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Money & mental health

Money concerns can affect our mental health and mental health impacts the way we deal with money, which is why we say the link between both is circular

Everyone has been talking more about money at my office lately, perhaps because I live at the place of my dreams and the normality here is to live frequently, through the economic crisis.

Pandemics made life harder

The covid outbreak just worsened people’s constant concerns, after businesses were forced to close in lockdown, leaving them unable to work, some companies collapsed, leading to unemployment, and many, too many struggling with exacerbating money worries that have affected our mental health.

Dealing with money debts, anxiety about paying bills, and avoiding fines, charges, or even legal actions can be an important worries. These worries affect your sleeping habits, eating habits, all your immune system leaving you more vulnerable to getting sick. Under these conditions, it is harder to keep track of money and easy to spend money on things that you just cannot afford

Anxiety regarding the present and near future affected all of us. Many felt the threat of not being able to survive, worried about making ends meet or keeping their usual lifestyle, and feeling anxious regularly, many have mentioned how this has affected their mental health.

Keeping a healthy relationship with money

Understanding this circular relationship between money and mental health, we can think of ways to ease or cope with it.

First try to improve your finances, reorganize your debts, and mortgages, ask your bank for orientation on this.

Organize your finances as you organize your home

You need the discipline to keep your house clean, same thing with your finances, you need the discipline to keep your numbers straight.

Some tips

  1. Write a list of all your monthly expenses  
  2. Check your bank account regularly
  3. Create a budget for different things (even leisure time)

Reach out for help

Getting some orientation regarding finances and debt with specialized people can help, of course, it will not address every cause of mental health issues, but it might prevent some from emerging and others from getting worse.

If you consider your mental health is affecting the way you deal with money, seek professional help, coaches, counselors, or even a psychologist who might be able to help you find what money means for you.

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