It’s pretty safe to say that a day doesn’t go by when money doesn’t cross our minds.
We ask questions like: When is payday? What’s up with those student loans again? How much will it cost to fill the tank? Which tip % should I select on UberEats? …
Sometimes, more existential questions also arise: How much do I need for retirement? What will I pass on for my kids?…
Money is a part of our daily lives and we can’t help but think about it.
People are Stressed About Money
When it comes to money and mental health, the stats are staggering. According to the 2021 Finra National Financial Capability Study, about 56 percent of U.S. adults report financial anxiety. A study by Money and Mental Health Policy Institute also suggests that, among people with debt, nearly half have a mental health diagnosis. Consequently, they may be three times more likely than other people to contemplate suicide because of the financial burden of debt.
Mental health problems can make it difficult for someone to stay on top of their financial responsibilities, like paying bills on time or even holding down a job. It may lead someone to make impulsive decisions which can have a long-lasting and detrimental impact. For example, taking out personal loans to cover expenses only creates a deeper hole of debt – with mounds of interest and fees.
Money and mental health are serious and the inextricable links to other societal factors should not be overlooked. According to a poll conducted for the American Psychological Association, 27% of Americans report that most days they are so stressed they cannot function. The leading cause of this stress is linked to money – inflation (83%). Other primary stressors enumerated by the participants of the study included violence and crime (75%), the current political climate (66%), and the racial climate (62%).
Fortifying the Brain for Financial Success
We’re all working through life’s stressors – money or otherwise. But, all hope is not lost.
When it comes to personal finance, education can help us build confidence to tackle money problems. Learning more about how money works can help us control spending and debt, and ultimately, save for emergencies and the future with less trepidation.
Remember the brain is a complex organ that controls thought, memory, emotion, and every process that regulates our body. Our brains are constantly making connections and how we think affects our decisions and actions. Morgan Housel, author of The Psychology of Money: Timeless Lessons on Wealth, Greed, and Happiness, asserts “doing well with money has little to do with how smart you are and a lot to do with how you behave.”
So, let’s “mind” our business. With mental discipline and focus, we must reclaim the time to think about money. No one else will do it for us. Here are some ideas to help:
1. Don’t try to keep up with the Joneses
Envy and jealousy are buzzkills. These dangerous twins steal joy and are detrimental to mental health. If it’s helpful, audit your inputs. Instead of over contemplating about what someone else has or doesn’t have, run your own race in life and…
2. Be grateful
Research suggests one way to strengthen our minds is to take time to smell the roses. This daily practice is an investment because Gratitude Pays Dividends. This sentiment helps us to live more deeply and with more productivity.
3. Create a plan
We all love a good surprise…party. However, we don’t like unanticipated expenses and fees. So, create a buffer by building your emergency fund and strategy. Automate your financial responsibilities and targets so it’s one less thing to think about and you can be free to dream with your beautiful mind.
You’re not alone. It’s OK to ask for help. If you need support navigating a mental health concern or crisis, call or text 988 to connect with a trained crisis counselor. This FREE lifeline provides 24-hour, confidential support to anyone in suicidal crisis or emotional distress.