Money & Mental Health: Understanding The Links (& What To Do About Them)

The importance of good mental health has never been clearer. And while it is influenced by many different factors, you simply cannot afford to ignore the impact that money can bring.

However, it’s not just about accepting money as a key ingredient. You must also understand how it impacts you and, more importantly, what you can do about it. Here’s all you need to know.

A Lack Of Money And Stress

Stress is one of the biggest threats to mental well-being. Unfortunately, money worries are the most common source of stress in modern society. Spiralling debts and a lack of financial organisation will inevitably see stress levels soar.

Earning more money will instantly lift a weight of stress from your shoulders. So, while protecting your mental health at work is vital, securing fair pay is the priority. This could mean asking your boss for a raise or looking at alternative jobs.

You can reduce stress further by trimming the fat from your expenses. Do this while also tracking your income and outgoing. Even if there is a long road ahead, the knowledge that your finances are moving in the right direction will support your mindset.

Financial Injustice And Fixation On The Past

Placing too much focus on the past often prevents people from unlocking their potential. It can cause depression, sadness, and feelings of inferiority. So, if you are currently burdened by financial injustice, its impact on your mental health will be huge.

You will never truly move on until you have drawn a line under the issue. Close Brothers car finance claims, for example, aren’t just about the benefits of getting a cash payout. Crucially, they provide justice and a fair conclusion that restores feelings of self-worth.

Financial injustice could also manifest as not getting the help you’re eligible for, or being overcharged by a utility firm. Stand up for yourself to potentially get the financial outcome you deserve while also allowing yourself to finally move on.

Inadequate Financial Planning And Fears Of The Future

Financial health isn’t only defined by short-term situations. Ensuring that your long-term finances are under control is equally important. Fail to do this, and the worries you have about future financial matters will weigh heavily on your mind.

Retirement planning should begin right away, even if you have decades to go. Meanwhile, protecting your family’s future is another vital factor. Experts like Estate Planning Solutions provide wills and other documents to execute your wishes. And reduce beneficiary taxes.

As well as preparing for the long-term future, you must be prepared for unforeseen situations. Many households would struggle to deal with an unexpected £500 expense. Whether it’s an emergency fund or liquid investments, access to funds is vital.

Financial Compromises And Wellness Restrictions

A lack of funding doesn’t only cause stress. It can force you into making financial sacrifices. In many cases, this will impact your physical wellness. Given the strong links between body and mind, compromised physical health will impact mental wellness too.

For example, malnutrition can quickly take a toll on your mindset. Meanwhile, restricted social activities as a result of not having money can cause loneliness and depression. Of course, the issues are worsened when there is no sign of the situation improving.

Help is available, but only you can reach out for it. Call a financial advisor or charity in your area. In some cases, they can actively support you. Even when this isn’t possible, their guidance should put you back on a more positive path. You’ve got this.