If you’ve ever struggled with your mental health, you may have noticed the correlation between money and mental health. Whether you struggle with depression, anxiety, addiction, or one of the many other disorders out there, it can seriously f*ck up your bank account.
While mental health has become less of a taboo subject, I still feel like we need to discuss it more. As someone who has struggled most of my life with anxiety, I know how difficult it can be. It can be especially tough to manage your finances when you’re overwhelmed by what’s going on inside your head.
There are different ways your mental health can affect your finances. Maybe you’re unable to work or have trouble keeping jobs; maybe you have to opt for expensive conveniences because you can’t function; maybe your addiction has you burning through your life savings. There’s no shame in these struggles, but let’s talk about how we can protect our finances and improve our mental health.
A Vicious Cycle
Mental health can often become a vicious cycle, especially when coupled with finances. It’s easy to rely on spending money as a coping mechanism. If you’re a spender, you may find yourself pulled into a loop of feeling negative emotions, buying something to feel better, and that “happiness” wearing off soon after. You may even feel worse if your spending becomes a financial burden, and further perpetuate the cycle.
This, of course, is just one general example of how money and mental health can coincide and team up against you. So if you feel like you’re stuck in a vicious cycle, what can you do? Your first step should be to seek help from a licensed mental health professional. As someone who’s been to therapy, I think it is so beneficial and absolutely crucial in finding support and assistance with your mental health struggles.
Besides therapy, you need to commit to taking care of yourself. This is way easier said than done, I know, but implementing self care, financial boundaries, and self-reflection in addition to therapy can significantly improve how you handle your finances and your mental health.
Self Care: Financial and Otherwise
What does financial self care look like? Unlike the bubble baths and face masks you might picture for traditional self care, financial self care involves holding yourself accountable and adjusting your behavior.
Financial self care includes budgeting, setting financial boundaries, and prioritizing your expenses. Budgeting allows you to track your income and expenses so you (hopefully) don’t overspend. Setting financial boundaries looks different for everyone – but ultimately they give you peace of mind and a sense of confidence for maintaining them. Picking your financial priorities helps you cut away anything that doesn’t serve you or align with your vision.
When we talk about self care, it’s important to avoid the trap of self care consumerism. Often it’s spending money on “self care products” that gets us into such a bad financial situation in the first place. It’s like having a broken leg and using a pool noodle as a crutch – you’re gonna end up on the ground.
True self care starts on the inside, not externally with products that don’t improve your life. I find that journaling can be helpful (also therapy!) because you can let out what’s inside you instead of letting it consume you or turning to behaviors (like impulsive spending) to cope. This is why self-reflecting is so important; it allows you to get deep and figure out the symptoms of your issues. A licensed mental health professional can also help you dig deeper and provide more insight into your behaviors and feelings.
Ways to Improve Your Money and Mental Health
The first step is budgeting. For more details on how to create your budget, click here. When you create your budget, make sure you budget for your health. This means including room in there for therapy appointments, medication, and other factors that affect your mental health, like eating healthy and staying active. These are all examples of priorities, and you should make sure your budget covers them before other discretionary expenses like eating out or concerts.
Budget for healthy meals instead of takeout. Eating better improves how you feel about yourself, and can help improve your energy. Incorporating less processed foods into your diet can make a big difference. I know healthy food isn’t always accessible to everyone, but if you’re able to incorporate healthier meals a few times a week, that’s a good place to start.
If you have the desire, budget for a gym membership or classes to stay active. You don’t even need to spend money to get movement in. Simply going for a walk can help boost your mood. Riding your bike, swimming, yoga, any way you move your body is gonna benefit you. There are also tons of free workout videos on YouTube for you to try.
Taking care of yourself doesn’t have to cost a ton of money and the benefits will come full circle. You’ll likely find your mental health improves, thereby improving your finances.
Conclusion
Your mental health is extremely important and it’s imperative that you take care of it at all costs. Whether that involves getting some more sunlight and journaling or therapy or even medications, you need to do what you must to take care of yourself.
If you find your finances being affected by your mental health, don’t beat yourself up too hard. Instead, remind yourself of the vicious cycle that can occur between money and mental health. It’s not your fault that you’re suffering, but it’s your responsibility to do something about it.
Self-care can be a great way to improve both your money and mental health. Financial self care includes budgeting, setting financial boundaries, and prioritizing your expenses.
Taking care of yourself doesn’t have to cost a ton of money, and frankly, shouldn’t. True self care starts from within and radiates outwards. Instead of being trapped by “self care consumerism”, focus on taking care of yourself through journaling, therapy, eating healthy foods, and moving your body. These things will make you feel better than any product ever could.