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The Stress of Money and How to Cope

A racing heartbeat. Sleepless nights. An upset stomach. These are just a few symptoms of financial stress. Financial problems can impact your bank account, but also your physical and mental health. Studies have shown that there is a link between financial worries and mental health problems like depression and anxiety.1 It is very common to feel stressed about money, and a 2018 poll found that nearly a third of Canadians regularly feel very stressed about their finances. Financial stress has only increased because of the pressures of the COVID-10 pandemic and the economic downturn.

Financial stress can hurt anyone. Students often worry about the increasing loans they need to pay for school, families might worry about having enough money to pay the monthly bills, while seniors often worry about their retirement savings.

October 17th is National Depression Screening Day. If your worries about money are affecting your wellbeing, you can reach out to get help from Momentum. Here are some of the things that can help you manage your money and your stress.

  1. Start with a budget. Learn more about how to make your money, and how to build up your savings by budgeting. Momentum offers a free 45-minute, on-demand course that you can take from the comfort of your couch.
  2. Learn about credit. Credit can be a powerful tool. Learn more about how credit works, building your credit and credit scores in this 60-minute, on-demand course.
  3. Take a Money Management workshop. Sign up now for in-person and virtual classroom workshops on assets, banking, consumerism, budgeting and credit to help you build a financially stable life.
  4. Get coaching. Register for Financial Coaching to help you budget and create a plan. Access up to five one-on-one sessions, available to anyone living on a low income in Calgary.
  5. Earn money when you save money. You can earn money while you save up to $50 a month in your own bank account with Momentum’s Matched Savings Program. Learn more or sign up here. Youth have a savings program just for them and can learn more here.
  6. Connect to a Savings App. Start saving today with the easy to use app on your phone. Save just $40 a month for 10 months and earn up to $100!
  7. StartSmart and save for your child’s education. You can start to save now for when your child finishes high school with an RESP grant from the government that gives you free money for your child’s future education. StartSmart is a 1 hour workshop.

 

1Almost a third of Canadians ‘very stressed about money,’ report finds”, 2018.

 

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