stress
Everyone reacts differently to financial stress. Some people spend even more when they are stressed to make themselves feel better. Others may even lie to their family members to cover up their spending habits or pull away from family and friends. Once you can pinpoint how you react to financial stress, you can work to prevent behaviours which will place an even greater burden on your mental health. Try keeping a journal of your mood and subsequent actions on a day-to-day basis to help you identify trends.
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Stay active
When faced with financial stress, it’s typical to feel depressed and lethargic. If you stop exercising and being active, you won’t produce as many endorphins (feel-good hormones) which can actually make you feel worse. Exercising also helps reduce stress hormones in the body like cortisol and adrenaline, making you feel calmer. Get out for some aerobic activity for at least 30 minutes a day.
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Keep up with your daily routine
Financial stress shouldn’t keep you from doing the things you love, like spending time with family and friends. If you start to pull back from your support network and completely change your daily routine, you run the risk of being isolated and further impacting your mental health. Even if the things you love involve spending money, try to budget for them in some capacity. For example, you might opt for a home cooked meal with friends instead of going out to a restaurant.
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Get help if you need it
Financial stress can be overwhelming and all-encompassing. If your stress has gotten to a point where it is affecting your day-to-day life, consider working with a therapist or other health provider to determine the best strategies for you.
If you are overburdened by financial stress, speak to your Care Team about the best treatment options and support for you.