Money is one of the leading causes of stress in the United States. In fact, according to a study by the American Psychological Association, 8 out of 10 Americans report feeling stressed about money at least some of the time. And when it comes to our mental health, that stress can take a serious toll.
In this article, we’ll discuss the link between financial stress and mental health, and we’ll give you some tips on how to cope with financial stress and protect your mental health.
The Link Between Financial Stress and Mental Health
It’s no secret that money is a source of stress for many people. In fact, money is one of the leading sources of stress in the United States. And when you’re stressed, it can be difficult to focus on anything else—including your mental health.
Financial difficulties can significantly reduce recovery rates for common mental health conditions such as depression and anxiety.
The stress of financial worries can also lead to depression and anxiety in and of itself. Financial difficulties are also closely correlated with high psychological distress.
Signs of Financial Stress
If you’re feeling financial stress, there are some telltale signs to watch out for. It can manifest through physical symptoms, like headaches, stomach problems, or insomnia. You might also find yourself snapping at people more often, or feeling constantly overwhelmed.
Financial difficulty can also reduce the recovery rates of mental health conditions. For example, if you’re suffering from depression, you might find that it’s harder to get better if you’re struggling to pay your rent or make ends meet.
Financial stress can have a number of negative consequences, including:
- Sleep problems like insomnia or other difficulties
- Weight changes such as weight gain or loss
- Depression, which can make you feel down, hopeless, and unable to concentrate or make decisions. People struggling with debt are more likely to experience depression, according to a study by the University of Nottingham in the UK.
- Anxiety, which can make you feel vulnerable and trigger symptoms like a racing heartbeat, sweating, shaking, or panic attacks
- Relationship issues, as money is a common source of conflict among couples. Financial stress can also lead to anger, a lack of interest in sex, and deterioration of even strong relationships
- Social withdrawal, where financial worries may cause you to distance yourself from friends and become more isolated
- Physical ailments like headaches, gastrointestinal problems, diabetes, high blood pressure, and heart disease. In countries without free healthcare, financial stress may also prevent you from seeking medical treatment due to fear of additional expenses
- Unhealthy coping methods such as excessive drinking, drug abuse, gambling, or overeating. Financial stress can also lead to self-harm or suicidal thoughts.
Strategies to Manage Financial Stress
Money is a major source of stress for many people. In fact, financial stress is one of the leading causes of mental illness. If you’re feeling overwhelmed by your finances, here are some strategies to help you take control:
- Educate yourself about money management. There are a lot of helpful books and online resources available on this topic.
- Create a budget and stick to it. This can be tough, but it’s essential to knowing where your money is going.
- Review your expenses and see where you can cut back. Can you reduce your cable bill, or cancel subscriptions you no longer use?
- Make a plan for emergencies. Everyone should have an emergency fund to cover unexpected expenses.
- Find ways to increase your income. If you can bring in more money, you’ll be less stressed overall.
- Seek professional help if you’re struggling with severe financial stress. A therapist or financial planner can help you develop a plan that works for you.
The Importance of Professional Help
It’s important to understand that there is nothing wrong with seeking help from professionals. Talking to a therapist or a financial advisor can provide key insight into issues like anxiety, fear, and worry that often prevent people from dealing with their finances in an empowered way.
Additionally, they may be able to offer helpful solutions such as budgeting tips and techniques to reframe your relationship with money.
Financial worries are increasingly being linked to psychological distress. In fact, research suggests that perceived financial instability is associated with an increased risk of developing depressive symptoms.
This means that mental health and financial health are inherently linked, and it’s important for us all to be aware of the signs of financial stress in order to protect our mental wellbeing.
Tips to Protect Your Mental Wellbeing
It’s important to remember that your financial stress may be impacting your mental health. The financial worries can cause you to experience psychological distress, such as feeling overwhelmed, anxious or depressed. To tackle these symptoms, consider some of the following tips:
- Try to find a balance between managing your finances and taking care of yourself. Don’t sacrifice self-care activities just to save money.
- Engage in activities that make you happy and help you relax, like walking outdoors or reading a book.
- Talk to a friend or family member about your feelings and stressors related to money—you don’t have to face it alone!
- Set boundaries with people in your life who constantly talk about money and finances, as it can be detrimental for your mental health.
- Reach out for help if you need it—seeing a therapist or joining a support group can provide you with the assistance and guidance needed when dealing with financial stress.
Financial Resources and Support Networks
It’s also important to remember that you don’t have to handle your financial stress alone—there are plenty of resources and support networks out there to help.
You can reach out to a financial planner or mentor, join a local group focused on budgeting and money management, or talk to your friends, family, or even online communities for advice and support.
You don’t have to be ashamed or embarrassed about asking for help with your finances. Everyone struggles with money issues at some point in their lives, and knowing where you can turn for support is an important part of dealing with financial stress.
In addition, educating yourself on all the tools and resources available will help you make sound financial decisions in the future.
- Betterhelp: With over 25,000 licensed counselors, BetterHelp has a therapist that fits your needs. It’s easy, affordable, and convenient
- Online-Therapy.com: Is a complete toolbox of support, when you need it, on your schedule. It only takes a few minutes to sign up.
Begin managing your finances before your situation becomes dire, however, if you or someone you know feels completely out of control and could be in danger of self-harm, text “START” to 741-741 or call 1-800-273-TALK (8255) for help.
So, what can you do to take care of your mental health and protect yourself from the harmful effects of financial stress? Here are a few tips to get started:
- Make a budget and stick to it.
- Don’t try to do everything on your own. Ask for help from family and friends.
- Take some time for yourself. Relax and enjoy your hobbies and interests.
- Seek professional help if you need it.
Financial stress can take a toll on your mental health, but with these tips, you can take steps to protect yourself and stay healthy and happy.
