Safety Bulletin November, 2023

Taking Care of Your Finances

A great deal of research demonstrates the effects of money problems on physical and mental health. If you are grappling with debt, you are more likely to suffer from insomnia, high blood pressure, back pain, headaches, stomach problems, and even heart attacks and strokes.

By taking care of your money, you are indirectly taking care of your health. It might seem overwhelming at first, but with perseverance, patience, and some support, you can take control of finances—and by extension, your physical and mental health.  The process begins with a few small steps—each of which can make a very big difference.

Get a clear picture.

The first step is to face reality of what you owe. Do not waste time berating yourself; you cannot go back in time and fix things, but you can learn and move forward in a more positive way.

Track your spending.

Now that you know what you owe, you need to know exactly where your money is going. Financial counsellors usually ask their clients to keep records of what they spend in a week or a month. Every cent should be recorded, whether it is cash, a credit card, or debit card.

Getting started.

Now it is time to make a budget and a debt repayment plan. Look for ways to cut your spending (i.e., making coffee at home instead of buying it at a cafe; choosing generic over name brand products).

Get professional financial help.

Contact your financial institution and ask to speak with a personal banker or a financial advisor who will be able to help you create a realistic debt repayment plan, consolidate loans, and begin saving for the future. The Employee Assistance Program (EAP) may also be a source of guidance and provide some useful financial resources.

Get support.

Confide in close friends, family members, or a financial advisor. They will encourage you to stick with your plan and provide support when you need it. Although financial problems often generate feelings of shame or embarrassment, remember that many people find themselves in this situation at one time or another.

Finally, think where you want to be in 10 or 20 years. Does that future include a house? Travel? Children? Your own business? Retirement? The answer to this question will help shape your financial goals—and you can make them happen by starting today. Keep reminding yourself that the money you are paying to creditors could be going toward saving for your future—and what you want out of life.

Article – Understanding your Money Mindset

Resources – Money Mentors