Charles Benayon

Founder & CEO of Aspiria


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Student Budgeting Tips to Keep Your Mind off the Money

We’re well into the first month of school! Hopefully you have made a positive adjustment to the school year and your studies are going well thus far. At this time for some students, they may feel stressed about their personal finances. Even with the increasing number of government rebates and grants, post-secondary education isn’t cheap, and for some students, it is their first year of managing a budget on their own. As a student, it’s important you learn how to properly manage your student budget so that it lasts you all year long, and you can focus on what matters most – succeeding in your studies.

With that in mind, here are some simple budgeting tips I recommend so you can spend less time worrying about money and more time focusing on your academics and general well-being:

Download Finance Apps

Since most of us have our cellphones at our disposal whenever we need, you may want to consider using a finance app to track your daily purchases and spending.

Here are just a few of the dozens (if not hundreds) of mobile finance apps available and how they can help you build and stick to a budget:

  • MintMint allows you to bring all of your banking and credit card transactions into one password-protected space. You can easily set up budgets within the app and categorize your transactions, and Mint even sends you notifications when your bills are due or if you’re overspending.
  • WallyWally is particularly useful if you’re an international student, as it is one of few finance apps that allows users to document and create budgets with any form of currency.
  • You Need a Budget – If you don’t mind investing in a paid app, You Need a Budget links all of your accounts, helps you create personalized debt repayment plans, and hosts live financial planning workshops.

Use Budgeting Templates

A quick Google search will reveal hundreds of free budgeting templates to help you organize your income and expenses. If you’re unsure which to trust, consider using one offered by your financial institution; many banks, including TD Canada Trust, CIBC, RBC, and Scotiabank, offer online budget calculators. If you are new to Canada or if your bank doesn’t provide an online budgeting tool, the Government of Canada has also created a helpful student budget worksheet.

Buy Used Items

Many universities and colleges have bookstores on campus where students can sell textbooks they no longer need or buy used textbooks at a fraction of their original cost. I’ve also seen many Facebook groups where students gather to buy, sell, or trade textbooks, clothing, furniture, and electronics. If you can’t find a community social media group for your university or college, consider starting one yourself!

 

If you are in need of free and confidential financial advice, you can call your Student Assistance Program (SAP) 24/7 at 1-877-234-5327 (toll-free) to receive the personal financial counselling you need either by telephone or in-person. Stay well!

 

 

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Suicide Prevention Day Spotlight: Bipolar Disorder in the Workplace

pexels-photo-313690In light of World Suicide Prevention Day having just passed on September 10, I have been reflecting on the complexities of varying mental health states and the numerous, unfortunate factors that might drive someone to consider suicide as their only option.

Seeing as bipolar disorder, among other personality disorders, can be difficult to diagnose, and those with bipolar disorder are two to three times more likely to commit suicide, I would like to highlight what you can do to help someone dealing with this mental heath concern. But before I dive into that, I would like to discuss what exactly bipolar disorder is and what are its causes.

What is Bipolar Disorder?

Bipolar disorder causes significant, unexpected mood swings that can last anywhere between a few days and several months. The “bi” in bipolar refers to the two types of episodes those with the disorder typically experience: manic and depressive. During a manic episode, a person may seem uncharacteristically happy or energetic, to the point of being impulsive. I have seen this impulsivity sometimes reach dangerous levels. Depressive episodes are often recognized by the same symptoms as clinical depression.

What Causes Bipolar Disorder?

Bipolar disorder can develop when there is an imbalance of neurotransmitters in the brain. This imbalance is typically present at birth, making the disorder genetic. However, having a family member with bipolar disorder does not necessarily mean you will have the disorder as well. I’ve recognized that environmental factors, such as trauma, extreme stress, or severe illness, are often linked to trigger those with a genetic disposition for the disorder.

What Are the Signs of Bipolar Disorder?

Someone experiencing a manic episode may have any of the following symptoms:

  • Increased physical energy
  • Irritability
  • Hastened speech
  • Impulsive behaviour
  • Delusions

Someone experiencing a depressive episode may have any of the following symptoms:

  • Guilt
  • Sadness
  • Increased or decreased appetite
  • Insomnia
  • Lack of motivation

If someone regularly experiences mood swings between what appear to be manic and depressive episodes, they may have bipolar disorder.

How Can You Support an Employee with Bipolar Disorder?

When I’ve met with employees with untreated bipolar disorder, they’ve expressed experiencing certain difficulties at work: irritability can cause friction between coworkers, impulsive behaviour may lead to unexplained missed days, and a lack of motivation can result in decreased productivity.

As a start to supporting an employee with bipolar disorder, it is important to have symptoms professionally assessed. Too often, and especially with such ease of information (and misinformation) on the internet, more and more people are self-diagnosing, which is an extremely dangerous practice because neither you nor your employees are medical doctors trained in psychiatric disorders.

Once professionally diagnosed, bipolar disorder is highly treatable with medication and therapy. If you observe that one of your employees is having difficulty managing the symptoms of bipolar disorder (or any possible mental health disorder), you can contact your EAP provider and request a management consultation with an expert to discuss your concern about the employee’s mental health and how to approach them for support and to make recommendations regarding treatment. Training is also available through your EAP for your supervisors and managers to help them identify mental health symptoms and refer their employees for assessment and treatment.