|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.
Related: 10 Household CFOs Share Their Best Money Management 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:
Have any finance tips to share with other readers? Add them in the comments below!
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.
My own recommendations that I use to organize my own (Canadian) finances:
Check out even more money-related resources:
References: moneyandmentalhealth.org,apa.org, time.com,nytimes.com, cutimes.com, moneyhabitudes.com, theglobeandmail.com
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