For some people the end of January is a breath of fresh air. You’ve made it through the most miserable month and finally made it to pay day. You can breathe a sigh of relief as your bank account is back in the black.
For others, January pay day doesn’t make a dent in their overdraft or credit card bill. They’re so far in the red that all they can think about is how hopeless their situation is and how on Earth they can drag themselves out of debt.
The link between our mental health and financial situation is undeniable. Studies have found that people with major money problems are twice as likely to experience mental health issues as those without, mostly due to the stress and worry that financial difficulty can cause.
In today’s blog we’re going to suggest a few simple steps you can take to start reducing the impact of your finances on your mental health.
- Reframe your thoughts – A huge part of mental health revolves around how you think and speak to yourself. Stop focusing on what you can’t do, and start focusing on what you can do. Though you may not be able to pay bills, you may be able to call creditors and set up a payment plan.
- Make a budget – Take the time to go through your finances and make a budget. Knowing exactly where your money is going will help ease your anxieties about money and reduce the stress associated with not knowing.
- Prioritise payments – Make sure you’re paying for your essential bills before you pay for anything else. If you have debts to pay, such as a credit card bill, put the priority on paying them off as soon as you can.
- Pay off small bills first – If you have lots of small bills, such as utility bills, it might be best to pay off the smaller ones and tackle the bigger ones as they come in. This can help you keep your debt manageable.
- Cut unnecessary expenses – Before you splurge on anything unnecessary, ask yourself if it’s necessary. Could you be spending that money on something more important?
- Track your spending – Use a budget tracker or spreadsheet to keep track of your spending and make sure you’re following your budget.
- Seek help – Reaching out for help from a trusted friend or family member can help lift a lot of the burden from your shoulders. If it’s not something you feel comfortable discussing with someone close to you, there are also several organization out there dedicated to offering assistance with financial woes.
- Take care of yourself – Self-care should be a top priority regardless of your financial situation. Focus on looking after yourself and your wellbeing, whether that be through physical activity, nutritious meals, talking openly to friends, or engaging with your favourite activities. Your mental health is always worth prioritising.
Though it can be difficult trying to manage both your mental health and finances, there are ways to minimize the negative impact of your financial journey. By taking small, manageable steps and focusing on self-care, managing your money should become easier and your stress levels considerably lower. Start February off on a good note and face your financial worries head on, only then will you be able to take control and get back in the black both mentally and financially.
SJB
So Just Be 