Fending off financial depression

January is known as the most depressing month of the year, so it’s no surprise we’re dragging ourselves into February, especially with the financial challenges waiting for us there. But while we may lack motivation, 2022 is nevertheless full of promise (as long as we don’t give up).

Things will get better. Really?

Faced with the current health crisis, it’s hard for us to stay positive. After nearly a year, and now a new variant in play, the pandemic is still  affecting us emotionally and messing with our heads. We’re all exhausted by the restrictive measures and lack of human contact. It’s no surprise that a lot people are suffering from financial depression.

You’re not alone

If you find yourself in this situation, rest assured that you’re not alone. For many people, money worries are the leading source of stress, ahead of work, personal health and relationships. Also, on average, Quebecers spent about seven hours a week worrying about their finances. The number one issue on their minds: the increasing costs of living.

The domino effect

The three pillars of good health include physical, mental and financial well-being. And they are all interconnected. It’s been proven that people who experience financial stress are four times as likely to suffer from headaches and are at greater risk of experiencing strain in their personal relationships. This stress can even lead to more serious problems, such as depression, anxiety or heart disease.

Working on your financial well-being will therefore have a positive impact on your physical and mental well-being. That means you have three times as many reasons to not give up and to maintain healthy financial habits that will be beneficial in the long term.

Three key behaviours for getting through financial challenges

Remain in control

Sticking to a budget gives you the feeling of being on top of things. It’s good for the wallet, and for the mind. With this simple action, you will gradually take back control of your finances, which will have an effect on your psychological health. There’s a saying: “Getting started is half the battle.” So go for it and take that first step! Plus, with the online tools available, doing your budget has never been so easy.

Nurture good reflexes

Fending off financial depression is a daily struggle. Developing these reflexes will help you solidify your personal finances:

• Avoid non-essential purchases.
• Prioritize paying off your existing debts before taking on new ones.
• Stay on budget.
• If you have to make an unplanned purchase, be sure it will be of long-term and not just short-term benefit.

Stick with it

When our personal finances get us down, it can be tempting to give up or make contradictory financial decisions that only worsen things. For example, relieving boredom by shopping online, not following your budget, not making payments on your debts, etc. This type of behaviour can certainly feel good, but it needs to be resisted. Stick with it! When you feel this type of urge, delay acting on it right away and give yourself a chance to think about it later, with a calm mind. Think about other things, call someone you feel close to, go for a walk … or review your budget.

Adopt a healthy lifestyle

In addition to healthy financial habits, having a healthy lifestyle will help you keep smiling. You should consider getting at least seven hours of sleep at night, go out for some fresh air (this will expose you to sunlight), and eat a well-balanced diet. You could take advantage of light therapy. Only 30 minutes a day of artificial light from a light therapy lamp can help you combat seasonal depression.

Light at the end of the tunnel

The road can sometimes be hard, but with the right resources supporting you, anything is possible. Stay on track with your financial goals and step back to take stock of your situation; you’re not alone. Having a good network of people who are close to you is important at this particular time. Don’t hesitate to ask for help from our advisors if financial depression is weighing too heavily on your shoulders.