They say money can’t buy happiness, but let’s face it, it plays a great role in our mental health. Whether it’s having bills to pay, debts to service, anxiety over job security or being financially stable, money and mental health sure have a connection. Here are some ways you can cope when your finances are looking down.
The Money-Mental Health Connection
Stress and Anxiety
Financial troubles are one of the leading causes of stress and anxiety. Having bills to pay is one aspect of adulthood that hits you like a tonne of bricks. The anxiety that comes from this, especially when you are running behind, can cause you to lose sleep, literally. This can lead to irritability and even physical health issues.
Self-esteem and Confidence
That feeling of inadequacy when you are broke is no joke. It sucks out your self-esteem and confidence. On the other hand, you have a sense of confidence and pride when you are financially secure. This emotional rollercoaster can impact your personal and professional life.
Relationships
Whether we like to admit it or not, money is important in a relationship. Financial problems can put a strain on relationships. Couples will tell you that it has contributed to some of the biggest arguments they’ve had in their relationships. On the flip side, financial harmony can enhance relationship satisfaction and stability.
Freedom and Control
Having choices and opportunities because you have the financial resources is a great feeling. It gives you a sense of freedom and control over your life. Now, imagine life without this—not fun at all, right? Exactly!
Strategies for Coping
Financial Fitness Plan
Just like physical fitness, financial fitness requires a plan. Set fun, achievable financial goals and celebrate your progress. Whether it’s saving for a holiday or paying off debt, tracking your achievements can be incredibly satisfying.
Gratitude Journaling
Keep a gratitude journal focused on financial aspects. Each day, write down something you’re grateful for that money has provided, whether it’s a meal, a roof over your head, or a small luxury. This practice can shift your focus from financial stress to financial appreciation.
Financial Education
Empower yourself with knowledge on personal finance. Be it from books, workshops, blogs or podcasts. Knowing how to manage your money effectively can boost your confidence and reduce anxiety.
Community and Support
Join online forums or local groups focused on financial wellness. Sharing your experiences and hearing from others can provide support and new ideas. Sometimes, just knowing you’re not alone in your financial journey can relieve stress.
Celebrate Milestones
Don’t forget to celebrate your financial milestones, no matter how little. It must not be something elaborate. A small, budget-friendly activity will do just fine. Recognising your progress can boost your morale and keep you going.
Understanding the link between money and mental health is important for your overall well-being. Putting in place, fun and practical strategies can help you manage financial stress and enhance your mental health. Hey, at the end of the day, it’s about having a content and fulfilling life. So, learn where to strike a balance.
Read Also: 5 Common Remittance Scams and How to Avoid Them
