Many Americans are stuck in debt and depression. Some are defaulting on college loans, some maxed out their credit cards, some are struggling to pay their mortgages.
Is this you?
If so, it can be hard not to get depressed over how much you owe. After all, it feels as if you have little to no control over the situation. The creditors want what they are owed each month, and there’s not else you can do about it.
Or is there?
Knowing how to protect your wellbeing when money is tight is important for both your health and paying down your bills.
Here’s how to protect your mind and fend off debt and depression.
Focus on What You Can Control
One disturbing aspect of debt and depression is feeling very little control over anything. Certainly, this applies to debt. You can’t change the fact that you owe money. However, there are still things you can do about the situation that is within your control. For example:
- Determine how much you actually owe and how long it will take to pay it off.
- Work with the creditor on a repayment plan.
- Refinance your debt for a lower interest payment.
- Work with a financial advisor on strategies to lower your debt and manage it.
- Establish a budget for yourself and stick to it.
When you think about it there are more options than you might have initially realized when it comes to your debt.
Debt and Depression: Set Goals for Yourself
Another way to protect yourself from debt and depression is by setting goals. These can be benchmarks that you establish as you pay down your debt. This involves paying down a certain amount of debt in a specific timeframe. For instance, you have a debt of $5,000 with a final payment date three years from now. Set goals for paying the debt for each year. When you hit those benchmarks, celebrate! Feel good about yourself that you are working towards your goal.
Do Things That Promote Positive Mental Health
Even though you owe money, there are still many things that you can do to support your mental health during this time. For example:
- Exercise to promote the production of serotonin and dopamine to encourage positive mental health.
- Eat nutritious foods and avoid using food as a coping mechanism for things your can’t control.
- Create friendships and focusing on relationships that are supportive and positive for you.
- Consider evaluating those relationships that may be unhealthy or unproductive.
- Get outside! Fresh air and nature are always helpful.
The best part of these ideas is that they are free! Going for a jog doesn’t cost any money at all. Spending time with a good friend will certainly be time well spent.
To Get a Second Job or Not?
This is a big question because it is tied to both your financial status and mental health. On the one hand, it makes sense to pick up a second job to pay down that debt. Many people these days have a “side-hustle” to bring in additional income. Not only does this pay off outstanding charges but, oftentimes, it’s a measure to pay monthly bills until things are more economically secure.
However, the extra time spent for that second job is the time taken away that you could be spending on self-care. When considering this choice, keep in mind that self-care practices are vital and should not be sacrificed for more income. If possible, use that second gig to promote something you are already passionate about. For instance, if you enjoy music, teach music lessons on the side.
Including Therapeutic Support
Part of your overall strategy for managing debt and depression should include counseling. Therapy can help you navigate some of these difficult choices. It’s also a place where you are free to express your exasperation, frustration, and even anger over your situation. Even if you think you can’t afford therapy, don’t discount it entirely.
Debt and depressions are common problems. You needn’t feel ashamed or alone. If you are struggling, know that there is a lot that you can do about both issues. Try the tips above and don’t hesitate to ask for professional support through depression treatment. Read more about depression treatment and contact me for a consultation soon.
