Mental Health and Money: Finding the Balance in Tumultuous Times

As the world turns upside down, we are faced with the uncertainty of whether we will ever be able to achieve retirement or must we work for our remaining years.  As the market turns from bull to bear, and the price of everything goes up overnight, the one thing that stayed the same is our paycheck.  But even that is not guaranteed.  Unemployment is rising and the government is being torn apart with a chainsaw, making people fear the loss of benefits and the anxiety that comes with the unknown.  It’s no wonder that finances profoundly affect mental health, influence emotions, behavior, and overall well-being.  

‍

May is mental health awareness month and a great time to make the connection between money and mental health.  The healing process only begins with proactive management of these money stressors.  It starts with exploring how financial anxiety impacts an individual. In identifying coping strategies, people can work toward financial stability and improve their mental resilience. Navigating these issues alone is not always the best decision, because it is already clouded with stressors.  Seeking professional guidance fosters awareness that leads to a more balanced and peaceful life.

‍

‍

The Impact Money has on Mental Health

‍

Financial stress can manifest in various forms. From feeling anxiety due to debt and monthly expenses, to the multiple purchases of emotional spending. Feelings of helplessness, depression, or chronic anxiety circle these financial burdens and need to be addressed in order to get to the root of the problem.  

‍

Did you know that physical health problems, such as hypertension or fatigue can be caused by chronic stress from financial concerns?  A crucial step is recognizing the signs of financial stress and addressing its impact on our mental well-being.  By starting at the base one can start to seek effective solutions.  

‍

‍

Understanding How Behavior Effects Money

‍

When a person is feeling financial stress, this can influence their behavior, leading to avoidance, denial, or impulsive financial decisions. Some folks avoid monitoring their finances, creating a cycle of neglect and increasing stress. Others may resort to more risky financial behaviors, acting without considering the long-term consequences of their decisions.  These patterns can worsen existing stress and lead to further decline in mental health. By identifying and breaking these habits, an individual can develop strategies to correct these behaviors, facilitating personal growth and better financial management.

‍

‍

Becoming Emotionally Resilient

‍

For a person to cope with financial stress more effectively, they need to build emotional resilience.  What is resilience?  It is recognizing emotions that are attached to money, setting Specific Measurable Attainable Realistic and Timely (SMART) goals, while maintaining a positive perspective. Mindful breathing or meditation promotes relaxation and is known to reduce anxiety related to financial concerns.

‍

By developing healthy habits, building resilience, and relying on social support, we can face challenges in a calm and focused mindset that fosters more informed decisions and reenforces self-empowerment.  Financial counselors are trained, non-judgement professionals that help a person to focus and empower themselves by becoming emotionally resilient!  

‍

‍

Walking the Talk of Financial Management

‍

Grabbing that bull by the horns and taking control of your finances can alleviate stress while promoting mental well-being.  Creating a realistic zero-based budget that outlines income, expenses, savings, and debt ensures your financial house is protected and aligns with your personal goals. Getting organized by putting your financial information into clear and manageable categories gives clarity and reduces the overwhelmed feeling you had before starting.

‍

Setting SMART financial goals builds motivation and confidence in managing your money. Seeking professional financial guidance from a financial counselor or coach while using budgeting apps can offer insightful strategies and tools. Proactively managing your finances encourages a sense of empowerment, turning financial stress into financial stability.

‍

‍

Professional Support Bridges the Gap

‍

Professional support is for the short-term. It gets you out of the rut and back on the path by providing valuable insights into managing financial stress and your budget. Financial coaches offer expertise in organizing finances, setting goals, and creating a tailor-made plan that covers both needs and wants.  Mental health professionals are an avenue to explore your thoughts and emotions connected to financial burdens.

‍

Combining financial guidance and therapeutic support offers a holistic approach by addressing both practical and emotional aspects. Accessing these resources encourages positive habits and behaviors, enhancing mental health and financial resilience.  Financial counseling facilitates a way out of a seemingly impossible situation.  

‍

‍

Enhancing Social Connections

‍

A solid social support system plays a critical role in managing financial stress and improving mental health. Talking to and sharing concerns with trusted friends, family, or professionals provides a safe comfort zone and community. These types of connections foster an understanding and empathetic environment that encourages openness and allows for the healing process to take hold.

‍

Volunteering and engaging in community activities enhances purpose and perspective that offers a meaningful way to connect with others. Nurturing strong social ties encourages emotional well-being and strengthens resilience to financial stressors that promote an overall balanced lifestyle.

‍

‍

Empowerment Through Financial Education

‍

Financial Counselors and Coaches empower through financial education which includes learning about financial tools, practices, and strategies. Understanding investments, credit, savings, and debt management can build confidence when making financial decisions. Knowledge empowers people to approach financial challenges by implementing informed strategies and aligning day to day with long-term well-being. Personal growth comes by embracing continuous learning and creating new perspectives both on financial and mental health matters.

‍

‍

Starting Today-Learn Something New!

‍

Understanding the connection between your mental health and money enables you to manage financial stress with open eyes and resilience. When you explore the impact of your emotions and behavior, you can develop strategies that promote your well-being and empower you to make better financial decisions.

‍

Embrace support, build resilience, and enhance social connections by laying the foundation for a fulfilling and stable life. This balanced approach can reduce stress and support a pathway to emotional and financial wellness.

‍

Contact “Dealing With Dollar$” to learn something new today!