Mental health and money management

Lots of people believe that if they had more money all of their worries would disappear. But sometimes it can feel like our money disappears into thin air instead. If you’ve ever received an unexpected hefty bill, found yourself in debt, or even lost a job, it will come as no shock to you that there is a strong correlation between mental health and money management.

Whilst money isn’t everything in life, we do need a certain amount of it in order to survive. So when a financial affair strikes and we find ourselves feeling overwhelmed with worry or fear, it can put a strain on our mental health as well as our close relationships.

Worrying about where your next paycheck will come from, what your financial future will look like, or how you are going to provide for your family are all common concerns. By simply changing a few habits and putting the right processes in place, you can protect your financial situation for the present time and the future.

Coping with mental health and money management

Attitude is everything

People worry about money for different reasons. While some people struggle to make ends meet each day, others may panic over their retirement funds or lack of ‘in case of emergency’ savings.

Whatever the reason, all monetary concerns are valid and feel very real to the person affected. Adopting a positive attitude towards your finances helps to reduce stress and support a healthy mindset.

When you realise you have the power to influence your financial future, you will find your anxiety levels decrease and your ability to manage your finances becomes greater. So remember, whilst money doesn’t buy happiness, staying on top of your finances certainly helps to reduce stress.

Diminish your debts

Debt isn’t just a financial issue. There’s no doubt it can be detrimental to your mental health when you can’t seem to get ahead of your expenses. That’s why the way we deal with stress and the processes we put in place to prevent further financial problems makes all the difference to our future mental wellbeing.

If you are struggling with debt, it is important to remember you are not alone. There are lots of support options out there to free yourself from debt and help you to get back on your feet.

Plan

Even if you have not experienced financial stress before, lack of financial planning can cause great concern in the future. By learning how to manage your money better now, you are setting yourself and your family up for a more positive financial future.

Having a solid plan in place will decrease any anxiety you may have about the future and help you to feel optimistic about your long-term finances.

Get support

It is wise for anyone to seek professional advice when it comes to protecting your financial future, but particularly when money is or has effected your mental health in some way.

For most people, learning to be smarter with their money leads to greater financial success. A financial advisor can support you in making the right decisions for you and your family’s future.

As Barack Obama once said, “Money is not the only answer, but it makes a difference.” Get the support you need today. Contact our friendly finance professionals on 1300 784 084.