There’s no doubt that financial troubles can play a part in mental health decline and equally when our mental health suffers it can cast a shadow on our financial stability. Mental health struggles can lead to compromising basic needs such as housing, food and utilities. This can have a profound impact on overall well-being.
When struggling with feelings of low mood, a lack of motivation can lead to neglect, making it easy to ignore bills, statements, and budgeting altogether.
For some, spending can provide a momentary respite from the weight of mental distress. It can offer a brief high, a distraction from inner turmoil. Spending as a coping mechanism can lead to a cycle of financial stress that exacerbates mental health struggles. With some conditions, periods of mania can trigger impulsive decisions, including reckless spending. In these moments, rational financial judgment can be compromised, leading to regrettable choices and long-lasting consequences.
For anxiety sufferers, everyday financial tasks like opening envelopes or attending benefit assessments can become sources of panic. These triggers may lead to avoidance behaviour, causing further financial disarray.
On the flip-side uncertain financial times or financial struggles can lead to an inability to participate in the usual social activities, exacerbating feelings of helplessness, potentially leading to isolation and loneliness, as well as strained relationships. It’s no surprise that situations like these can lead to feelings of stress, anxiety and even depression.
If you feel that your mental health is impacting your spending habits or your financial troubles are impacting your mental health, here are some thoughts on how to take back some control:
- Tell someone you trust about your overspending warning signs, or signs you’re struggling with your mental health.
- Give your cards to someone you trust or put them somewhere difficult to access, even if it’s just temporary.
- Don’t save your card details into websites.
- Delete apps where you usually overspend, or apps which encourage you to spend.
- Limit your time on social media if you find yourself tempted by adverts.
- Find ways to delay purchasing by writing a wish list and allocating a budget each month.
- Tell yourself “I will buy this tomorrow if I still feel like it then”.
- Distract yourself with something else that makes you feel good (reading, music, exercise).
- Some people find it helpful to avoid cards completely and go back to using cash as it’s much more visible what is being spent.
Understanding the relationship between mental health and financial well-being is a necessary step towards finding effective coping mechanisms. Seeking support, both professionally and from friends or loved ones, is essential. By recognising the challenges, we can take proactive steps towards breaking the cycle and fostering a healthier, more stable future for ourselves. Remember, you are not alone, and help is available.
source/reference mind.org.uk
