How to deal with Stress Induced by Finances and Our Mental Health

Many people feel stressed due to money. In Canada two out of every five reported that their finances were their biggest concern, according to a survey conducted by FP Canada in 2022. This includes those who struggles with their finances and those who are stressed over losing their investments or their comfortable financial situation.

As a wealth psychologist, I have observed that people who are stressed about their financial circumstances could benefit from both a proactive approach to their situation and improving their mental health. Money stress can weigh on an individual’s wellbeing. It triggers our survival fear. In order to deal with this fear it is important to create a plan that focuses on finding solutions to the financial hurdles while adopting a different mindset.

Once individuals have a plan in place to get a hold of their finances and take actions in a direction that will improve their present financial state, only then a person begins feeling control over the situation rather than lack of control.

One of the ways to help manage these stressors is to find time on a daily basis to focus on your mental wellbeing. Some ways to create a positive environment for yourself during a stressful money period is to exercise, walk or meditate, as well as talk to a professional or close confidants about how you’re feeling and how to plan for a better financial future.

Everyone’s approach to filling this ‘waiting period’ of fixing money challenges will look different, but the important thing is to find something that makes you feel hopeful. For example, you can try frequent affirmations that will put you in a hopeful state of mind, or might find aid in music or spirituality.

At the end of day, keeping a positive state of mind, even if we start with 60 seconds a day where you think about one positive aspect of your future, is very important and we need to make sure it overrides the negative. A person’s current financial situation does not indicate what will lie ahead of them, especially in the cases where a plan is in place to change it. It’s important to not let your present moment dictate your future.

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