By Kamalyn Kaur
Money and finance can have a significant impact and influence on our mental health in a number of ways:
· Financial stability is important because it also provides emotional and psychological safety. Constantly worrying about money; your finances; or how your next bill will get paid is not a fun experience for anyone. This ongoing worry, will create stress, anxiety, or depression, which will undoubtedly impact your health and well-being.
· Financial status can also affect a person’s self-esteem and self-worth. Those who perceive themselves to be less financially successful may harshly judge themselves as being “inadequate” or a “failure” when comparing themselves to those who they see as financially flourishing.
· Money can create a lot of strains and stresses within relationships. A lack of money can mean increased working hours; a constant fear of “not having enough”; or the pressure of running a household on a budget – all these factors contribute towards tensions at home which can negatively impact your mental health.
· The Vicious Cycle of stress and spending can play havoc on mental health. Some people use unhealthy coping strategies such as excessive spending to cope with stress, anxiety, or low mood. However, this is counterproductive because the actual act of excessive spending can leave an individual experiencing a feeling of being out of control; guilt; regret; or remorse, which then further exacerbates mental health.
· A lack of finances may leave you feeling restricted in how you live your life. You may not be able to spend as freely as you like; socialise as often as you like; eat what you want; exercise in the gym you want; or engage in social or recreational activities that bring you joy. These limitations can leave a person feeling stuck; trapped; and suffocated, which will impact mental health.
The relationship between money and mental health can be complicated. There are many triggers; deep rooted issues which are complex; or even generational trauma related to finance. It can be helpful to seek professional help from therapists or financial experts who can help you build healthier habits around money.
Kamalyn Kaur is a Psychotherapist and Anxiety Expert and can be found at www.instagram.com/kamalynkaurtherapist
