Financial stress can impact anyone – from the student who sees their loans and debt piling up, to individuals wondering how they will ever be able to retire without sufficient savings. For many, it’s stressful to even think about, but avoidance keeps this stressor in the back of your mind all of 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 will sit with you and help create a plan. Whether you choose a friend, a credit counselor, financial planner or a bank employee – just get the help you need to move forward with a plan of action rather than staying overwhelmed in your current situation.
If your employer offers an Employee Assistance Program (EAP), you can use the services of a financial counsellor who can help you prepare a budget and offer debt management advice. All services provided by the EAP are confidential. Contact your employer's EAP provider for more information.
Clearly understanding your current income and expenses and creating a financial plan going forward can provide a sense of control. No matter your situation, remember that you are not alone and that there are options and resources available to you. Review them and see what will work best for you.
To begin with, the Government of Canada offers resources and strategies in You Owe Money and Paying Back Student Debt. They share some important information including sources of assistance if you are having trouble making payments.
There may come a time when you are unable to work due to illness or other issues. Income sources if unable to work provides a number of resources and strategies to help.
Additional resources
Caregiver resources. Tips and strategies to 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. 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. Information on how to work successfully while living with ADHD, anxiety, autism, depression, dyslexia, menopause, or stress.
Credit Counselling Society. This non-profit 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 are struggling, you are not alone.