|What emotions do you associate with the word 'money'? How do you feel when you think of your own financial portfolio? If the emotions you associate with the concept of money relate to feels of stress, sadness, anger or even fear, you're not alone. According to debt.org, difficulty with finances is very common and an unhealthy relationship with money can cause emotional turmoil for some individuals, and can even lead to mental health concerns such as depression. The importance of building a healthy relationship with your finances is clearly evident due to the inevitability of requiring money in our society, but also the fact that money matters can have a profound impact on our overall sense of well-being. Yet many individuals may actively ignore their money woes or feel a sense of powerlessness to face their finances from fear of finding out how much debt they really have, or to see their dreaded net worth amount. However, being aware of your overall financial situation can also provide clarity and a sense of control in order to begin building a healthier relationship with this part of your life. Consider your own financial well-being for a moment... (And yes, this might be scary for you! But you clicked on this article for a reason, and have taken a step towards finding out more about how your financial well-being may be impacting on your mental health.. so keep going!) - ask yourself the following questions:
What was it like to hear the answers to these questions and how they relate to your own relationship with money? You might be feeling overwhelmed or hovering over the X button on the browser tab, but know that these feelings are completely normal. Keep reading for some interesting facts about finances and mental health plus resources to help you get started improving your own relationship with money. Facts
TipsAlthough I won't pretend to be a financial expert, I have personally started to pay much closer attention to my own financial well-being and how it relates to my own mental health, and in the past two years have discovered ways that have vastly improved this area of my life. It can be important to remember that your financial well-being will be specific to you, your situation, and your current life circumstances (as well as your hopes, dreams, goals, motivation level, etc), so finding tips that work for you is important. Here are some financial well-being tips that I have found helpful from blogs, financial experts, and personal experience:
Have any finance tips to share with other readers? Add them in the comments below! ResourcesIt can also be tough to organize and build a healthy relationship with money on your own. Consider asking for help from friends (especially if you have a math whiz for a sister like me), explore free online resources, or make an appointment with your bank or accountant. If you are finding you are feeling overwhelmed and want to talk about things further, seek out support from a mental health professional. NB: Most of the following suggested resources are for Canadians, but a quick Google search will help you find resources in your own country! Here are some financial experts to check out:
Here are some of my own recommendations that I use to organize my own finances:
More ResourcesYou made it to the end of the article, great job! Need some strategies to relax now? References: moneyandmentalhealth.org,apa.org, time.com,nytimes.com, cutimes.com, moneyhabitudes.com, theglobeandmail.com *Some links on this page are embedded with affiliate links which I may be compensated for at no additional cost to you.
19 Comments
4/19/2017 02:39:09 pm
What a fantastic post! I can totally see how your financial stability could affect your mental wellbeing - simply being unorganized and stressed about finances takes a toll. I think those are some awesome resources, too and I'll definitely be checking some of them out :)
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4/21/2017 11:48:51 am
Hi Malissa - I'm glad you enjoyed the post and I hope the resources are helpful, as well!
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4/19/2017 02:45:10 pm
So so true... No words needed. Thanks for laying it out so clearly and I am sure someone will benefit
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4/20/2017 07:51:47 am
I am a big fan of mint. I like the way it lays everything out and presents the budget.
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4/21/2017 12:06:35 pm
I use Mint, too - it's brilliant for keeping track of everything in one place and calculating your net worth for you. It sounds like finances were a big concern in your previous relationship.. I'm sorry to hear that! I'm getting the sense you have things sorted for yourself now, which is good to hear (and I completely agree with feeling satisfied at seeing the zero credit card balance). Thanks so much for your comment!
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4/21/2017 06:11:47 pm
My heart beats fast when I even see the word money. I have been actively trying to get mt finances in order, it's a rough road but one I feel confident I can conquer. Thank you for the suggestions Heather!!
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4/27/2017 09:50:18 pm
You're very welcome, Connie - keep going, it can get easier! :)
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4/28/2017 08:30:23 pm
You've got a wealth of information here! Money certainly does play a huge part in our mental stability. Since paying off my student loans, I feel like a weight has been lifted...literally. Now that we are nearing the end of our debt free journey, I can literally envision the endless opportunities my family will now have.
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The main problem I have regarding money is the strong link with my depression. When I am feeling low, I spend money to try and make myself feel better. During one of my highs, I spend money on other people to try and make them feel as good as I feel at that point in time! I never quite realise what I'm doing at the time, and it's frustrating to look back on. Something to work on!
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4/30/2017 04:29:27 pm
I feel like financial well-being is a lifelong and ongoing process.. so just the fact that you can identify and have insight into your spending habits is a step in the right direction at being able to get a handle on things. Thanks for your comment & for hosting the #MHLinky!
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5/1/2017 01:06:44 pm
Some great tips! Just today a friend and I were talking about how so much of our stresses are surrounded by money. I also spend money to make myself feel better, and then have an intense guilt over spending it! Spending money on food I only gorge on is also a huge problem I can't seem to budge.
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6/4/2017 05:56:02 pm
Hi there! I hope you found the tips and information in this post helpful so that you can start to create a healthier connection between your mental health and finances. Take good care of yourself!
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5/2/2017 01:08:45 pm
This is a really great read. I'm struggling with debt which has been made worse by my impulse buying (I have BPD). I've set up a debt management program and hope to get in a better place soon. My depression has been made worse by debt #MHlinky
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6/4/2017 05:58:14 pm
Hi Michelle, I'm sorry to hear that you're struggling with debt but it's great to hear that you have a debt management program in place. I hope things get better for you soon! Take good care of yourself.
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1/5/2018 07:54:03 pm
Yes, I completely agree! I hope the New Year is financially positive for you, Yolanda! :)
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