Surprising Facts About Financial Well-Being & Mental Health

4/16/2017

Blog post via @hleguilloux to help you learn about how your mental health may be impacted by your finances, questions to ask yourself about your financial well-being, and tips & resources to help you improve this area of your life. #finances #mentalhealth #resources

|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.

Please note: The information contained in this article is not financial or mental health advice. If you are concerned about your health, please seek professional support from a doctor or hospital. This is a collaborative post.

Surprising Facts About Financial
Well-Being & Mental Health

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 is your net worth (assets minus debts)?
How do you keep track of your expenses (do you have a budget? is it updated?)
Do you talk about your finances with anyone like your partner or a financial adviser?
How much do you pay each month in fees or late charges?
What are your savings or debt repayment goals?
Have you done any estate planning?

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.

Related: 10 Household CFOs Share Their Best Money Management Tips

Facts

A 2014 study on couples and money habits found that 70% of couples argue more about money over all other household or relationship issues.
One of the biggest predictors of divorce and a main source of conflict within intimate relationships relates to the way couples manage their finances.
People with mental health issues are three times more likely to have debt or money problems.
Money is associated with varying levels of stress from mild to extreme and is one of the main reasons for stress in America.
Families that consider money a taboo topic experience feelings of discomfort when discussing finances, may lack emotional support, and report symptoms of depression more often.
Student loan debt is associated with mental health concerns including anxiety.
Money worries can cause sleep deprivation that impact on an individuals overall health and well-being.

Tips

Although 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 that I have learned from reading blogs, listening to financial experts on podcasts, and from my own personal experience:

Create a budget
Calculate your net worth
Make sure your taxes are up-to-date
Invest or set up your retirement savings plan
Set aside money each month of fun or self-care
Set financial goals for debt repayment & savings
Eliminate late charges, fees and interest payments
Sell items gathering dust on buy-sell websites for extra income
Talk to your partner about money & agree on a financial plan together
Side hustles to increase income and pay down debt or build savings quicker

Have any finance tips to share with other readers? Add them in the comments below!

Resources

It 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.

CLICK HERE TO SEE MY FAVOURITE FINANCE PODCASTS!

My own recommendations that I use to organize my own (Canadian) finances:

Tangerine Bank: An online bank that offers no fees for banking, a higher interest rate than most for cash-back on savings and offers a very user-friendly online banking interface. Use my Orange Key 46581005S1 to receive a bonus.
Questrade: Open a self-directed investing account and pay lower fees than a mutual fund account. Investing can help you save more for your retirement and to build residual income. Use my QPass Key 775906489409124 to receive a bonus.
Mylo: Mylo rounds up your purchases and invests the spare change.
Willful.co: Create a will online to protect you and your family.

Additional money-related resources:

References: moneyandmentalhealth.org,apa.org, time.com,nytimes.com, cutimes.com

Some links on this page are embedded with affiliate links which I may be compensated for at no additional cost to you.

26 Comments

Malissa // Quotation Re:Marks link

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 :)

Heather LeGuilloux link

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!

Heather Newman link

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

4/21/2017 11:49:45 am

Thank you for your kind comment, Heather!

Gillian Kent link

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.
Money was a very difficult topic in my marriage. My ex had huge issues that made discussing spending or setting a budget impossible. Now we are divorced I am please to be zeroing my credit cards every month. Very satisfying.

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!

Connie @essentiallybroken.com link

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!!

4/27/2017 09:50:18 pm

You're very welcome, Connie - keep going, it can get easier! :)

Dr. M link

4/28/2017 03:25:54 pm

Mint was essential for me on my journey to getting rid of our 6 figure loans!

3/10/2020 12:05:37 pm

I'm so glad to hear that Mint helped you on your debt payment journey, well done!

Danielle @ The Pennies We Saved link

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.

3/10/2020 12:06:29 pm

I can imagine how much of a relief that must have been to pay off your student loans, Danielle. I hope your current financial journey is going well!

Rachel link

4/30/2017 12:38:14 pm

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!
Thanks for linking up with #MHLinky

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!

That Mummy Blog link

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.

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!

Michelle Goodwin link

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

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.

Yolanda link

1/4/2018 02:05:07 pm

I'm a firm believer your feelings towards money determine whether you have a consistent flow of money coming in or not. Thank you for this comprehensive post and I will be checking your money management recommendations.

1/5/2018 07:54:03 pm

Yes, I completely agree! I hope the New Year is financially positive for you, Yolanda! :)

Tiffany link

1/9/2018 10:36:16 pm

This is so true! Finances can really challenge a relationship. I love all the helpful links on this article. Bookmarking it for later!

3/10/2020 12:07:10 pm

I'm glad you found this article helpful, Tiffany. I have shared a few other finances posts lately you might also want to check out!

Debrah McCabe link

4/27/2018 03:44:49 pm

Issues with money? You betcha! My way of dealing in the past amounted to letting my eyes glaze over and just nod periodically.....while I planned supper or something in my mind! Very efficient plan to deal wouldn't you say? But seriously, good blog and some of these little tweaks are going to get implimented in my own management process. Thanks for bringing them up Heather.

3/10/2020 12:08:41 pm

Thanks for your comment, Debrah. Finances can be tough to deal with and it can sometimes seem easier to push them aside.. but I'm glad that a few tips from this article has been added to your own financial strategy.

Sylvia link

6/12/2019 01:56:22 pm

Great post! It is so important to know how to spend money visely!!

3/10/2020 12:09:39 pm

Hi Sylvia, I'm so glad you enjoyed this article! I have shared a few other blog posts about finances recently that you might want to check out, as well.

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