Are You Impacted By Financial Stress?

Date: January 27, 2021

This past year has brought many additional stresses to people’s day to day lives. These added stresses 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 financial worry that comes with debt and living paycheck to paycheck.

So how can you be conscious of your financial worries and work towards reducing them? 

1. Talk About It

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. Get started today by getting a Financial Fitness Checkup.

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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 sometimes make us feel guilty, so really look at which purchases are making you happy and which ones are contributing to your stress without 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 for months after you purchased them—because they were an impulse purchase—maybe you should re-examine your habits towards shopping.

As with everything, you need to balance your purchasing habits. 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. If you’re not sure where to find help or who to turn to, the government of Canada has 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!