Financial Stress and its Impact on Mental Health
With rising costs of living, tight job markets, and unprecedented times, financial stress is amongst the top kinds of stress Americans are experiencing today. Money is needed to put clothes on our backs, food on our table, us and our children in school, and so much more. So when money gets tight, a job is lost unexpectedly, or an unexpected expense comes through, our mental health can be severely impacted.
Just like most if not all other forms of stress, financial stress can eventually take a toll on your mental and physical health. Subsequently, this can trickle down into other parts of your life, like your personal relationships, and relationships with substances.
If left unmanaged, financial stress can lead to a cycle of worsening mental and physical health, and in turn, worsening finances. Breaking this cycle is imperative to keeping your mental health and finances in check.
Financial uncertainty coupled with strain on your personal life can result in psychological manifestations. Depression, insomnia, and anxiety may start to become a daily or chronic event in your life. Because of this mental stress, physical ailments may follow. Weight gain or loss, headaches, gastrointestinal problems, and high blood pressure may begin to affect you if financial stress isn’t managed.
How to Manage Financial Stress
Finding ways to manage financial stress can keep your mind, body, and bank account healthy.
Utilize Your Resources
Often, communities offer free resources like financial advisors to help those with financial struggles manage their stress. Banks, community centers, and trusted friends and family can offer valuable advice, and can lend an ear to allow you to get any emotions that you have about your finances off of your chest.
Utilizing talk therapy can help manage feelings of anxiety, depression, and stress that result from financial struggles. Additionally, therapy can help unravel deep rooted causes for financial stress, like underlying trauma and past events.
Exercise Healthy Coping Mechanisms
Reach out to a friend and have a chat. Find someone you trust who will allow you to vent about your financial stress and will not judge or criticize you. If you don’t have someone that you feel that you can talk to, Chenal Family Therapy is here to help. We offer in-person and online therapy options so that you can talk to a professional in whatever environment feels best for you.
Understand Why and When You Spend Money
Identify if you spend money due to triggers. Do you spend money when you’re bored or stressed? When someone is upset, do you go out of your way to spend money on them to make them feel better? Do you choose take out over cooking more often than you should?
Exploring why and when you spend money will help you control impulse spending and help identify when unwise financial decisions are made.
Find the Best Way For You to Budget
Find ways to budget effectively and efficiently. Take inventory of your finances by starting off with any bills, notices, and emails that you have been ignoring. Utilize financial resources like websites and apps that can keep track of your finances in a way that makes sense for you. Of course, some financial stress is easier to manage than others. If you feel that your situation cannot be managed on your own, seeking professional financial advice is the way to go.
Take Baby Steps
Deciding to take control of your finances isn’t done in a day. Go easy on yourself. Take the necessary steps that you need to understand your finances, while also leaving room to feel emotions. Everyone in the world has a possibility of feeling financial stress. You’re not alone.
Chenal Family Therapy is here to help. If you feel that you’re ready to open up about how financial stress has been affecting you, don’t wait. Both in person and online therapy are available at a variety of locations here in Arkansas. Visit our services and online therapy pages to learn more about what options are available to you.
SPP is a subset of Chenal Family Therapy, PLC, ACEP Provider Number: 7233