Mental Health and Money
If you’re also dealing with depression or anxiety and are trying to make ends meet, thinking about money can be really stressful. You are not alone.
- Money management
Mon Jan 23, 2023 by Ruth-Anne Klassen
Often when we think about money or bills our stomachs cringe and our heart starts racing. Does this sound familiar? If you’re also dealing with depression or anxiety and are trying to make ends meet, thinking about money can be really stressful. You are not alone.
Money is a tricky thing that can make life amazing or awful. Money is essential to modern life and a leading cause of stress. There is a connection between money and mental health and one has an influence on the other. Money and mental health are intimately linked and exist in a cycle.
Stress-related to personal finances affects mental and physical wellbeing in many different ways.
- One in five people with mental health challenges deals with financial problems.
- People with financial stress are twice as likely to experience poor overall health.
- People with significant debt have three times the mental health problems compared with people without debt.
Tips for de-stressing from money worries.
- List all your financial obligations – this activity might be scary but offloading your money worries on paper gives you a chance to understand your priorities.
- Review your needs and wants – what do your money priorities look like? Categorize need items and wants items. What are the negotiable and the non-negotiable items?
- Seek out support, like Money Matters, which offers a safe and welcoming space to learn how to manage money better for people living with mental health and/or addiction challenges. Our Money Management courses gives you the tools to take control of your finances and financial coaching is available for personalized money coaching, in an unbiased setting.
Take a BIG slow breath in and exhale.
Let’s work together! Please call 403-204-9323 or email us for more information.
Photo by Christopher Catbagan