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Mental Health and Money

Often when we think about money or bills our stomachs cringe and our heart starts racing. Does this sound familiar? If you’re also dealing with depression or anxiety and are trying to make ends meet, thinking about money can be really stressful. You are not alone.

Money is a tricky thing that can make life amazing or awful. Money is essential to modern life and a leading cause of stress. There is a connection between money and mental health and one has an influence on the other. Financial stress impacts mental health and mental health also affects how we manage our finances. For example, nearly 50% of Canadians lose sleep over money concerns. Plus, the COVID-19 pandemic makes it even harder to manage mental health and personal finances.

Stress-related to personal finances affects mental and physical wellbeing in many different ways.

  • One in five people with mental health challenges deals with financial problems.
  • People with financial stress are twice as likely to experience poor overall health.
  • 43% of people whose finances were impacted by COVID experienced moderate to severe anxiety.
  • People with significant debt have three times the mental health problems compared with people without debt.

Tips for destressing from money worries.

  1. List all your financial obligations – this activity might be scary but offloading your money worries on paper gives you a chance to understand your priorities.
  2. Review your needs and wants – what do your money priorities look like? Categorize need items and wants items. What are the negotiable and the non-negotiable items?
  3. Seek out support, like Money Matters, which offers a safe and welcoming space to learn how to manage money better for people living with mental health and/or addiction challenges.

Take a BIG slow breath in and exhale.

Let’s work together! Please call 403-204-2687 or email us for more information.

Photo by Christopher Catbagan

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