During Mental Health Awareness Month, I wanted to take a moment to discuss an often-overlooked aspect of mental wellness: financial stress & personal finance management.
In fact, research has consistently shown that financial stress is a significant contributor to mental health issues, with multiple studies linking it to increased levels of anxiety, depression, and overall psychological distress.
That’s right, the constant worry and uncertainty surrounding money matters can take a toll on our mental well-being, affecting our ability to concentrate, sleep, and enjoy life.
📌 According to the Money and Mental Health Policy Institute:
✔️ 50% of people that suffer from DEBT problems, also have a mental health problem.
✔️ Over 80% of people with a mental health problem say their financial problems make it worse.
✔️ People with debt problems are 3X more likely to have thoughts around suicide.
So, what can we do to take charge of our finances and improve our mental health?
💡 Below are a few helpful tips!
CREATE A BUDGET AND STICK TO IT
When we have a clear understanding of our income and expenses, we can make better financial decisions and reduce our stress levels.
➡️ Moreover, having a budget can help us identify areas where we may be overspending or not saving enough, allowing us to make adjustments and work towards our financial goals with greater ease and confidence.
BUILD AN EMERGENCY FUND
Having a financial safety net, such as an emergency fund, can help alleviate anxiety and give us peace of mind by providing a sense of security and stability.
➡️ Knowing that we have a cushion to fall back on in case of unexpected expenses or emergencies can reduce financial stress and allow us to focus on other areas of our lives, such as our relationships, hobbies, and personal growth.
SEEK OUT RESOURCES AND SUPPORT
There are many free resources available to help us improve our financial literacy and manage our money better, including online tools and educational resources.
➡️ However, sometimes we need more personalized support to address our unique financial situations. That is where professionals like I come into play – by offering tailored guidance and support to help you achieve your financial goals and improve your overall well-being.
PRACTICE SELF-CARE
Remember to take care of your mental and physical health, which can have a positive impact on your financial health as well. Activities like exercise, meditation, and spending time with loved ones can help reduce stress and improve your overall well-being and productivity.
➡️ Don’t forget the importance of social connection and spending time with loved ones (including our pets). Research has shown that having strong social support can improve both our mental health and financial outcomes.
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By taking these simple steps, we can start to feel more CONFIDENT and EMPOWERED when it comes to our finances, which in turn contributes to our overall well-being.
✨ Remember friends, every positive step we take can have a ripple effect on our mental health and beyond.
Let’s all take charge of our finances this month and work towards a happier, healthier future.
💰P.S. Want to learn about Smart Investing!?! Then make sure to download our helpful guide HERE!
XOXO,
Anna
Anna Orenstein-Cardona is a Financial Coach and NFEC-Certified Financial Educator (CFEI) who empowers organizations, small-business owners, and individuals to grow their money knowledge in fun and creative ways. She worked on Wall Street and in the City of London for over two-decades, before launching her financial education and coaching business, Wear Your Money Crown®.
📌 Ready to take control of your personal finances and achieve your goals with confidence? There are various ways we can support you:
👑 Book a Free 20min Discovery Call with us to learn more about how our financial coaching and expertise can help you on your journey. Whether you’re looking for one-on-one coaching, VIP sessions, or group coaching, we offer a range of solutions tailored to meet your unique needs.
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