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Dr. Kojo Sarfo / Uncategorized  / How Financial Issues Affect Your Mental Health

How Financial Issues Affect Your Mental Health

Financial issues and mental health are usually interlinked. Individuals that have problems with money are more likely to suffer from complications with their mental health. Individuals that suffer from psychological distress are more likely to have issues with debt. For many individuals, worries of finance is always an issue, mainly due to the state of the economy today.

What Are Financial Issues?

Every individual understands the point where cash flow does not seem to be steady, and all your cards are maxed out. Financial pressure begins to arise when bills start to pile up, and there does not seem to be any solution in sight. Because of this financial pressure, it can have a significant impact on their mental health. 

Effect Of Financial Pressure On Mental Health

If your psychological state is poor for an extended period, or it steadily declines over time, you become at risk for financial issues. Here are some ways on how your financial situation can affect your mental health:

1. Low Self-Esteem

This can begin to arise when it gets harder to meet up with your daily needs or to keep up with things you were used to having. Low self-esteem can lead an individual to spend more on things that are not necessary and overcompensate instead of budgeting to stay above financial issues. 

2. Decrease In Energy Levels

A decrease in individuals psychological wellbeing regularly implies a decrease in getting quality rest time. This leads to an increased feeling of fatigue and more difficulty staying focused on a task. These things make it substantially harder to consider taking care of obligations, not even to mention taking actions on resolving such issues. Furthermore, it is difficult to make arrangements for the larger picture when your state of mind is not up to par. 

3. Past Unresolved Issues Arise

At the point when you’re feeling down, your brain begins to bring up past occasions where you had similar feelings of financial pressure. Most times, emotional problems that never fully healed begin to resurface if there is a decline in your psychological health. For some individuals, it prompts changes in money related propensities.

4. Life Spirals Out Of Control

We humans are in love with the concept of control. With financial problems, everything feels like it’s slipping off your grip and going on a downward spiral. It suddenly feels like you are losing control mainly because of financial pressure. You may feel like the only thing you can control is buying something new.

5. Toxic Stress Spending 

In situations where you feel low, you will be willing to just about almost anything to stop feeling that way. This led to the invention of the term ”retail therapy.” Purchasing a new item, be it a new pair of shoes or an expensive thing you cannot afford, will provide temporary monetary pleasure. There is a good possibility that in the long run, that splurge will cause financial problems. 

How To Boost Your Mental Health

Luckily, there are multiple steps you can follow that can boost your mental health, which in turn improves your financial situation. 

Prioritize Your Needs Over What You Want 

Itemize your needs according to priority and not according to personal wants. This helps you know what you are facing and how to solve them one after the other without the overwhelming pressure. It also helps you to focus on what exactly is causing financial anxiety. 

Goal Setting 

Being realistic in achieving your goals also helps you deal with financial anxiety. Instead of setting unrealistic financial goals for yourself, set realistic goals, and dedicate yourself to making each one possible in a set period of time.

Self Care

Taking extra time to take care of your body by sleeping properly, eating right, taking part in leisure activities, socializing with a positive crowd, and taking out time to cater to your needs specifically can help boost your psychological health.

Seek professional Help

Professional help is another solution if you are struggling to boost your mental health. Seeking out professional advice can help you rule out any possibility of having physical issues that underlie the mental effects.

Conclusion

Multiple benefits come with boosting your financial state of mind. Economic issues can happen to anyone at any point. Realizing that you need to find help early can prevent the anxiety that arises later.

References:

https://www.moneyandmentalhealth.org/money-and-mental-health-facts/

https://www.inc.com/amy-morin/7-reasons-mental-health-issues-financial-issues-tend-to-go-hand-in-hand-and-it-has-nothing-to-do-with-cost-of-treatment.html

https://www.lifeline.org.au/get-help/topics/financial-problems

https://bettermoneyhabits.bankofamerica.com/en/debt/how-to-overcome-financial-problems

Disclaimer: The information on this website is not intended or recommended for patients or other lay persons or as a substitute for medical advice, diagnosis, or treatment. Patients must always consult a qualified health care professional regarding their diagnosis and treatment. Mental health conditions are complex, people differ widely in their conditions and responses, and interactions with other conditions and treatments are best evaluated by a physical examination and consultation with a qualified clinician.

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