By Michelle Statz

BDO Debt Solutions

Your Financial Health impacts your Mental Health

Jan 19, 2022 | 9:58 AM

The third Monday of January has been commonly referred to as “Blue Monday”. It is not the best time of year for many as we sometimes experience a letdown after the upbeat holiday season. The weather tends not to be the best, so it becomes difficult to spend time outside, and the bills from Christmas are starting to come in.

The state of your finances can have a negative impact on your mental health and wellbeing. Many people I have dealt with over the years of my career have advised how much their finances had become a huge source of stress by the time they had decided to meet with me.

Why does this happen? It seems that the topic of finances is still something that is hard for many people to talk about and for some it seems taboo. Some people have difficulty speaking to their partners about their finances. There seems to be a feeling of embarrassment in talking about financial challenges, or a fear of being judged, especially by those closest to you. There may also be a feeling of helplessness in not knowing what to do or where to turn.

My advice is no matter how hard it may seem, you need to talk to someone about the situation. You would seek professional help for your mental and physical health, so why not for your financial health? You may not realize how much your finances are affecting you both mentally and physically.

Speaking with a professional, like a Licensed Insolvency Trustee, who is knowledgeable about all the options available and the current legislation, can bring some immediate relief to how you are feeling. Also, speaking with someone who is outside the situation and more objective, can provide a new light on your circumstances. In my experience it is common for someone to be reluctant to speak with me, but I am there for information only, not judgment.

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And if that person decides they do not need me, they can at least walk away from our meeting with a better understanding of where they stand, and the legislation that exists if they so require.

Your financial health directly relates to your mental health and should be taken just as seriously. Anyone I have spoken to who has experienced financial challenges will say that the stress it creates can be unbearable.

Sleepless nights and worry are part of that stress as well. And it is very often caused by not knowing that you have options available. The unknown can be very scary and intimidating. That initial consultation is sometimes all the relief you need to just understand that solutions exist. You are not stuck with your situation; there is always an answer. The more you know, the less stressful the situation becomes.

So, as we near the end of January, think about your financial health and the impact it is having on your mental health and don’t be afraid to reach out for help!

Michelle is a Licensed Insolvency Trustee, and a Chartered Insolvency and Restructuring Professional. She is a Vice President with BDO and works out of the Regina office. She has been in the industry since 2001 and believes in the system that allows individuals to find solutions to their financial challenges so that they can take charge of their finances once again.

If you find you are struggling or are overwhelmed by your financial situation, we can help you find the right solution. Call 1 855 BDO DEBT to book a free, no obligation consultation with a BDO debt professional.