Are you stressed about your finances? If the answer is yes, you are not alone. Money is a topic that can be an innocent conversation starter or a direct way to spoil the atmosphere. However, financial stress has been around for quite a while and is almost unavoidable in today’s world. People’s needs are way out of their incomes, be it buying groceries or paying the monthly bills. Money, when added to your existing problems, can make you feel that you are drowning. That’s one of those things where stress can start to escalate because there is not much support, and very soon, you find that you are anxious and depressed. You are panicking as things get worse.
In this blog, we will discuss the relationship between financial stress and mental health as well as the long-term effective strategies that can help.
What is Financial Anxiety?
Financial anxiety is a chronic money worry, such as not having enough money to pay for the bills, increasing debt, or losing a job, that makes the future seem scary. The stress is continuous and goes deep into every part of life, leaving you nervous and physically aching.
The inability to pay for the bills raises the pressure all the time and is hence the cause of anxiety, sleeplessness, and low spirits. Other mental health issues are:
Emotional distress: The dread of losing debt or income overwhelms you to the point that you get nervous and angry, which in turn leads to rapid mood changes.
Depression: When the inflow of cash is severely limited for a long time, e.g., losing a big sum of money, getting fired, or not being able to pay for rent, the feeling of emptiness and loss of motivation for doing daily tasks becomes dominant, which leads to an increased risk of mood swings.
Self-Esteem: When financial problems persist, you often end up with unhealthy feelings and self-doubt.
Social Isolation: When you barely have money, you tend to skip social events, and the shame of being poor makes you isolate yourself from your friends and family.
Relationship Strain: Conflicts over money can lead to arguments, thus damaging the love, family, and friendship relationships.
Daily life impact: When money is scarce, people usually drop the idea of going on vacation, eating out, and pursuing hobbies, and sometimes find it difficult or avoid getting necessities like doctor’s appointments and school.
Physical Health: Money worries may result in headaches, stomach aches, high blood pressure, and a weakened immune system. These issues, in turn, affect mental health and, therefore, the person gets caught in a vicious cycle.
Barriers to Mental Health Treatment: Money stress may make therapy seem infeasible. Therefore, many people delay seeking help.
How to manage financial stress?
Identifying money worries at an early stage keeps stress from escalating into a major mental health issue and thus results in a more stable life. Maybe you can pick up a few simple behavioral intervention tasks, start with one, and see if there is any change.
Give it a go:
Set realistic financial goals: Break down larger goals (paying off debt, building an emergency fund) into smaller weekly or monthly targets that seem achievable to reduce anxiety.
Create a simple budget: Simply write down your paycheck, bills you can’t afford to skip, some good money, and the amount you save. Seeing everything clearly helps dissipate anxiety and restores a sense of control.
Auto-pay and save: Set up your bank to pay rent, utility bills, and emergency deposits to help you stop overthinking and avoid missing deadlines, reducing anxiety.
Adopt the 10-10-10 Rule: Before making a purchase, ask yourself, “Could this turn into a regret in 10 minutes, 10 days, or maybe even 10 months?” Pausing helps reduce impulse buying, thereby reducing anxiety.
Practice “money mindfulness”: For just five minutes a day, look at your account and observe the situation without judgment. This can help you have a calmer perspective on your cash.
View setbacks as data: If you missed a rent payment, treat it as feedback, not a personal failure (don’t feel ashamed).
Limit comparison: Scrolling through those crazy money posts increases stress. Fix your goal on your healthy work progress.
Maintain a work-life balance: Draw a clear line on salary concerns. Set your off-hours, keep them to yourself. Don’t discuss finances after dinner to give your mind time to recover.
Review and adjust every three months: Every three months, check your goal progress, budget fit, and how you’re feeling. If necessary, adjust your plan so life’s ups and downs don’t overwhelm you.
Try stress-relieving techniques: When you start to feel your heart pounding or your head buzzing, try taking a few deep breaths. Notice how your breath feels as it moves in and out. For some people, relaxation has the opposite effect and causes more anxiety. If that’s you, it’s okay. Don’t force yourself. In addition, if your money stress becomes unmanageable or is heavily impacting your daily life over a period of time. Please consider seeking professional mental healthcare support.
The Takeaway
Money-related anxiety not only impacts your financial balance, but it also affects your emotional balance. Irregular sleep, anxiety, chronic headaches, and other health problems are some of the immediate mental and physical health problems associated with financial stress.
From a holistic perspective, understand and deal with financial stress by learning and implementing behavioral strategies like budgeting, mindfulness, seeking support, and understanding your money mindset. Make sure you opt for a Mental health evaluation.
Tips: Sometimes studying late into the night can feel endless, and a quick coffee break can be a small ray of wisdom.