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What to Do When Money Worries are Affecting Your Mental Health

Mental health is a subject undergoing intense study nowadays. There are numerous causes that affect the mental wellbeing of individuals leading to serious long-term problems. Yet, the most common reason which specialists have suggested for poor mental health is facing a bad financial situation. People who are struggling with financial problems are more likely to experience serious mental health problems. Constantly worrying about debts and money problems can lead to the development of major depression and anxiety.

There are several factors that can lead to financial problems. It is not only down to poor money management, but it can also be a matter of prolonged sickness, redundancy, unemployment, or other unexpected negative events. Unfortunately, financial problems and poor mental health create a vicious circle that can be extremely hard to step out of. A bad financial situation can come as an effect of poor mental health. People who are struggling with mental illness often lack the motivation and concentration to focus on a bright career that can ensure a secure financial future. They start neglecting to pay bills, become less productive at their jobs, and settle with the poor financial situation that they have, avoiding the issue entirely. On the other hand, regardless of how mentally strong an individual might be, addressing money issues can be extremely emotionally demanding leading to negative feelings such as hopelessness, frustration, and frighten.

It has become clear that mental health issues and poor financial wellbeing are strongly linked. Money issues are hardly ever spoken about as they wear the stigma of shame making the people experiencing it to not open up about it to anyone. People feel ashamed for being unable to pay off their debts and afford to have a better financial situation. Yet, some people struggling with debt have admitted that it has negatively impacted their mental health. Thousands of people like to know is an IVA worth it? Every year individual voluntary arrangements (IVAs) help many people to get out of debt.

Understand the problem

The first step for improving both your wellbeing and your financial status is to identify the problem if you are still not aware of it. Being close to bankruptcy is an effect of previous unhealthy financial habits or an event that has triggered it. Understand what has made you spend your money and on what. There are several mental health issues that can trigger a bad spending pattern which can take an individual to bankruptcy. Compulsive shopping, depression, and anxiety, as well as bipolar disorder, can affect the way individual deal with money. They might spend too much money on things to make themselves feel better, avoid paying bills to not have to talk with others, or affect their way of making important money decisions. You need to understand your spending behavior by keeping a record of any connection that might exist between your mood and the way that you are spending your money. By understanding the financial patterns that you have, you can find solutions that work for you. If you might come to the conclusion that your poor mental health is the reason for your money problems, you might need to see a specialist to help you overcome your issues.

Reduce the impact of debt

Debt itself is a suffocating feeling and has a crushing weight that negatively impacts your daily life. It can trigger a chaos of negative emotions, physical manifestations, lack of concentration, insomnia, and a feeling of hopelessness. The emotional cost of debt can be as bad as the financial one. The best way to ensure the improvement of your financial situation and your mental health is to reduce the impact debt has on you. There are numerous ways that you can use to improve your money problems. Creating a budget and keeping a track of your expenses can help you become more financially responsible. Also, you should consider looking for the best iva companies and choose the one which can help you with a painless exit from spiraling debts that you are struggling with. An individual voluntary agreement will help you have a fixed and affordable monthly payment according to your incomes which will be distributed to your creditors.

Seek professional help

Unfortunately, dealing with prolonged money worries can sometimes lead to horrible scenarios. Depression and anxiety developed while struggling with a bad financial situation can have negative effects such as suicidal or substance abuse. The feeling of despair and hopelessness make people look for solutions to end the emotional trauma they are feeling. They either choose to make extreme choices such as committing suicide or start using drugs and alcohol to numb their emotional pain and avoid the issue entirely. Sharing your worries and talking about the feelings and moods that you are experiencing can be a relief. You can reach for help and support to a family member or a friend that you trust for sharing what you are going through. However, if you start experiencing extreme mood swings, severe depression or suicidal thoughts, you immediately need to seek professional help to improve your mental wellbeing.

Take care of yourself

Money worries can have a big impact not only on your mental wellbeing but also on your physical health. When you are experiencing negative thoughts and emotions, you tend to neglect taking care of yourself. Use natural stress relief methods such as meditation, yoga, or exercising to manage high levels of stress when you feel overwhelmed by your worries. Also, remember that having a healthy diet, sleeping properly, and getting support from your loved ones are crucial to improve and maintain your overall wellbeing during the difficult times that you are going through.

Carrying too much debt, not earning enough money, the high expenses of raising kids, or bad financial decisions can lead to the appearance of a poor financial situation. Mental health problems and financial worries can go hand in hand and one can contribute to the other. The feelings of financial stress are often overwhelming and can trigger a lot of negative emotions. Reducing your financial worry will also help you free your mind and focus on other important areas of your life.