Are you having a hard time managing your cash? Do you always find yourself spending more than what you earn? Are you a shopaholic? If these are your concerns, you should read more in this article as we discuss mental health and money relationship.
The impact of financial management incapability gets worse with two things. (1.) Is when you are dealing with a long-term mental health condition, and (2.) is when you experienced a traumatic event that triggered a huge monetary blow. These particular things are the main reason it is entirely challenging to cope financially.
Fortunately, there are a few ways to deal with the situation, and some of these guidelines are proven effective when it comes to handling financial and mental health issue correlation.
Financial Literacy Education
If you are having a monetary issue and dealing with a mental health crisis at the same time, do not go into a trial-and-error coping approach if you do not understand how to deal with it. It will not help you and might cause overwhelming financial problems in the long run. Instead, educate yourself and learn the basic rules of financial literacy. Be fully informed about your current monetary circumstances and mental health needs. If the stress and anxiety get in the way, immediately remove monetary access to avoid using it as a means of coping.
When spending your money, you need to realize the importance of self-evaluation. Understand what you value most, and don’t chase after unnecessary things. Please do not allow your expenses to go over the top of your income as it will cause you more mental and emotional strain once you find yourself financially incapable. Do not go after the branded stuff. If you can, make it a habit to use what’s already in your possession to avoid purchasing duplicated items. Keep an eye on your expenditures and ensure a personal spending plan. Keep a record of what you buy and what you will have to buy so that you can live below your means.
Pay With Cash
The correlation of money to mental health has something to do with debt. When you are financially unstable and you struggle with a lot of monetary requirements, your mental health can get worse. Instead of getting credits or constantly having debts, pay your purchases with cash. It helps you manage and control your spending and will also allow you to picture the importance of what you buy. It provides you with autonomy and freedom, which is also helpful in dealing with stress and anxiety.
Learn To Budget
Budgeting is not an entirely comfortable process, especially when you use your money regularly and get it from paycheck to paycheck. However, it provides emotional and mental stability when you know what to do with your money. Learn to budget and stick to purchasing what you need. Assign a designated limit on the amount you are willing to spend so you won’t have to compromise your health and financial goals. Since budgeting ensures life control, it will help you maintain your overall wellness.
Save For Nothing
Your mental health issue can sometimes cause these cravings, leisure requirements, and shopping sprees. You don’t need these, and these are not always effective coping strategies, especially if they will cause another stress from losing your financial balance. Instead of spending on these things, choose to save them. Consider this as an emergency fund that you can use in the future. It will help you cope with your spending habit problems and secure your mental and emotional health in future negative encounters. You will thank yourself once you realize you have more positioned cash.
Guard Your Health
With all your illness and monetary struggle, one thing is essential – your health requirements. And since these two are related, you need to use your money to guard your health. Therefore, consider building straightforward maintenance that can diminish your too much expenditure. Instead of buying alcohol, cigarettes, and junk foods, consider spending your money on eating fruits and vegetables, registering for a gym, and taking art courses and cooking lessons. Invest your money into something that can help you with your mental and emotional struggles.
You will never know what might happen in the future. You might encounter difficulties, and your mental and emotional health inconsistencies can become a major contributor to that. So before you lose everything, prepare yourself for the uncertainties. Apply for an insurance policy to secure your health and your family’s wellness. Insurances are beneficial for any medical-related bills and medical care requirements. It also helps in reducing financial instability and makes accidental losses controllable.
Financial therapy is not a stand-alone treatment and may not address mental health issues such as depression, anxiety, trauma, stress, or other psychological illnesses. However, if the said conditions affect financial goals, it would be best to incorporate the treatment.