Your money mindset can impact your mental health (and vice versa)
It is Mental Health Awareness Week here in the UK. I strongly believe that we all need to look after our mental health as much as our physical health, and I am so glad there is more attention and awareness highlighting the issue.
But what does that have to do with my money, you ask? Actually, there is a strong link between money issues and mental health. The Money & Mental Health Institute published research highlighting that:
86% of respondents in their survey of nearly 5,500 people with experience of mental health problems said that their financial situation made their mental health problems worse
Common symptoms of mental health problems, such as increased impulsivity and memory problems, can make it harder to keep on top of financial management
Financial difficulties are a common cause of stress, and stigma around debt can mean that people struggle to ask for help and can become isolated
As you can see, concerns about money can both trigger mental health problems or come as a result of mental health problems, or both. Regardless, it is key to understand the link between the two. If you want to learn more, I recommend checking out the Money and Mental Health Policy Institute.
Given that connection, I focus on a few things to maintain my mental, physical and financial well-being, including:
Staying on top of my physical health through regular exercise, fresh air and sleep. I find particularly if I am not sleeping well, my spending triggers get stronger
Deepening my awareness of my emotions, inherited beliefs and money triggers. Through this awareness, I can make more conscious and intentional financial decisions
Setting and checking in with my main goals for 2021 (both financial and other). Maintaining that focus on what I know will make me happy, makes it so much easier to avoid impulsive financial decisions
Talking with others about my feelings and my money. We are often reluctant to talk about both (the good, the bad and the ugly), but I have found it really helps to share experiences, learnings, and help each other stay accountable to our goals
Releasing any shame associated with past financial decisions, e.g., regretted spend, not saving enough in my 20s, etc. (The fun I had living in downtown NYC in my late 20s did NOT serve me well financially!) But, what is done is done. It does not define me, so I choose to focus on my future goals
Connecting with family, friends and nature who keep me grounded, fulfilled and hugely grateful