Coping With Financial Worries

Financial stress can negatively affect mental health.

The financial pressures associated with the cost-of-living crisis have left countless individuals living paycheque to paycheque. Unfortunately, financial difficulties can significantly impact mental well-being. In fact, 48% of Canadians have lost sleep because of financial worries, according to a report by the Financial Planning Standards Council.

Supporting mental health is important to us; consider the following strategies to make coping with financial worries just a little bit easier.

Take stock of your finances.

If you’re feeling overwhelmed by your financial situation, take a step back, thoroughly assess your situation and tackle each problem individually. For instance, you could start by calling your bank and utility companies to set up payment plans for outstanding debts. Next, you could begin jotting down everything you spend to scrutinize where you can save.

Talk to someone.

Rather than suppressing your feelings, consider talking face-to-face with a trusted friend or co-worker. Speaking openly about your financial worries can help put things into perspective.

Avoid unhealthy coping mechanisms.

Although some people use alcohol to alter their mood, alcohol’s effect is temporary and won’t help you deal with problems. Instead, moderate alcohol consumption and engage in self-care practices, such as regular exercise and healthy eating.

Engage with professional services.

Consider engaging with professional debt services such as the Credit Counselling Society.

Reach out to your doctor if you’re concerned about your mental well-being.


This article is intended for informational use only and should not be construed as legal, financial or medical advice.