Mental Health, Finances & You

Have you ever stayed awake at night, worrying about your finances, feeling uncertain how you can tackle your financial problems? You’re not alone. You are one of the 48% of Canadians who have lost sleep because of financial worries.

Financial stress is something that most Canadians have in common.

You probably won’t be surprised when we tell you that your finances affect your mental health… and that your mental health can influence your financial decisions.

How Finances Can Negatively Impact Your Health

A study published in Clinical Psychology Review shows us that unsecured debt can lead to poor health, including mental health. Financial stress causes all kinds of problems: Poor sleep, headaches, problems with relationships, and more.

How Poor Mental Health Derails Your Finances

The problem doesn’t end there though. When you’re not feeling your best mentally, you’re more likely to make major financial mistakes.

1. You Can’t Think Clearly
   When your mental health is in bad shape, you’re likely feeling exhausted, fogged, overloaded, or a range of other feelings that make it difficult to even think. This could mean that you don’t have the energy to stick to a budget, let alone actually make your budget.
2. You Look for Temporary Joy
   You’ve definitely heard the expression “retail therapy” before. That’s when you make purchases to make yourself feel better. Maybe you were feeling bad about your appearance and splurged on beauty products or clothing, or maybe you ordered expensive takeout for the third time this week.
3. Things Seem Hopeless
   If you’ve lost sight of the big picture, and nothing is feeling worth it, you’re likely thinking “what’s the point” when it comes to your financial goals. Poor mental health might mean you no longer push yourself to save for retirement, a future home, or your children’s education.

What Can You Do?

The link between mental health and your finances can become a vicious cycle. One influences the other, but you are not helpless. Keep reading to find out how you can improve your financial and mental wellbeing.

Take Back Control

We know that when you’re in a hard place the last thing you want to do is sit down and work with your finances. However, taking control of your financial future will make you feel better. You can take back control when you:

1. List Your Debts: And get specific! How much do you owe every month, and what day of the month do you owe it?
2. Track Your Spending. Make Your Budget: Making a thorough budget will take you less than an hour, and it will ease your mind if done right. Set aside some time with the other financial decision-makers in our household, and get settled in with a cozy beverage.
3. Keep On Saving: Pay your future self even if you’re living paycheque to paycheque. Reassess your monthly budget and find the $10 you can put into a Jumpstart Savings Account with us. No amount is too little.
4. Talk About It: Don’t carry your burden alone. Talk to your partner, your family, or your friends. They’ll understand.

Does this list seem daunting to you? Visit any Cashco branch and we’ll be happy to help you start.

Get in Touch with a Professional Counsellor TODAY

Mental health services can be pricey, but they don’t have to be.

Members of The Village by Cashco can also have access to Lifeworks: A self-help portal that can put you in touch with certified professionals for FREE 24/7. Sign up and become a member today.

Check in with your healthcare benefit provider and see what kind of coverage you have for professional counselors or therapists.

If you don’t have coverage, we might be able to help. If you are an Albertan resident and a Cashco client, you could get access to Alberta Blue Cross benefits FASTER! Just call 1-800-394-1965 and get started.

In Distress? Don’t wait. Pick up the phone.

We couldn’t be prouder to be a Platinum Sponsor of this year’s National Distress Line Fundraiser which is hosted every year by the Canadian Mental Health Association – Edmonton. This fundraiser directly supports The Distress Line which provides confidential, non-judgmental, and short-term crisis intervention, emotional support, and resources to people in crisis or distress.

You can use the Distress Line at any time by calling 780-482-HELP. Don’t live near Edmonton? That’s okay. Check out Crisis Services Canada to find a crisis line for your needs.