Are Money Worries Impacting Your Mental Health?

6/21/2021

Many people will say, “Money isn’t everything.” That’s true in a sense. Life is more about contributing to society, being happy, and living a life worth remembering. The problem is that it’s impossible to live life in 2020 without the money to pay your bills and buy what you need to survive. Low funds can lead to money worries, which can then impact your mental health.

Money Worries Statistics

Even if you’re not precisely “struggling” financially, there’s still a chance that you have money worries. The topic is a huge social problem in America, with a 2019 Gallup Poll showing:

33% of Americans don’t believe they have the funds to live comfortably.
43% of Americans view their money problems as getting worse.
25% of Americans worry that their income isn’t enough most or all of the time.
26% of Americans are just “getting by” financially.

Though these statistics aren’t exactly comforting when it comes to the state of America’s economy, it might be relieving to know that you’re not the only one worrying about money.

How It Impacts Mental Health

Whether you’re worried about putting food on the table, avoiding foreclosure on your home, or keeping the lights on in your apartment, excessive money worries will eventually begin to take a toll on your mental health.

In some cases, you might experience intense anxiety or depression.
The constant money worries might keep you awake at night, unable to sleep, wondering whether you’ll have the funds to fill your gas tank to get to work in the morning. You might be afraid that your credit card will be declined when you go to buy groceries to feed your family.

Other times, you may begin to feel as if you’re in a hole that you’re unable to dig yourself out of, as you don’t have a college degree to get a higher-paying job. You might stop paying your bills entirely, knowing that you’re hardly making a dent in your student loans.

Reducing & Coping With Your Money Worries

The good news is that there are some things that you can do to cope with your money worries successfully. For example, you can:

Use your free time to do something productive. You can only work so many hours in the day. Instead of sitting around at home worrying about your bank account or your financial future, do something productive like exercising or learning how to paint.
Avoid drugs and alcohol. At first, substances seem like an excellent way to escape from your worries and be "free" for a few hours. Unfortunately, this also puts you at risk of developing an addiction and spending excess money on substances you don’t need.
Give back to the community. You’re struggling to pay back your loans or to scrape a little bit off of your monthly bills, but you know that others are struggling too. Volunteering in your community can help to boost your mood and feel like you’re making a difference.

There’s no quick fix when it comes to money worries. You can’t avoid paying your bills, and your rent has to be paid each month. Since there’s only so much you can do overnight regarding your financial situation, spend more time healing your mental health instead.

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Money worries are widespread, even when the economy seems to be booming. However, when they get severe, money worries can be extremely dangerous to your mental health. The best thing you can do is identify your money worries and then choose an appropriate and healthy coping mechanism. It also helps to educate yourself on financial planning and strategies.

Do you have money worries?

Money is a source of stress for many people. It can be difficult to know how to deal with your money worries. You may feel like you're drowning in debt, or that the bills are piling up and
there's no way out. But it doesn't have to be this way! There are ways to cope with
your financial stresses so they don't take over your life.

The best thing you can do is identify your money worries and then choose an appropriate and healthy coping mechanism. Setting up a budget, talking to a counselor, life coach or financial advisor are all healthy ways to deal with money stress.

Click the box below and let's get started on reducing that stress!

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