It’s Official! Money Struggles are Linked With Poor Mental Health
Let’s be honest! We don’t need research or study to tell us that struggles with money are linked to our mental health. They say money can’t buy happiness, but we’re sure you’ll agree when we say that it sure can buy some mental stability.
If you don’t believe us, maybe you’ll listen to the experts. The Royal College of Psychiatrists conducted a study that discovered that 50% of people having debts deal with mental health issues and money trouble. After all, when is a man more relaxed – when he’s struggling to make ends meet or if he has a sound bank balance?
The relationship between peace of mind and funds is complex and has a different effect on everyone. Sometimes it’s the money issue; sometimes, it’s just your mental issues. Whatever it is, we’re here to tell you that there’s no need to panic. Here’s some help you could use in your lowest times.
Identifying the issue
Most of the time, recognizing the real reason behind scarce resources can be tough, and you may need support to do so. There are a couple of things that people do that indicate their financial choices may be linked with their mental health.
- Do you spend large amounts of money on things you don’t need to make yourself feel better?
- Are there times where you can’t work due to poor mental health?
- Do you avoid opening or checking bills and bank statements?
- Do you dodge in-person conversations about your finances?
- Do you worry about making financial payments on a daily basis?
- Even if you’ve got enough money, are you worried about spending and debts?
- Do you find it hard to take in the required information in order to make a financial decision?
Not all of the above behaviors indicate that you’ve got a problem with your finances, but if you see even a few of them happening frequently, it’s possible that you could lose control of your money and build debt.
How to work your finances
If you’re concerned about your financial decisions, here are a few simple actions you can implement right away.
- Lose the credit cards – Yes, you read that right! Credit cards can be tempting for online shopping, often, even unnecessarily. So get rid of the credit cards. The best part is that it won’t affect your credit score.
- Budgeting it all the way – It is hard work, but it’s worth it. Making a budget will help you get a clearer picture of your cash flow, and you’ll gradually be able to find little cash for unexpected expenses. This way, you don’t need to constantly worry about a rainy day.
- Talk about your debt – Whether you’re in debt or reaching close to it, you must talk about it to someone you trust. Seeking advice can prevent your mental health from getting worse. The earlier you seek support, the more confident you’ll be and the faster you’ll get out of debt.
Regardless of whether or not you’re facing financial issues, it is important to make your mental health a priority. There are plenty of resources available on the internet and around your community. Please do not hesitate to reach out for help, because you’re not alone.
More in Business
Jay-Z’s Albums: A Journey of Hip-Hop Excellence
Jay-Z, born Shawn Corey Carter, is one of hip-hop’s most influential and successful figures. With a career spanning over three decades,...July 13, 2023
Business Communication: Exploring the Power of Slack
Slack has revolutionized workplace communication since its introduction in 2013. It is a collaboration hub that brings teams together, streamlines communication,...July 7, 2023
Loan Defaults: Types, Functionalities & Getting Out of One
Taking a loan could be a smart decision if done right. It could help you reach your dreams faster, purchase that...July 1, 2023
Kid-Friendly Airbnbs in America
Planning a family vacation can be an exciting yet challenging task, especially when looking for accommodation that caters to the needs of...June 22, 2023
Email Etiquettes to Boost Your Career
In today’s digital age, email has become an essential tool for communication in the workplace. Email communication can often dictate the...June 15, 2023
The Famous Invisible Mirror House
Hidden among the millions of rocks, cacti, and Joshua trees that make up its unique desert landscape lies a remarkable sight–the ‘Invisible House.’...June 6, 2023
Ford and Tesla: The War of the Automakers
The automotive industry is no stranger to competition, and the rivalry between Ford and Tesla is one of the most closely...June 1, 2023
Why Everyone Should Maintain a “Good” Credit Score
Maintaining a good credit score is important for everyone, regardless of their financial status. A good credit score can help you...May 23, 2023
The Importance of Having Hobbies
Life can be hectic and stressful at times. Between work, family, and other obligations, feeling overwhelmed and burned out can be...May 18, 2023