The month of May marks Mental Health Awareness Month. It is believed that 1 out of 5 American people suffer from a type or form of mental disorder as per the National Alliance on Mental Illness (NAMI).
The causes of mental illness can be varied and complicated. There is a vast variety of causes why mental illness can occur, from genetic causes to environmental factors.
One factor with the potential to affect almost all people at some point of their lives is personal finances. Researchers have found time and again that there is a direct connection between mental and financial health.
In many cases, this connection is cyclical. Poor financial health is a precursor in poor mental well-being, which then leads to a decline in financial health and the cycle continues. However, research has discovered the mental health problems such as anxiety, depression and some forms of psychosis have three times the likelihood when someone is in the midst of debt.
In addition, a data analysis by the personal loan company Payoff discovered the 23 per cent of those who responded to a survey on financial health were suffering from Post-traumatic Stress Disorder (PTSD) because of their personal financial situation. The respondents also admitted to having self-destructive, irrational behaviors prompted predominantly by the desire to hide the real-life consequences of their financial troubles.
The conclusion here isn’t just that poor financial health could cause mental illness. More important is the opposite of this: taking proactive steps to protect our financial health is likely to have positive effects in our health, too.
Common symptoms of depression
Are your finances having negative effects on your mental wellbeing? This might not be obvious.
According to the National Institute of Mental Health (NIMH) These are the most frequent indicators of depression
- Persistently sad, anxious, or “empty” mood
- A feeling of despair, hopelessness, or pessimism
- The feeling of guilt and shame, inadequacy and feelings of helplessness
- A lack of interest or enjoyment in pursuits and hobbies
- Reduced energy, fatigue and being “slowed down”
- Difficulty concentrating, remembering, making decisions
- Sleeping difficulties, early-morning wake-ups or excessive sleep
- Weight and/or appetite changes
- The thoughts of suicide or death Suicide attempts
- Restlessness, irritability
- Physical symptoms that persist
Whatever the reason, regardless of whether your specific symptoms stem in financial stress If any of these sounds like you need to talk to a trained mental health expert.
If you’re worried about suicide If you’re feeling suicidal, contact 1-800-273-8255. This National Suicide Prevention Lifeline is confidential, free and accessible 24/7.
Tips for dealing with financial Stress
If your finances are causing mental stress There are actions you can take to cut down on the noise and refocus your focus and begin making positive modifications.
Determine what is important most to you.
If your finances are causing anxiety, a great first step is to take a step backwards.
“Take some time today to clarify your financial goals, and also understand your priorities both as an individual and as a unit,” recommends Maura Attardi, MMI Director of Financial Wellness. “Defined goals can help us determine whether the way we spend our money is guiding us in the right direction and our values assist us to determine whether our goals are achievable and relevant. Additionally, there could exist conflicting values within the family or in a relationship that could cause lots of stress. Making sure everything is in line alleviates stress, decreases the friction between people and makes financial decisions considerably simpler.”
When you’ve come to a common understanding on your financial priorities you’ll be able to begin to identify the root causes of your mental discomfort.
“Taking an open and transparent examination of why we invest money in the way that it is beneficial in reducing anxiety and determining what steps we must do,” says Attardi. “If you’re struggling with overspending consider determining the voids in your life that you’re trying fill with spending money. You can then change your expensive methods of coping with something less costly for your wallet for example, free classes in yoga, reading or working out.”
Begin your conversation with someone whom you can trust
“In the same way to that, having someone is completely transparent and honest about your financial situation could be helpful,” says Attardi. “Where we might only be able see the worst possible financial situation or a credit advisor or a trusted friend, or even a family member who is objective can help us open our eyes to the options that are positive at our disposal.”
Just talking about your worries and worries can bring incredible relief. It will be clear that you’re not the only one – we all have financial issues in a way or other way. Perhaps most important, you’ll get rid of the guilt of feeling like you’re concealing something.
Plan your actions and make it easy
A small amount of improvement can make all the huge an impact. Just feeling that things are heading in the right direction can alleviate stress and lead to an increased sense of happiness.
Once you’ve identified your priorities and goals, and de-stressed your heart a little and you’re ready to go to work. Make a plan that will aid you in reaching your objectives. Keep the steps simple clear, well-defined, and achievable. Make sure you are set for success by establishing an achievable set of targets that will gradually but surely lead you towards your goal. Don’t be afraid to celebrate your accomplishments. Be happy about all the boxes that you have to check!
Receive confidential, private support
If you are in need of assistance getting your finances in order you should talk to any of our Certified credit counselors. Counseling for budgets and debts are always available for free, and will help in helping you manage your finances by offering you expert guidance, without judgment, as well as access to useful tools.
Mental illness is quite widespread and nobody should ever be embarrassed or ashamed to admit they require assistance. If your loved ones or you suffers with signs of depression or anxiety, or other mental illness, it is important to seek the help of a trained psychiatrist in your local area. For useful resources on mental health you can visit MentalHealth.gov (a division of the U.S. Department of Health and Human Services) and NAMI.org.
