Mental health and money can have a big impact on each other. Anxiety surrounding money is hard on a person's mental health, and having mental health hardships can be tough on your wallet, as well. According to moneyandmentalhealth.org, nearly half (46%) of people with problematic debt live with a mental health concern.
Money issues and poor mental health can go hand in hand. Mental health struggles mean that managing money can be hard, and worrying about the state of your finances can make your mental health worse.
Mental Health and Money
How do mental health struggles impact your finances?
Loss of control
You might feel like you have no control over anything in your life, including your wallet. You might scrape by each month, make impulsive shopping decisions, or put paying bills on the back burner. Not being upfront and in the know about your finances only increases anxiety.
Low energy levels
If you are living with mental health struggles, doing day-to-day tasks can already be difficult, let alone managing a budget or taking care of your finances. If all of your energy is being put into just making it through your day, it makes sense that other important tasks are at the bottom of your list.
Avoiding problems
Sitting down to go over your finances is anxiety-inducing, and sometimes we put off our most important tasks to avoid facing our problems. While we might feel temporary relief by putting off a responsibility, it creates a snowball effect, and before we know it, we have more problems than when we started.
Mental Health First
Taking control of your mental health and money situation is a key step in moving forward. Start by improving your mental health – if you improve the state of your mental health, it will make managing your finances easier.
- Get enough sleep
- Eat well
- Socialize and find support
- Be active
- Take part in self-care
- Set aside time to take care of your needs (like creating a budget!)
If you put time and care into improving your mental health, you will begin to feel a sense of control over your life and finances.
If you would like to speak to a trusted individual about your mental health or financial situation, The Village Family Service Center is here for you. From our mental health counseling services to our Financial Resource Center, we have options to help you move forward in your journey of improved mental health or financial freedom. Call 1-800-627-8220 to request an appointment for your mental health or money concerns.
About The Financial Resource Center
*Originally posted October 2020.
