It will come as no surprise to most of us that money problems and mental health problems often go hand in hand. When you experience this, it can often feel like a disastrous, but very personal set of circumstances.
Your money problems affect your mental health, and worsening mental health affects your ability to make and manage money. It may very much seem like you are the problem, but that is not the case.
Far from being purely personal, this is a universal issue. Britain now has one Institute for Money and Mental Health set up to address the complex ways in which the two are linked and to take action on specific issues that exacerbate the problem.
The organization tackles everything from aggressive language in debt agency communications to government policy on issues such as gambling addiction, online financial scams and support to help people with mental health problems get back into safe employment.
The big problem here, of course, is that poor mental health and poor personal finance management are closely linked, with the correlation actually going both ways, and both often causing more of the other.
Ways Money Affects Mental Health
A lack of money creates daily stress and a certain degree of decision fatigue, as you constantly make decisions between needs and urgent wants.
Many social commentators focus on worst-case scenarios involving choices like food or rent, but any situation where you have to choose between two things that are (for you) elements of a happy and balanced life can be mentally taxing.
Furthermore, many people with less than perfect finances live in a less than optimal situation. The worst-case scenario is total homelessness, but other scenarios include precarious living conditions, couchsurfing or living in an abusive situation. Even if you just have to share with multiple roommates – if you’re someone who needs peace, quiet and privacy – this can be detrimental to mental health.
Debt problems can also negatively impact mental health and can often dominate your entire thought process. People with a lot of debt may find that this is the first thing they think about when they wake up, and the last thing they think about when they go to sleep. Aggressive or threatening letters from debtors or collection agencies make the situation considerably worse.
Ways Mental Health Affects Money
While a lack of money can cause poor mental health, a lack of mental health can also lead to poor money decisions and employment issues that make everything else worse.
People with poor mental health are often unemployed or underemployed. While there is evidence that unemployment is bad for mental health, there is also evidence that it is bad Poor mental health prevents full participation in the labor market.
Those who do manage to hold down a job may find that mental health affects performance and attendance at work, leading to a lack of progress, meaning they are stuck in a poorly paid job.
And even those with high-paying jobs may find that mental health issues can impact money management and spending decisions. This is especially important for certain diagnosable conditions. ADHD And Bipolar disorder for example, actually have a direct link to overspending due to poor impulse control.
Minor mental health issues can also send some of us into the shops, and while many joke about ‘retail therapy’ shopping addictions are yet another potentially serious mental health problem.
Even if overspending isn’t part of your specific mental health problem, your poor mental health may present additional challenges around proactively planning, budgeting, investing and generally getting your finances in order.
How to tackle your mental health and money problems
It would be ideal if society were structured to support and financially assist people with mental health problems, but unfortunately that is simply not the case in most countries. However, there are some steps you can take to help yourself.
If you have a diagnosed mental health condition that involves a lack of impulse control around your spending, talk to your doctor or health care provider. The right medications or therapeutic treatments can have a significant impact, especially in conditions such as bipolar disorder.
Also consult charities and non-profit organizations that support people with your mental health problems. The non-profit Bipolar Britain runs a service called PayPlan, which is specifically aimed at helping patients tackle their financial stress and get out of debt.
If your mental health issues are related to addictions such as gambling, alcohol or substance abuse, help is available. Contact The National Council on Problem Gambling or the National Substance Abuse and Mental Health Services Hotline (SAMHSA), in the US, or find equivalent services where you live.
If you deal with institutions and organizations, such as utility companies or credit card providers, that you have difficulty paying, see if they have a specialist team that deals with vulnerable customers. The organization’s website may contain information about how they can support customers with physical or mental conditions that require accommodation.
Turn to family and friends if you can trust them. Although the connection between mental health and money is becoming increasingly discussed, it is still not widely understood by many people. Your loved ones may have no idea that this is one of the consequences of your illness and may be more willing to help you get back on track than you realized.
Contact a credit counselor if you want to get your debts under control. One of the reasons people with mental health issues struggle so much is because they often have multiple debts and creditors pulling their limited attention in many directions. Credit counselors can help you consolidate and reduce your debt, making things feel much more manageable.
Prioritize mental health. This alone can seem impossible if you are having financial problems. Many feel extremely guilty for prioritizing any form of self-care when they should be working or putting in the effort to get more money. But if taking steps to improve mental health will make you better able to deal with your financial problems, it’s perfectly reasonable to make it a top priority.
About the author
Karen Banes is a freelance writer specializing in entrepreneurship, parenting and lifestyle. She writes articles, website content, ebooks, and the occasional award-winning short story. Her work has appeared in a range of publications, both online and offline, including The Washington Post, Life Info Magazine, Transitions Abroad, Brave New Traveler, Natural Parenting Group, and Copia Magazine. Learn more about Karen
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