When it comes to mental health, there are a lot of things that can have a negative impact, and one of the biggest ones for a lot of people is their relationship with money. Money worries and looming debts can have a detrimental impact on mental health.
How exactly does our relationship with money affect our mental health, and what can we do to combat it?
Understanding How Money Is Linked to Your Mental Health
In order to take steps to address the financial concerns that are negatively impacting your mental health, you need first to understand your relationship with money. Unless you happen to be a Kardashian, there’s likely going to be something financially that causes us to worry or concern.
Money and mental health are intricately linked; in fact, it is often a vicious cycle. Mental health problems make money management vicious – but, financial stress and debt often cause complications for your mental health.
This is why it is so important that people take steps to get on top of their money management where possible. Here are a few ways you can achieve that.
While the initial act of sitting down to face the reality of your finances head-on may be an anxious task for some, it’s one that will be worth it in the grander scheme of things. Once you have an overall picture of your finances, you can create a realistic and actionable budget for yourself.
Research has found that many people with mental health problems find it harder to be a ‘good consumer’’ i.e., living within their, paying their bills on time or at all and planning. So, for many people with mental health difficulties, a budget may be a good tool to help them plan and stay on course with their spending.
2. Sperate Accounts
Having separate accounts for different finances may help you to bring some order to an otherwise chaotic situation. For example, you may want to have your regular current account where you keep finances such as your wages, but perhaps you would find it useful to have a separate account that is dedicated for paying bills and direct debits?
Or, perhaps a savings account when you can transfer any excess cash, or money kept for specific purposes?
3. Start Saving
Saving is proven to have several benefits for your mental health. For example, as savings increase, stress often decreases – when , decreased, it is likely that bouts of anxiety or depression can also calm. Saving also teaches discipline, which is a skill that can not only have psychological benefits but is one that can be transferred over ; in other aspects of your life.
It will also give you peace of mind and confidence in yourself. Having savings to fall back on if need be can help settle feelings of nerves and let you focus on other things. You are also likely to be more optimistic when you know you have something there to cover you I you need it.
When to Seek Help from A Professional
Of course, these are not solutions that can or will benefit everyone. For some people, particularly those who are suffering from heavy debts, you may need a little extra help.
If you are finding yourself to be struggling severely, you may need to seek professional help to help you manage any debts. You may also consider not only seeing a professional such as a financial advisor but also seeing a mental health professional.
Debt and money worries can lead to crippling bad mental health struggles, but there is help available. Whether you are seeking help with debt, or help with mental health – it is there for you. Don’t suffer in silence.