What impact does financial stress have on mental and physical health?

Turn your dark moments into comfortable ones, because laughter, fun and dreams are possible even when you’re going through financial stress. Assistance from financial, mental and physical health specialists can make it easier to get past these problems. Self-help and getting help are the keys to overcoming the impact of financial stress.

Every financial decision we make has an impact on our lives, our financial health and even our mental and physical health.

This summer, the weather was warm and sunny, and you splurged to please your children. After seeing the ads and your friends’ photos on social media, you succumbed to the temptation: five tickets to the waterslide park, with restaurant meals and accommodation, all paid for with your credit card. The upshot of your financial decision? You don’t have the cash to pay off your credit card balance. The impact on your mental health? You’re anxious!

And then it’s back-to-school time for the kids, and you have to buy school supplies. It’s all happening at the same time. It will soon be Halloween, then Christmas, and then the annual insurance payments. Chronic debt, seasonal spending and an empty savings account are all risk factors that can lead to financial stress.

If you’re experiencing financial stress, you’re not alone. Money is the main source of stress for 38%¹ of Canadians. If you’d like to measure your level of financial stress, take the test created by Fric & fortune and Kaleido: it could be a great help in assessing your situation.

When you’re under financial stress, your day-to-day life is filled with situations that impact your mental and physical health.

You go to bed at 10 p.m. It’s now 11 p.m., and you still can’t sleep. Insomnia² is one effect of financial stress on your physical health.

To avoid mood swings, you put off opening your bills, because you don’t have the energy to see how much you owe your creditors.

When your child tells you about his or her day, for example, you realize that you’re not listening because you’re too preoccupied with your mortgage renewal, which is fast approaching. All this is a source of great anxiety.

Remember that financial worries are temporary, whereas the effects of chronic stress can stay with you for a long time: breathing problems, headaches, high blood pressure and so on. Don’t let great family time be ruined by the physical or mental impact of financial stress. Surround yourself with family finance specialists who can help you get through this stage of your life, manage stress and improve your financial health.

1. Get help and see a financial problems specialist

The first step toward reducing stress over your financial situation is to meet with a personal finance specialist, and if necessary, a mental and physical health specialist. They will answer your questions and guide you with ideas and solutions to help you get out of your financial predicament.

Preparing a financial plan, making a budget and reviewing your savings goals will help you better understand your situation, find the best solution for your financial situation, and improve your money management. Knowing exactly what the figures, payment dates and amounts coming in are will also help reduce your financial anxiety. Surrounding yourself with professionals is essential to assure your financial well-being.

2. Get some financial information to reduce stress factors

First, take the time to read more about strategies for putting money aside and cutting expenses that will help you overcome financially stressful situations. There are many good websites for learning and staying informed. If your schedule allows, you could even take a course⁴ in personal finance. Online tools are also available to help you manage your income and expenses.

Also consider encouraging your children to read some financial information. Talking about money with your children⁵ is educating them! Meeting with a personal finance specialist? Bring your children along. The more you talk to them about it, the more they’ll learn, and the more likely they’ll be to seek financial assistance if they need it.

Life has its ups and downs, and so do your finances. So maintaining good financial, mental and physical health is essential if we want to lead a comfortable life despite the pitfalls. Don’t be afraid to turn to financial professionals to help you overcome your financial stress.

Kaleido’s team of specialists is available to help you save today by putting your money into an RESP, and ensure a bright financial future for your children!