Financial stress can impact anyone – from the student who sees their loans and debt piling up, to individuals wondering how they’ll be able to retire with sufficient savings. For many, it’s stressful to even think about. Avoidance keeps this stressor in the back of your mind all the time, affecting your health and well-being.
Take action to feel in control of your situation. If you feel overwhelmed or paralyzed, reach out to someone who’ll sit with you and help create a plan. You may choose a:
- Friend
- Credit counselor
- Financial planner or a bank employee
Get help to move forward with a plan rather than staying overwhelmed in your current situation.
If your employer offers an Employee Assistance Program, you can use the services of a financial counsellor. They can help you prepare a budget and offer debt management advice. Contact your employer's EAP provider for more information – all services are confidential.
To help you gain a sense of control, clearly understand your current income and expenses and create a financial plan. No matter your situation, remember you’re not alone. You have options and resources are available to you. Review them and see what will work best for you.
To begin, the Government of Canada offers resources and strategies inYou Owe Money and Paying Back Student Debt. They share important information including sources of help if you’re having trouble making payments.
There may come a time when you can’t work due to illness or other issues. Income sources if unable to work provides several resources and strategies to help.
Share this with anyone dealing with, or helping others with, financial stress.
Additional resources
- Caregiver resources. These tips and strategies make it easier to advocate for the health and well-being of our loved ones. This includes information on government services, seniors, health, finances and self-care.
- Managing stress. Learn how to manage your reactions to stress and protect your well-being.
- Someone you care about is coping with financial instability. Try these questions and strategies to help you have a supportive conversation when someone you care about is coping with financial instability.
- Working while stressed or ill. Check out this information on how to work successfully while living with ADHD, anxiety, autism, depression, dyslexia, menopause or stress.
- Credit Counselling Society. This non-profit organization works to help people understand and cope with today's financial pressures. They have nothing to sell. They provide free credit counselling and education. If you’re struggling, you’re not alone.