How Mental Health Can Impact Your Relationship with Money
Managing money can be a challenge for anyone, but when you're dealing with mental health struggles, it can feel even more overwhelming. Whether it's feelings of stress, anxiety, or depression, these emotional states can directly impact how you handle your finances. Understanding this connection can help you gain more control over both your mental health and your money. In this post, we’ll explore the ways mental health can affect your money habits, common emotions surrounding finances, and practical steps to improve your financial well-being while taking care of your mental health.
How Mental Health Affects Your Finances
Mental health struggles can influence your relationship with money in several ways. Here are some common patterns people experience:
Lack of Motivation: When you're feeling low or depressed, managing finances might seem like too much effort. It can be hard to even open bills or check your bank account, and it might not feel worth the stress.
Impulsive Spending: Some people find that spending money temporarily lifts their mood, leading to overspending as a way to cope with negative emotions.
Mania or Hypomania: If you experience mood swings, such as during mania or hypomania, impulsive financial decisions—like excessive shopping or risky investments—can become a problem.
Reduced Income: Mental health conditions can affect your ability to work or study, which might result in a lower income or job insecurity.
Avoidance: The stress of dealing with money can lead some to avoid managing their finances altogether, whether that means ignoring bills or avoiding conversations about money with others.
Inability to Afford Necessities: Sometimes, your mental health may prevent you from prioritizing essentials like housing, food, heating, or medical treatments. If you're struggling to cover these basic needs, it’s crucial to seek support and resources.
Strained Social Life: Financial stress can affect your relationships, too. Feeling like you can’t afford to engage in social activities can lead to loneliness or isolation.
When I noticed that even small purchases made me feel guilty or ashamed, it helped me understand that my mental health was directly influencing my spending. But acknowledging this was the first step in breaking the cycle.
The Emotions We Tie to Money
Money is deeply emotional, and how you feel about it can vary based on your mental health. Here are some common emotional responses people experience:
Guilt: You might feel guilty for spending money, even when you know you can afford it. Alternatively, you might feel guilty for seeking financial support, even though you know it's necessary.
Fear: Looking at your bank balance or speaking to the bank might trigger anxiety or fear. The thought of dealing with money can feel overwhelming.
Shame: Some people feel ashamed for needing financial assistance. Remember, everyone deserves to feel well and have access to essentials like food and housing.
Stress: The pressure of supporting yourself or others, or navigating complex financial systems, can be incredibly stressful.
Exhaustion: Struggling with money problems over time can leave you feeling drained and worn out.
If you’ve experienced financial abuse, those past experiences might color your feelings about money. It’s important to recognize these emotions so you can better understand and manage your money habits.
Recognizing Your Money and Mood Patterns
The connection between your financial habits and mental health might not be immediately obvious. But taking time to reflect on how you feel about money can help you uncover patterns. For example, if you grew up in a household where money was tight, this could influence your spending and saving habits today. Try asking yourself some of these questions:
Are there specific times when I tend to overspend?
Do I feel more inclined to save at certain times?
How do I feel when I’m spending money compared to when I’m saving?
What emotions do I associate with money?
What aspects of managing money make my mental health worse (e.g., facing bills, talking to creditors, etc.)?
Keeping a journal of your spending and emotions can help you track these patterns. Over time, you may notice trends that allow you to plan ahead for difficult financial moments. Identifying these triggers is the first step in making more informed financial decisions.
Dealing with Overspending When You're Unwell
Overspending often happens when you're struggling with your mental health. The reasons behind it can vary, but here are a few common ones:
Seeking Comfort: Spending money to temporarily feel better can become a coping mechanism. Some people describe the feeling as a brief high.
Impulsivity: If you’re experiencing mania or hypomania, the urge to spend can be overwhelming, leading to impulsive financial decisions.
Addictions: Issues like gambling addiction can also cause overspending, making it harder to stay within your financial limits.
When I indulged in small treats or purchases, it often felt like a quick way to lift my spirits. But this temporary relief was quickly followed by intense guilt and frustration the next day.
Tips to Help Prevent Overspending
If you notice yourself overspending, especially when you’re feeling unwell, here are some strategies to help regain control:
Tell Someone You Trust: Share your struggles with a friend or family member who can help spot signs of overspending or emotional distress.
Limit Access to Cards: Consider giving your cards to someone you trust or keeping them somewhere difficult to access.
Avoid Saving Card Details: Don’t store your payment details on websites where you're tempted to overspend.
Unsubscribe from Shopping Apps: Delete apps that encourage unnecessary spending and avoid impulse buys by limiting exposure to sales and ads.
Practice Delayed Gratification: Try giving yourself a "cooling-off" period before purchasing something. Ask yourself, "Do I still want this tomorrow?" If you still do, then it’s probably a considered choice.
Distract Yourself: Find other activities that make you feel good without spending money, like going for a walk or listening to music.
Notify Your Bank: If your mental health is affecting your finances, consider telling your bank so they can keep an eye out for unusual spending patterns.
Avoid Credit Cards: Some people find it helpful to avoid credit cards completely, reducing the temptation to overspend.
Conclusion
Mental health and money are deeply connected, and understanding this relationship is key to managing both. It’s important to recognize how your mental health can affect your financial habits, as well as the emotions you associate with money. By acknowledging these patterns, you can make more informed decisions about your finances and take practical steps to improve your well-being. Whether it’s preventing overspending or sticking to a budget, taking control of your finances can have a positive impact on your mental health. And remember, you don't have to do it alone, reach out for support when you need it.