Financial issues can have a detrimental effect on one’s mental health. The issues can affect stress levels, the ability to make decisions, and the level of focus on given tasks. Debt is also a significant factor that triggers depression and anxiety.
But did you know that poor mental health for a long period can increase your risk for financial problems?
You Feel Out Of Control
Poor mental health can make you feel you’re losing control over your thoughts and your mood. It will make you feel like your life is out of control as well. In some cases, people who have poor mental health may try to gain some control by buying something unnecessary and overly expensive just to feel that they’re in control. Unfortunately, the short-term satisfaction that it can form a habit that can have a significant impact on their financial states.
You Avoid Problems
Sitting down to sort out your bills can be anxiety-inducing, hence you put it off until the bills pile up and you’re in much bigger debt than you though. When you’re mental health is not okay, you will find it easy to dodge problems, especially the important ones when you are not feeling your best. Sadly, people who suffer from poor mental health tend to have more bad days, while good ones hardly come by.
You Seek Temporary Relief
When you’re sad, in pain, uncomfortable or lonely, you’ll do almost anything to get out of it without thinking of its long-term effects. This is one of the reasons retail therapy came to life, in which you get relief from buying stuff—it could be as simple as a pair of shoes, while some tend to go overboard that they end up buying expensive that they can’t really afford.
People who suffer from poor mental health tend to do this because of the momentary pleasure that it provides. However, it is one of the reasons they also encounter long-term financial distress.
These are some of the things that happen when you have poor mental health. It can develop financial issues that will put you in a deeper slump.
So, what can you do?
The good thing about financial issues is that they’re easy to spot. If you find yourself having financial issues, but at the same time, you’re suffering from poor mental health, take a step back.
The only thing you can do right now amid financial burdens is to get your head straight. That said, you need to address your mental issues before you deal with the state of your finances, because only then will you be able to make rational decisions that will bring you closer to financial freedom.
This post helps you become more aware of how your mental health can have a significant impact on your finances. If you find yourself injuring more debts, identify what you have been doing and what you’re doing them.
Sometimes, all you need to is to get some help to get your head right and deal better with your financial issues.