Blue Monday: Debt making you depressed today?

It’s your third Monday back at work since the Christmas holidays and you’ve gained five pounds, broken all of your New Year’s resolutions and maxed out your credit cards. The price of gas may be cheaper, but it’s too cold to go anywhere.

No wonder you’re feeling down.

Take some comfort in the fact that you’re not alone.

Many people are feeling the pain of Blue Monday, a trumped up name for the third Monday in January described as the “most depressing day of the year” because of the post-holiday letdown and harsh reality it brings.

It’s also the time of the year when health and money experts start nagging us to get both physically and financially fit - often for good reason.

On the health front: Eat better and exercise more. That part is easy to understand. For most people, it’s the financial part that’s more difficult, especially when you’re in debt.

How much stress does your debt cause?

Debt is one of the most stressful parts of life, says Blake Elyea, senior vice president and licensed trustee on Grant Thornton’s consumer insolvency team. It can also lead to health issues if not managed properly.

Part of the problem is that nobody wants to discuss his or her debt, including how to get out of it.

“It seems to be one of those dirty secrets people don’t want to talk about,” Elyea says. “If people did talk about it more, maybe it wouldn’t be as stressful.”

The first step should be to get some advice, which Elyea said should always be free from experts such as himself, and usually includes tips on budgeting. That includes tracking what you spend and seeing where cuts can be made, such as the extras on your cable package or those triple-shot lattes your order each morning.

“You aren’t going to change habits overnight, but you have to set goals,” says Elyea.

He says that might mean a latte every other day, for starters, or taking lunch to work instead of eating out every day of the week.

Canadians falling short on goals

CIBC released a poll late last month showing that paying down debt is a top financial priority for Canadians in 2015, for the fifth year in a row, and ranks well ahead of saving for retirement.

The poll, conducted by Nielsen, shows about a quarter of Canadians (22 per cent) see paying debts as most important, up from 16 per cent last year. Building savings came in second at 12 per cent, followed by paying bills (10 per cent) and managing daily spending (9 per cent). Only 5 per cent said retirement planning was a priority in the latest poll.

It was followed by another recent CIBC study showing fewer Canadians are confident they can meet their financial goals in 2015.

The survey says about two-thirds of Canadians are optimistic about making money to meet their needs, the lowest level in five years and a drop from 76 per cent last year.

"We’ve seen debt repayment close to doubling in importance for age groups that would typically be in their peak retirement savings years, but it is important that they don’t put off retirement planning indefinitely,” stated CIBC executive vice president of retail and business banking, Christina Kramer. ”The good news is that by getting advice and taking small steps now, you can still focus on your retirement savings at the same time as you tackle your debt.”

That’s of course good advice, but for some Canadians going to the gym might sound less painful.