Even though we all know money isn’t the most crucial aspect of life, stress and fear can take over when we go broke. It can hurt your self-esteem and make you feel insufficient and hopeless. When you’re stressed out about money, your mind, body, and social life can significantly be affected.
This article will zero in on how mental health can affect your financial situation. Moreover, you’ll learn some tips to help you deal with this problem.
How Mental Health Can Affect Your Financial Situation
There are tons of problems that come with mental health issues that can affect your financial stability. They include:
- Insomnia and other sleeping issues: Most people find it hard to fall asleep when they have financial problems. On the other hand, insomnia can significantly affect our productivity. We may start dozing off at work or experiencing mood swings.
- Weight issues (gain or loss): Financial stress can interfere with eating patterns. Some will forgo meals, while others will overeat out of anxiety.
- Depression: In the modern world, nothing is worse than having money problems. According to the University of Nottingham research, people facing financial problems are more likely to fall into depression than those who are not.
- Anxiety: For many people, money is a safety net, and without it, they may feel anxious and vulnerable. Stress over not paying bills on time or not having enough money can cause anxiety symptoms like sweating, shaking, a pounding heartbeat, or worse, cause panic attacks.
- Relationship difficulties: According to multiple studies, money issues are the leading cause of arguments among couples. And if not adequately handled in time, financial worries can irritate one to the point that they lose interest in sex, which can destroy even the strongest relationships out there.
- Social withdrawal: Financial stress can hurt your self-esteem, causing you to withdraw from your family and friends, stop going out, and maintain a solitary life.
- Physical issues: Issues like gastrointestinal problems, headaches, diabetes, high blood pressure, and heart problems are common to people who are overly stressed about their finances. In countries without free health programs, money problems can also make one delay or skip going to a doctor because the healthcare cost may be too high.
- Unhealthy coping approaches: Coping mechanisms such as alcohol and drug abuse, overeating, or gambling, are common among people living with money stress. Worse yet, some can think of self-harm or even suicide.
Feelings Associated With Money
Worrying about money is a lot to deal with. And while different people have different perspectives about money, you may have the following feelings about money:
- You may feel bad about spending cash even though you can afford it. Or feel bad about getting help even though you need it
- You may be scared to check your bank account balance or talk to the bank representatives
- You might be ashamed of needing help. However, everybody needs to be healthy and have basic things like food and living. Seeking cash support can be an excellent alternative to ensure you have these basic needs if you cannot afford them at the time
- Feeling overwhelmed if you have got a lot of pressure to cater to your needs and support others
Get To Know Your Money And Mood Patterns
Devoting time to think about your perception of money and how different financial situations make you feel can be a huge step in life. For instance, if you’ve faced money problems or didn’t have a lot of money while growing up, you’ll have a different perspective of money compared to an individual who had money while growing up. To learn how money makes you feel, try answering these questions:
- Are there times when you feel the urge to spend more cash?
- Are there times when you want to save more money?
- Do you feel happy or sad when you spend cash?
- How do you feel when you think of money?
- Which areas of handling money are the most detrimental to your mental wellbeing?
It could be beneficial to keep a spending and mood journal, recording your expenditure and how it makes you feel. Moreover, you may also track how you felt before and after spending.
After completing this, you may feel like you better understand your financial trends. Grasping how money affects your mental health can help you prepare for adversity and seek help.
You can also seek quick loan options when you’re cash-strapped. For example, quick cash loans at gdayloans.com.au from Gday Loans can help you sort your emergency bills.
Money worries are among the most common stressors in the modern world; people lose jobs, get trapped in debt cycles, and other problems. Worse, these financial problems can trigger severe social and health issues—understanding how money makes you feel and seeking help.