There is a strong link between financial issues and mental health. Managing finances can become difficult at times, causing stress and as these money worries increase, it can have a negative mental impact.
Poor mental health can then make managing money harder and so it becomes a cycle. There are ways to break this pattern, however.
What Happens?
The signs of poor mental wellbeing are feelings of sadness or stress and can also mean that coping with day-to-day life is a struggle. When the cause of these feelings is money worries, there are different situations where mental health can have a further impact on how money is managed.
Some of these situations can include overspending, therefore causing further financial issues; anxiety about checking bank statements and bills; and taking charge of any existing debts can cause further worries.
As well as affecting personal mental wellbeing, this is a situation that can have a wider impact on others. The combination of money concerns and poor mental health can cause negativity in relationships, as well as having an effect on the social aspect. For those affected by money concerns, the desire to go out and see others often wanes, ultimately contributing to the cycle.
What Next?
There are ways to move on from this pattern. The first step to helping to boost mental wellbeing is to recognise the feelings of anxiety and worry. Acknowledging these feelings and the behaviour it has caused can help to understand that these feelings have had an impact on how finances are being managed. From this point, it is possible to start taking control of the finances again.
In situations where these feelings are having a detrimental effect day-to-day, then it is advisable to seek medical advice from the GP. This is because there may be a wider issue at the heart of these feelings.
How to Take Charge Again
There are some key steps that can be taken to slowly help to break free of this cycle. The first is to talk through what is happening. It is important to get some support if things are getting stressful.
Getting organised can also be a move away from the pattern. Set a time to check bills and budgeting and filing important documents can go a long way to move on. Also, a service such as the one provided by Think Money can account for any important outgoings, allowing bills and outgoings to be managed better.
Asking someone else to take charge of bills can be useful. If opening letters containing bills is causing a lot of the anxiety, choose someone trustworthy to open them. This removes the build-up of worry and allows only the important bills to filter through and be addressed. Also, switching to online banking can help to avoid talking to others if that is something that causes a lot of stress.
