With the increasing cost of living for all Canadians, many people feel the pain of inflation emotionally and financially. It’s hard to deny a strong correlation between financial health and mental health—staying positive when stressing about paying your rent on time or having enough to cover necessities is challenging.
While money doesn’t solve all our problems, it certainly helps to know that your basics are covered. Here are some tips on maintaining your mental well-being during times of uncertainty.
Find Hobbies That Aren’t A Financial Burden
As important as it is to save money and get your finances in order, you still have to find activities that bring you joy. After all, life shouldn’t revolve entirely around working and saving enough to pay the bills.
Here are some hobbies that can keep your mental health in check during times of uncertainty:
- See what activities your local recreational centre offers for free.
- Spend time in the park with friends.
- Join a sports team to build camaraderie and friendships.
- See if any of your co-workers want to start a running club.
Don’t Spend Money You Don’t Have
Many people turn to retail therapy when they’re stressed to feel better. However, spending money you don’t have will only add further stress to your life. To prevent overspending, it’s critical that you apply for a credit card limit so you don’t rack up unnecessary debt.
Write Out a Financial Plan
Some people get stressed because they don’t have a plan for their money. Organizing your finances with a financial plan can help ease some of that stress.
Here’s how to start a financial plan:
- Write down all of your debt and your monthly bills. This list will help you visualize your current spending.
- Create a budget, and stick to it.
- Work on setting up an emergency fund to help you get through the lean times in the future.
Increase Your Income
Finding ways to increase your income can give you more security during times of uncertainty. Here are a few options for making more cash each month:
- Tap into the gig economy and consider short-term work like food delivery or walking dogs.
- See if your employer is offering any extra shifts.
- Try selling items that you no longer use on Facebook Marketplace.
Know That You Have Support Options
It’s vital to remember that there are always options if you’re struggling financially and emotionally. For example, if you’re short on cash between paydays, Payactiv lets you access your earned wages, so you don’t have to worry about getting into credit card debt.
You can also work with a credit counsellor if you need help with debt management, and free government resources are available for mental health assistance. Regardless of what you’re going through, you’re not alone and have support available.
