For many people, the mere mention of the word “money” spurs feelings of stress and anxiousness. In fact, a Bankrate study of nearly 2,500 U.S. adults found that 70% of respondents feel stressed about their finances. At the same time, living a financially responsible life can help one maintain optimal mental health. In observation of May being Mental Health Awareness Month, let’s take a look at the connection between money and mental health.
How do financial struggles impact mental health? There are lots of ways money troubles can influence one’s mental health:
How does financial stability impact mental health? Now, let’s explore how financial stability can impact one’s mental health:
The link between money and self-worth Unfortunately, too many people link their self-worth to their financial situation. This can lead to feelings of inadequacy and low self-esteem when experiencing financial struggles. However, it is essential to recognize that self-worth is not tied to financial success. Instead, focus on developing yourself as a person in ways that are not related to your financial situation. Set personal goals, practice self-care and seek fulfillment in areas outside financial success. Debt and mental health Debt is often the most significant financial problem that people face, and it can have a strong impact on mental health. Research shows that people who are in debt are more likely to experience mental health problems like anxiety, depression and even suicidal thoughts. People who’ve been caught in the debt cycle may feel like they are trapped in their situation with no way out. This can lead to feelings of hopelessness and despair. Debt can also cause a great deal of stress, which can lead to physical health problems such as high blood pressure and heart disease. 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:
TikTok Inspo: How do you maintain your mental health and financial wellness? Share your best tips in a 15-second video.
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