The Impact of Money on Mental Health

As we find ourselves in a global cost of living crisis, more and more people are finding their mental well-being being affected by their financial situations. With financial obligations from paying bills to Zakat 2023, the pressures are more intense than ever before. Costs are rising while salaries remain stagnant, meaning individuals are under more strain than they’ve ever been.

This can make people feel as though they can’t manage the pressure, or they may even feel completely out of control. Both of these feelings can wreak havoc on mental and emotional well-being.

Overspending to Improve Moods

Even if limited finances are what’s straining one’s mental health, sometimes a coping mechanism is to spend more. This is because buying yourself something new can result in a temporary high. Similarly, some people have a dependency or addiction that they must spend money to satisfy. While this overspending can lead to temporary happiness, it often leads to feelings of stress later down the line.

When you’re feeling pinched for cash, you may beat yourself up about the money you spent previously. Ultimately, spending has a notable impact on our mental well-being, both positively and negatively.

Mood and Money Patterns

If you’re struggling with your relationship with money, you might want to consider exactly how money makes you feel and why. For instance, there might be specific times in which you’re more likely to spend or save. Depending on these times, the way you feel about spending and saving may differ.

Similarly, different aspects of handling money may evoke different feelings. In order to understand these feelings, you might keep a diary of spending and record how you’ve felt in each of these instances. Understanding these feelings can help you prepare for the future.

Feelings Linked to Money

Thinking about money can be an emotional experience, and this is a different experience for each individual. For instance, some people feel guilty about spending money; others feel afraid to look at their bank balance. Some feel ashamed about asking for help; others feel stressed by the pressure of having to support themselves and others.

Finally, some people feel worn down or tired by money, with many of these feelings sometimes stemming from financial abuse. If you’re familiar with how money makes you feel, this gives you the power to do something about it.

Money Problems and Mental Health

Understandably, money problems can lead to feelings of panic and anxiety, which can impact one’s ability to sleep. Water, food, housing, heating, and medication are the essentials that someone needs to get by, and more and more people are struggling to afford these than ever.

Therefore, not only can people be forced to go thirsty, hungry, and cold, but they’re also subject to mental strain from not being able to afford the basics. This can also affect someone’s relationships and social life, meaning money problems can lead to feelings of isolation and loneliness.

Mental Health and Handling Money

Lastly, if you’re suffering from mental health problems, this can actually affect how you handle money. Firstly, when going through periods of depression, one may completely lack motivation, wherein they don’t even feel as though managing their finances is worth it.

As previously mentioned, overspending can also occur in the instance someone is trying to make themselves feel better. What’s more, mental health can impact someone’s ability to study or work, which could lead to a reduced income. Additionally, individuals might turn to avoidance, meaning the problems are still there, but they resort to denial.

Ultimately, money has a massive impact on mental health.

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