Improve Your Finances to Boost Mental Health
By Brandi Goodman
Stress causes major harm to our mental health. It can quickly cause us to feel overwhelmed, frustrated, worried, and even sick to our stomachs thinking about how to manage. One of the main culprits for stress is debt. Learning to manage your finances better and work toward improving them can boost mental health and promote a better overall well-being.
Financial Stressors
Several financial stressors are possible. You may experience one or more of them at any given time -- worsening your feelings of stress. A job loss is a significant stressor. You now no longer have a paycheck coming in to help you deal with your financial burdens. This can lead to a pile-up of overdue bills and shut off notices that have you feeling depressed and anxious.
Some people choose to live beyond their means. You may want to live in a life of luxury and resort to spending your check in the wrong places. This can leave you with a pile of debt and notices as well. A major home or car repair could come out of nowhere, also causing stress on your finances -- and your mental health.
Methods for Improvement
You need to find methods for improvement if you hope to get your money -- and your sanity -- back. Start by setting a budget. You need to see precisely how much money you have coming in each month compared to the bills you have being deducted. This allows you to track how much you really have left for saving and spending. If you tend to live beyond your means, then start watching this budget to see where you can really splurge. Don't cut yourself off completely -- that will leave you more likely to go overboard down the road and put yourself right back in the same predicament.
It's important that you set some aside for savings. You never know when an emergency may arise that could put you extremely behind. Car and home repairs are inevitable. Budget for these expenses and you'll have the money you need when the time comes without having to use your bill funds.
A loss of identity, feelings of failure, or being afraid of what's in store for the future are just a few of the depressive thoughts you may have after a job loss or financial hardship. Depression can set in quickly when you're struggling financially. Do what you can to make improvements and try not to let it be a reason for a decline in your mental health.
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