It’s probably not surprising to learn that your financial habits and well being directly affects your mental well being. The connection between money and mental health is strong — and it is typically cyclical. When your financial health is great, it positively impacts your mental health; but when you’re struggling with finances, your mental health generally takes a hit. And this hit is extra difficult to get over, since making sound financial decisions can be a struggle during stressful times.
Those experiencing financial instability often also deal with:
- Being socially withdrawn: Trying to save money can create loneliness, as social outings and trips, etc. are out of the budget.
- Depression: Feeling out of control financially for an extended period of time can lead to depression and anxiety.
- Insomnia: Money problems often involve lack of sleep, as the mind races trying to find solutions to the problem.
- Feelings of insecurity: Worrying about not being able to cover your monthly costs or provide food, shelter, and other necessities for your loved ones can cause your self-esteem and confidence to suffer.
It’s a process to solve deep debt and begin establishing healthy financial habits, so being patient is key. Begin by making a repayment plan, setting savings goals and holding yourself accountable by involving a loved one in your plans. There are many resources available, depending on the types of financial problems you’re facing, with organizations dedicated to helping get people back on their feet. And don’t underestimate the power of putting some self care routines in place as you stabilize your financial AND your mental health.