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How Money Can Impact Your Mental Health & Wellbeing

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Half of people struggling with debt also experience mental health problems. And that’s just one example of the link between money and mental health. It’s something that needs to be taken more seriously so as to avoid further problems that are potentially avoidable.

The link between money and mental health is obviously complicated, but it’s also a link that can’t be ignored. It’s not always clear which comes first and which problem causes the other, but that’s what we’re going to talk about today, as well as how to spot these problems early and take action. Keep reading to learn more.

 

Money Worries Can Cause Mental Strain and Vice Versa

Support is out there, so whether your money worries are putting strain on your mental health or your mental health is making it difficult for you to manage your finances properly, you need to recognise the problems and make the most of the help that’s available. No matter what the root cause of your problems are, there’s help out there.

Asking for support and admitting you have a problem can be something that’s hard to do for many people. It’s not a sign of weakness to struggle with your mental health and you’re far from alone when it comes to having money worries that cause you stress. It’s much more common than you think, so there’s no reason to feel ashamed of the situation.

It’s very common for people to suffer from mental health problems as a result of their financial stresses. These problems can then feed off one another and cause a vicious cycle to come into effect. That’s when dealing with your problems becomes even more difficult than it might otherwise be. It demonstrates just how important it is to take action sooner rather than later.


 

Signs Your Money Problems Might be Starting to Impact Your Mental Wellbeing

There are numerous signs and symptoms that should tell you that your money problems might be putting strain on your mental health. It’s worth being aware of these signs so you can keep them in mind and potentially spot them in your day to day life. If you do, it means it’s time to take action and get help to get things back under control.

If you’re starting to make yourself feel better by spending amounts of money that you can’t really afford to, this suggests you’re using money as a crutch for your mental health struggles. If you avoid opening bills and other financial documents because you worry what you’ll find inside them, this is further proof your financial struggles are taking their toll on you and your mental wellbeing.

Agonising over relatively small daily financial decisions can be a sign that your mental health is being impacted by money concerns as well. Many people also suffer anxiety relating to money and debt, even when they’re financially comfortable and don’t have all that much debt. You can suffer mental health problems relating to money even when your money situation isn’t all that bad.

 

How to Get Help With Your Finances and Your Mental Health

If you are experiencing money problems, there are many debt and financial charities out there that can help you. You can talk to them about the problems you’ve been having and maybe get some help and guidance that will help you to get things back under control. Even a little push in the right direction can make a huge difference.

You can also take steps by yourself to improve your financial situation. Many people find that by simplifying their situation and making small changes that uncomplicate your finances somewhat make a difference. When things are less complicated, they’re also less confusing and easier to control. This could mean using cash instead or relying on cards or stopping your reliance on credit altogether.

In terms of getting help with your mental health, your general practitioner is always there to help you. You should talk to them about any difficulties you’re having and they’ll be able to refer you to someone who can help. There are also helplines and charities that give you the chance to talk about your problems and offer you relevant support.

It’s clear that there is a link between money and mental health. When you’re feeling stressed out and worried about your financial situation all the time, it eventually takes its toll on your mental health and wellbeing. That’s why it’s important and be proactive rather than letting either of those two things spiral out of your control.