Bills. Interest rates. Money.
For many people, the mere mention of those words can send blood pressure soaring. Financial struggles are one of the leading causes of stress and anxiety. In fact, a Bankrate study of nearly 2,500 U.S. adults found that 70% of respondents have felt stressed about their finances.
While misery loves company, it's better not to be miserable at all! Financial struggles can take a toll on your mental health — and that means that getting on top of your finances can bring you peace and joy. Here are some tips to ensure money isn't hurting your mental health.
How does financial stability impact mental health?
Peace of mind. A stable financial reality can provide a sense of security and peace of mind, reducing stress and anxiety.
Increased opportunities. Living a financially responsible life can provide you with the opportunities to pursue your interests and passions, such as travel, hobbies and new learning experiences — all of which can improve overall mental health and well-being.
Improved relationships. Financial stability can also improve relationships, reducing stress and tension associated with financial struggles.
It’s important to aim for financial stability to improve your overall mental health and well-being. This can involve taking steps to save money, reduce expenses and invest in a financially secure future.
Debt and mental health
Debt is often the most significant financial problem that people face, and it can have a serious impact on mental health. Research shows that people who are in debt are more likely to experience mental health problems like anxiety and depression.
If you are struggling to escape from under a mountain of debt, there are steps you can take to kick your debt for good. Consider consolidating it through an unsecured personal loan that may include one low-interest, and possibly lower, debt payment each month.
You can also pay off one debt at a time by maximizing your monthly payment toward that debt until it’s paid off, which is often called the “snowball method” of debt payoff. If you choose this route, be sure to continue making all your minimal monthly payments on your other debts as you focus on the one.
Managing your finances for improved mental health
Are you struggling with money challenges that are negatively impacting your mental health? Here are ways you can improve your financial and mental health:
- Create a budget and stick to it.
- Trim your discretionary spending for extra breathing room in your budget.
- Seek support from a financial counselor or therapist.
- Practice stress-reducing activities such as meditation, yoga or exercise.
- Avoid using credit cards or taking out loans unless absolutely necessary.
- Set realistic financial goals and work toward them.
- Focus on personal achievements and growth unrelated to your financial worth.
Money is intimately connected with one’s mental health. By managing your finances and seeking help when needed, you can improve your mental health and overall well-being.
Need help getting started on improving your financial situation — and your mental health? Come talk to us!
Being a member of CommonWealth One means that you have free access to certified financial counselors who can help you develop a budget, get out of debt and live your best life (within your financial means). Besides the certified financial counselors at CommonWealth One, you also have access to the financial counselors at GreenPath, a trusted national non-profit that we have teamed up with to provide you with free counseling and guidance. All you have to do is give us a call or stop by your local branch to make an appointment.
We want the best for you — and we're here for you, for life.
