Financial Therapy: How Money & Mental Health Interact

Feelings About Money

When you think of money, what comes to mind? Money can bring out some strong feelings. You may find yourself feeling stressed. Are you new to managing money or need help determining where to begin? It can be overwhelming. Maybe you’re responsible for providing for a family. That can become overly stressful during tough and tight times.

Analyzing your financial status can evoke a feeling of fear. Looking into your bank account can cause you to feel afraid. If you are a spender or even just need to purchase a high price item (i.e., home or car repair), you may feel guilty. Spending guilt is a real feeling. You may need to ask for money or assistance when times get tough. Being in that position can cause you to feel ashamed.

Mental Health Affects Managing Money

Mood disorders can play a large role in how you go about managing your money. If you are struggling mentally, it can make it harder to muster the energy to take on the task of financial management. It becomes too daunting. When feeling down, shopping can be a mood booster for many people. Sometimes even swiping that card does the trick. That high is only short-lived, but the financial implications can be more significant. If you deal with mania, it can lead to impulsive decisions. Impulsivity can lead to increased spending and poor choices.

Depression can impact your mood, reducing your ability to be productive. If that interferes with your day-to-day, your job duties can become more difficult. Depending on your job, decreased productivity can lead to reduced income. Anxiety interrupts life in annoying ways. If you struggle with anxiety, you may find yourself avoiding certain social situations due to money matters.

Money Impacting Mental Health

On the other side of things, money itself can become the root cause of mental health issues. Monthly bill paying can evoke anxiety if you live on an average income or below that point. Month after month, this can create an aversion of sorts. Due dates become a less than pleasant time for you and your family.

Depending on your financial status, money problems can create social isolation, a decline in relationships, and reduced fun. If you worry about money and actively avoid spending, you may find yourself cutting out things you enjoy doing. Having to partake in these practices can lead to reduced mental health. 

In more severe cases, money can impact basic needs. You may struggle to maintain housing, buy groceries, pay for utilities, and afford medical care. Financial struggles become even more significant in mental health.

Importance Of Learning Money Habits And Patterns

Financial management is very person-specific and highly depends on where you are. It can be helpful to get to know your finances as much as you know yourself. Understanding your spending habits and your triggers relating to money can give you more control.

If money is giving you woes, it might be time to discuss how to get back in control. Since money and mental health are closely tied, addressing one might help the other. Consult us if you need a safe space to discuss gaining more control.