Managing your money for peace of mind
There’s nothing quite like money worries to keep us wide awake and fretting into the night.
Our financial health is very closely linked with our mental health, which is why it’s so important to prioritise our financial wellbeing. The trouble is that when we struggle with our mental health, it can be harder to get on top of our finances, and when we’re not on top of our finances, we can struggle with our mental health.
In fact, our finances and mental health can impact each other in more ways than we might realise:
Situations like talking to your bank or opening a bill could trigger panic and anxiety
If you’re feeling low you might lack the motivation to properly manage your money
We sometimes choose to overspend for the initial ‘high’
Periods of mania in bipolar sufferers can lead to impulsive spending
Suffering from a mental illness can impact our earning potential
Falling into debt can create high levels of stress and lead to depression
Having a mental health problem can raise insurance premiums
Money worries can prevent us from socialising
Financial wellbeing is all about creating a sense of security, with the comfort of knowing you have enough money to meet your needs, and the financial freedom to be able to enjoy life. Keeping on top of your finances can also reduce conflict in relationships, and help you to feel more hopeful about the future.
Help is always out there
Our financial wellbeing can fluctuate throughout our lifetime. Changes in circumstance – from redundancy and retirement, to inheritance and bonuses – will always have an impact, but it’s about planning and preparing in a way that allows you to navigate the changes with minimal stress.
If you experience anxiety around your finances, consider asking someone you trust to open bills and letters for you; online banking can also feel more manageable than going into a branch, while letting your bank know that you have a mental illness means they may be able to adapt their procedures.
Financial wellbeing is one of those areas that often calls for additional support, so you should never feel uncomfortable about seeking help. When it comes to our wellbeing, there are plenty of areas that can be managed by us alone, but when you have money worries, the sensible approach is always to enlist help from the experts or financial support services.
Whether you’re experiencing debt or you just need a little guidance around how to budget your money, taking control of your finances is one of the biggest steps you can take to improve your quality of life, and give your form a big old boost.