7 Steps To Positive Financial Health

For some, Monday, January 20th, 2025 will be just another winter day. For others, it marks the most depressing day of the year: Blue Monday. As we are left with only fond memories and the credit card debt incurred over the holidays, many of us struggle with the adverse effects of negative financial health, including low self-esteem, stress, anxiety, and depression.

Budget for emotions

We often find ourselves trying to regulate our mood by spending. Whether you treat yourself to a lavish latte before a tough work day, splurge on supper after that same long day, or enjoy a well-deserved weekend away to put your work week behind you, it’s easy to turn to retail therapy for relief. Instead, try to figure out why and when you make purchases to better understand your spending habits.

If you notice that you tend to go on a shopping spree when you’re sad, frustrated, or downright bored, try to replace that activity with one that’s free and healthy, such as going for a walk or talking to a friend. You will soon realize that your financial health is within your control and that your positive emotions don’t have to come at the expense of your wallet. Take a step (or seven) toward positive financial health!

Step 1: Download and begin filling out our 2025 budgeting worksheet.

Available to download here!

Step 2: List all net (after-tax) income.

Step 3: List all monthly and annual expenses.

Don’t forget to account for infrequent yet large purchases, such as vacations, school supplies, and seasonal activities like skiing or your child’s sports team enrollment.

Step 4: Look to see where you can cut back.

If an expense strikes you as unnecessary, or just unnecessarily high, think if it’s reasonable to remove it completely or just reduce it slightly. After all, you deserve to treat yourself now and then!

Step 5: Look at the bottom line of your budget.

Is it positive or negative?

Step 6: Acknowledge your feelings when you’re reviewing your budget – positive and negative.

Step 7: Make a change (if you see fit).

By following these steps and reflecting upon your current and desired financial state, 2025 can be the year you embrace positive financial health while relieving unhealthy financial stress.

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Learn more about Homewood’s suite of services designed to improve your mental health:

• Virtual group therapy sessions with Therapy@Home
• Employee Assistance and Workplace Mental Health Solutions with Homewood Pathfinder

In-patient treatment services - structured and intense programming for a variety of mental health disorders:

• Homewood Health Centre (Guelph, ON)
• Homewood Ravensview (Vancouver Island, BC)