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The way we think about money can have a huge impact on our finances, even affecting how much we make and save and how often we go into debt. Mental health issues like anxiety and even ADHD have been linked to financial struggles, but that doesn’t mean it has to stay that way. With the right attitude, you can manage your mental health and get ahead financially at the same time! Here are some tips to help you do that.
Understand what’s normal
We know what healthy spending is—and that it requires discipline. We understand that sometimes some expenses are unavoidable. That’s why budgeting rules such as the 50/30/20 are popular:
- They prioritize controlled and pre-agreed expenses for your household.
- They also include a section where you can spend money on yourself.
- They actionate long-term strategies through the savings pot.
Indeed, normal budgeting needs to acknowledge more than the needs of your households, now and in the future. It should also understand your wants and give you some breathing room to satisfy some of them. By giving yourself the right to satisfy some of your wants within reason, you can develop a place of contentment where you are satisfied with the ins and outs of your budget and how they affect your lifestyle. Do you have all the things? No! But you have the things you need and those that make you happy.
Understand what isn’t normal
Financial stability is hard to achieve in life, no matter how healthy your relationship with money may be. It’s not normal for our lives to be totally centered around money, and when budgets get completely out of control, it’s a sign that something isn’t right. There are many things that can sabotage budgeting and spending habits – such as ignoring your budgeting rules or not being able to set them up effectively – but they all have one common symptom: mental health.
Manage Stress
Stress is present in everyday life. Yet, if you struggle to find effective stress relief, your stress gradually accumulates and can affect your ability to make a budget or stick to it. Being stressed means you feel less in control. As a result, people who are going through a lot of pressure tend to become more impulsive because stress makes it more difficult to budget or save accordingly. Stress can drive frivolous expenses, which in turn will impact your household income, your credit score, and your financial stability.
Yet, there is no such thing as just telling yourself to be less stressed. If you know that stress is difficult for you to cope with, it can be helpful to seek support. Some without mild mental health issues might even consider something in the form of supplements such as Delta 9 THC Gummies or targeted therapy with a professional counselor. Just make sure you do your research and consult with your doctor before taking anything in place of traditional medication or/or talk therapy.
Understand Impulse Buying
Impulsivity is a typical symptom for many with mental health issues, such as ADHD, it can impact impulse control and make you prone to bouts of fear, uncertainty, or moodiness. Impulsive behavior is also common among people with anxiety.
Does it mean impulsivity is driven by mental health? Not necessarily. Impulsive shopping can start as a reward-seeking attitude to relieve a negative emotion. For instance, you decide to buy yourself something nice as a reward for going through a tough day. There is nothing wrong with it as long as impulse buying is a one-off. The more you rely on it for a serotonin boost, the more at risk you are of making impulsive spending a dangerous addiction.
If you worry that you often diverge from your budget or schedule, you may want to reach out to a doctor to discuss how to tame unwanted impulsive behaviors.
Know your triggers
In order to avoid money mistakes and self-sabotaging financial decisions, it’s important to understand what motivates you—and also what sets you off. Our behaviors are often triggered by outside influences; sometimes, we have a handle on these stressors, while other times, they take us by surprise. To combat these triggers and their effects, be proactive about your mental health and well-being. Take time out for yourself each day—whether it’s for meditation or a walk in nature.
Many Americans have undiagnosed mental health issues, ranging from mild to severe. You may not know even know it but these can affect your financial abilities. So, keeping a journal of your money saving and spending routine and discussing anomalies with a professional counselor can be helpful. Sometimes, the key to healthy finances has got nothing to do with budgeting and everything with strong mental health.
