Financial problems are one of the contributing factors to mental health.
If you’re worried about how you will earn money, mostly if you have lost your job due to Covid-19, you’re not alone.
It’s a fact; finances are a common source of stress for many people worldwide.
According to Money and Mental Health Policy Institute, the research found clear links between mental health and financial trouble.
They found out:
- 92% find it challenging to make financial decisions.
- 93% say they overspend when they are unwell
- 72% of those surveyed said that their mental health problems have contributed to increasing their financial situation to be worse.
- 59% have taken out a loan that they wouldn’t otherwise have done.
- Of those who have taken out new credit in the last year, 38% said that their mental health at the time left them unable to remember what they had been told about the loan.
It’s critical to look after our mental health since it is the key to our overall wellbeing
Why Do Financial Problems Affect Mental Health?
When you experience financial problems, you feel a sense of fear, anxiety, and worry. It directly led to mental health problems because you’re worried about how you can take care of yourself through your financial issues. It ends up being a vicious spiraling cycle.
Financial problems become more challenging to overcome when dealing with mental health and don’t have sufficient savings to fall back. For example, when you spend money, you cannot afford to cheer yourself up or feel better.
You must stay positive and motivated during this challenging period as you battle to overcome the financial issues, though it can be a challenge when facing mental health issues.
Also, financial problems can affect relationships, especially between partners or couples. For example, if one partner is more responsible for the financial difficulties that the family is experiencing. It will result to blame, which is not conducive to a healthy relationship.
If your mental health continues for an extended period, you’re more likely to continue experiencing financial problems in your life.
The following are the impact of poor mental health can take a toll on your financial situation.
Let’s dive in!
1. Feeling overwhelmed
When you feel your life is out of control, especially your financial life. You have mood swings, endlessly and overthinking about your experience.
You may even lose hope about overcoming the financial problem because you feel your life is spinning out of control.
Facing the truth about your current financial problems takes a lot of courage. Creating a plan on the best way to tackle the stack of bills by calling the credit card company to address your late payment.
Moreover, creating a budget causes a lot of anxiety, and it’s often painful to face the facts that you can barely afford shopping for groceries.
It’s much tempting to procrastinate facing the truth about arranging your financial life, especially when you’re not feeling your best.
3. Desperate for Temporary Relief
It’s human nature to be in denial and protect yourself from dealing with pain.
For example, when you buy something right now, knowing very well you can’t’ barely afford it, whether it’s buying a pair of shoes or a car.
It will give you temporary pleasure. However, there is a good chance it will dig a hole in your financial distress in the long term.
It’s one of the reasons the term “retail therapy” was invented.
4. Poor Self-Esteem
It’s a fact when you feel terrible about yourself; your self-esteem is also affected.
You might try to overcompensate by portraying an image that you’re successful.
For example, you buy expensive clothing or even a luxury car.
5. Energy Levels Decrease
You experience a lack of sleep, increased feelings of fatigue, and more trouble staying on the task due to a decline in mental health.
It tends to become difficult to think of paying off debt by getting a job when you aren’t in the right state of mind.
6. Tough to Think Clearly
When you’re mental health is on the decline, it can get tough to plan, make decisions, organizing your financial situations, and so forth.
In a nutshell, doing routine tasks to make your life easier may feel like an uphill battle that you’re not equipped to fight.
How to Improve Your Mental Health
The following are steps to take to improve your mental health, improving your financial health.
1. Get organized
It’s essential to be collected because it will help you sort out your finances and life.
It’s advisable to check your money and bills each week to avoid issues to pile up.
You can create a weekly or monthly budget; you can schedule your standing orders and direct bills to come out the same time at the beginning of the month, ensure to withdraw money that you will use each week.
You can decide to learn a new skill by signing up for class, which will boost your self-confidence.
2. Exercise or Stay active
Be active by deciding to take up a form of exercise. It will boost your mood immensely when you’re feeling depressed or anxious.
You can go for a walk, go to the gym or do an activity that you enjoy, like playing tennis, football, etc.
3. Talk to Someone
It’s advisable to talk to people around you that are close to you like family members, close friends, colleagues, and neighbors.
Talk to them about your financial issues rather than avoiding any conversations about money.
It will help you to face your financial situations by discussing the issues with people that you trust.
They might be in a position to give you advice on the best way forward. In the process, it will make you feel better and know you’re not alone.
If you’re struggling with your mental health, don’t suffer in silence. Talk to someone who can help.
You might start by talking to a doctor to rule out physical health issues behind your thyroid symptoms.
You might then talk to a therapist and come up with concrete strategies to help you feel better fast.
4. Understand your behavior
It’s advisable to know your behavior, what your body is feeling, and thoughts. It’s vital to be present and track down your feelings and thinking.
It’s a fact; your mental health can affect how you manage your money.
When you understand your behavior, it can positively change your outlook and how you approach new challenges.