We are facing a worldwide economic crisis while still recovering from the pandemic that is gravely affecting most of us. Managing money intersects with our mental health, along with other life challenges we are trying to overcome. In this episode, we explore the reality and impact of inflation, its relation to our mental health, and ways to manage money with anxiety.
- World Mental Health Day. World Mental Health Day 2023 is an opportunity for people and communities to unite behind the theme ‘Mental health is a universal human right” to improve knowledge, raise awareness, and drive actions that promote and protect everyone’s mental health as a universal human right.
More than half of Americans say money negatively impacts their mental health, up sharply from a year ago
This article from Bankrate reports recent data on its research on the relationship between mental health and money, which showed a staggering increase from last year’s.
What Jen + Jill have to say:
Jill could not be more grateful that the intersection of finance and mental health is being talked about more on various platforms, but again, it still has a long way to go. On April 12–14, Bankrate commissioned research to be done on the correlation between mental health and money. It was found that about 52% of U.S. Adults say that money has a negative impact on their mental health.
There are plenty of economic factors (i.e., inflation, rising interest rates, job security) that impact the increase from last year’s data. Jen added that when money and the economy are causing too much anxiety, people will have to take it out somewhere, which comes with a cost. In Thrive Global’s article, it listed the financial costs of anxiety-retail therapy, avoiding public transportation, and extra treatment costs (therapy, medication).
Managing Your Money When You Have Depression Or Anxiety
This article, written by Allison Baggerly of Inspired Budget, recounts her personal experience managing her money while having depression and anxiety.
What Jen + Jill have to say:
While there are diagnostic criteria for different mental concerns, they are going to look different for every person. Jill re-emphasizes that identifying the emotions and thoughts you’re dealing with and your experiences is important and greatly advised. When everything is in chaos or you perceive it to be, follow a plan that has been laid out by someone else or a concrete one you’ve made for yourself (don’t think about doing it perfectly!). Jen assures you that it is normal and you should not be ashamed or guilty for dealing with certain mental health concerns.
Figure out what enough is and build your savings and sinking funds. Automate your bills, rents, and savings! But be sure to check for subscriptions you don’t need. Get specific on the source of your anxiety when it comes to your money; include specific types such as spending, savings, debt, time, etc. Above all, ask for help, whether from a professional or a friend. There’s an unspoken value in a community and just being in connection with other people.
Your go-to self-care practice that you find helpful in managing money-related anxiety
Identifying it has been Jen and Jill’s first step toward managing money-related anxiety. Jill then focuses on what she can control by looking at the plan she made.
Same as Jen, where she uses her energy on things she can control, reminding herself of her reality while ultimately knowing she’s not going bankrupt.
Bill of The Week
Thank you Lucrecia for sharing your bill about saving your first $10,000! Enjoy that champagne!!
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