You’ve been working hard spending extra hours at the office or taking more shifts at work. And, finally, the day has come—you have paid off your debt!
Do you feel excited and enthusiastic? Of course, you do!
Paying off a major debt such as a loan or an outstanding credit card bill puts you in a really good mood.
On the flip side, though, if you are financially insecure and have not paid your bills, it can make you feel the opposite—fear, anxiety, even depression.
The truth is that there is a connection between financial stress and mental health.
What Is Financial Stress?
Financial stress is any situation which involves your personal finances and is causing you to experience anxiety, insecurity, and even fear for the future.
Some examples of these situations include:
- Missing bill payments for utilities
- Having a large number of student loans, which means being in debt for years if not decades
- A decline in the value of your home
- A job loss
- Inability to find new work
- An unexpected medical emergency
Of course, just about everyone in their life is going to experience financial stress. The issue is to whether or not financial stress becomes a mental health problem.
The Connection of Financial Stress and Mental Health
When you experience financial stress it makes it more difficult for you to feel comfortable and secure. You may be plagued with worry as to how you will make your payments and what the immediate future holds.
Of course, this affects your mood and makes it harder for you to plan ahead or even have fun because your financial stress is first-and-foremost on your mind. In short, you don’t feel safe.
Remember that “safety” doesn’t just mean to be physical safety, it also encompasses feeling emotionally safe. It’s an emotion that’s evolved with us over time for a reason—to keep us out of danger.
So, how does the combination of financial stress and mental health affect us?
Effects of Financial Stress and Mental Health
When you are feeling stressed financially, that stress can manifest itself in several ways.
Some examples are:
- Anger – You may start to develop a “short-fuse” and lash out verbally at others. This, in turn, only creates more stress and aggravates the problem.
- Denial – It may seem easier to stick your head in the sand and be in denial about what is happening in your life. Of course, this doesn’t make the problem go away.
- Anxiety – Anything related to money may make you feel anxious. Even making the necessary expenditures, such as for food and gas for the car, can cause you to feel anxious. You may be plagued by the question, “How will I pay for this?”
If left unchecked, these feelings could develop into depression. (Meaning you feel in a “down” mood for at least two weeks or more.)
Depression, in turn, can breed feelings of hopelessness. You end up believing that you’re just stuck in a hole and there is no chance to claw your way out.
What Can You Do About Financial Stress and Mental Health Issues?
There are two sides to this problem which will need to be addressed at the same time.
One, you have to deal with the mental health issue and seek help. At the very least talk to someone, such as a friend or family member, whom you know will be understanding and compassionate about your situation. Also, a therapist is also a helpful resource, especially if you are experiencing anxiety or depression symptoms.
Two, you have to handle the financial end of the problem. Therefore, seek out a financial advisor or therapist for help with your money issues.
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The key to managing the combination of financial stress and mental health issues is that you can’t let it go on forever. It will only darken your mood further and not fix your financial problems. Consulting with a therapist, financial advisor, or job counselor can be the spark to get things going again.
Take the first step and contact me!
