Money and Mental Health

Mar 4, 2020 | 2020 Articles, Community

by staff

It is considered that the more money you have, the better your mental health is. It’s because when you have some extra funds on your deposit, you can afford better healthcare, thus increasing your general condition. What’s more, is there is a direct connection between the money at your disposal and mental health issues. So money and mental health usually go hand by hand.

It usually happens because changes in life can affect the state of your bank account. For example, people losing their job will inevitably become less confident. In case you can’t find a job for some time, you begin to be concerned more and more, and it can lead to a full-scale depression. No wonder that the amount of savings will be reduced at this stage.

One of the most common reasons for people starting to lose money is the debt they can’t cover. It, of course, leads to mental health issues that have been ignored or discounted for some time. Nevertheless, it is proven that people with psychological problems also have lots of financial problems. That’s why we’ve prepared five tips on how to go through the dark times with minimum losses. We hope that will help you to cope with your problems at least a bit more easily.

Be prepared
You never know when a financial emergency may occur. The best advice here is to try to be prepared. Always – and we mean it – always have a stash. The economists suggest saving money for three months at least. Yet, we recommend that you save as much as you can because there are no guarantees you will be able to deal with your issues in three months. Keep in mind that reducing your current spending dramatically to save some money for the potential downfall is also not good for your mental health. Try not to restrain from your usual consumption, but do your best to save something just in case. The best idea is to live within your income.

Control your credit
It is always tempting to take another loan for something that you want to purchase just right now. As soon as you face the temptation, ask yourself whether you really need it and can’t wait for several months to save enough to buy something you need without using credit? According to research, that is the most common way to personal bankruptcy – numerous credits that make people spend more on repayments than for their living. Whether you are selling backlinks or trading on the stock exchange, you have to be accurate with your credits. And do not ignore your creditors, because their continuous chase after you may cause your mental breakdown eventually.

Ask for help
If you feel down, do not be afraid of asking for help. Depression of any kind is easier to overcome at an early stage with the help of your close ones. Keep in mind that your financial downfall can always be fixed. Make sure you’ve contacted your bank and asked for their assistance in case you are losing control. Your bank can rearrange your payments to ease your credit burden. They often agree to that because it is always better for a bank to meet the client’s urges rather than to face another unpaid credit. Do not try to cover your debts with another loan. Though it may seem to be a reasonable decision if you are panicked, and you usually can’t weigh the pros and cons of this.

Avoid spontaneous purchases
When feeling down, people often try to cheer up with shopping. That is absolutely wrong because it can lead to even more financial issues. That’s why when you feel depressed because of money, shopping is the last thing you need. Take time to delete cookies in your browser, because online stores usually remember your cards details to ease your shopping. But your impulsive spending will not help here. In fact, you’ll increase your debt and later will regret it. If you prefer cash, get your wallet out of sight to evade temptations. While feeling down, try not to focus on it, but instead do something useful. For example, you can start exercising or cleaning your home. It is how you will help yourself to stay a bit more alive.

Build up your budget
It usually helps to cope with the worst financial issues when you start managing your budget in a paper notepad or, if you want, in a special program. Seeing the digits usually helps to sort things out and see how much you spend, what can be saved, and which purchases may be delayed or canceled. Caring for your money is your best option, and it is perfectly fine. This is how you can help both your financial situation and stabilize your mental health at the same time.

It is not unusual that from time to time, we have financial issues and become depressed because of that. But if you allow this to overwhelm you, you will end up with numerous problems both with your health and with your wallet. Don’t let this situation control you and instead control this situation personally. There is nothing you can’t cope with if you really want to. We hope this small guide will help you to go through your temporary difficulties. Good luck!

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