In this Beyond the 1st Response episode, Christy and Ciara speak about how your finances can affect your overall mental health.
Finances and Mental Health
The stressors of debt and the “control” over finances can burden and weigh you down, while also affecting your relationships. While debts can be avoided, some can not, learning how to manage and budget your finances can help ease the stressors, and positively help your overall mental health. There is even a stigma of debt that keeps people from asking for help. People who have debt or trouble managing finances are more likely to have mental health issues, add that into the job trauma, and it can be a hard hole to climb out of. Even if asking for help is just asking your spouse or partner to take over part of the finances. Or sitting down together and creating a budget. It is okay to let go of that and trust in the help.
A study from the Royal College of Psychiatrists on Debt and mental health found that half of all adults with a debt problem also live with mental ill-health. This ranged from a consistent feeling of anxiety and low mood to a diagnosed mental health condition.
You are not alone, according to a survey done by CNBC as of 10/31/23, found that 62% of Americans live paycheck to paycheck. That is an incredibly high number, and just shows that a lot of us are struggling too.
Setting Healthy Financial Goals
There are ways to alleviate the stress and get yourself into a healthy “debt mind-space.” Setting a goal can be as simple as writing down your monthly expenses, or as intricate as making a binder with your monthly statements, costs, and a well-planned out budget. Whatever that case may be, use that goal to feel better overall. Split some financial tasks with your spouse or significant other. Have the conversation that you, or them, may be avoiding. Set yourself up for success, even with just small changes, you can move forward with a healthier financial lifestyle.
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