4 Ways Money Management and Mental Health Impact Each Other
The relationship between money and mental health is undeniable. How you view money can influence your mental & physical health, just as your mental health can impact how you manage your finances daily. Learning about the connection between the two could help if you find yourself in a difficult situation managing either or both. Here are some ways the two intertwine.
Worrying about money is correlated with sleep disruptions
Worrying about not having enough money to support your needs could be significantly stressful. At times this is due to problems with money management or impulsive spending which can be associated with mania or dopamine spending. Others simply don’t have the resources and this is equally as frustrating. Constantly thinking about what you don’t have can make you feel fatigued, and potentially more agitated with those around you, and it may impair daily functioning. Poor sleep quality enhances mental health issues.
2. Financial inequalities impact relationships
When you can’t afford to do the things you want to do or buy the things that you want to have as your coworkers, family or friends do; you might shy away from spending time with them. You may start to tie your worth to money and how it shows up in your relationships. This can cause you to feel lonely or isolated, thus impacting your mental health and quality of life.
3. Feelings and thoughts associated with money can result in impulsive or reckless spending
Impulsive spending may occur when experiencing a mood swing or because we had poor role models with money. When you have so much in your pocket or in the bank, you might feel high for a brief period of time and would overspend on things that aren’t really necessary. Some of my clients have called this “Paycheck rich” but then they forget, or minimize the normal finances required to live and spend more than what they make. Afterwards, guilt and low self-worth are often felt for making poor financial decisions or not being able to manage their money effectively. Due to this cycle, they may not feel competent to manage their money and may require family or conservators, or a financial professional to help manage their finances.
4. Mental health can impact one’s ability to produce income
When you have been dealing with mental health issues for a long time; it’s frustrating to see the impact it has on your finances. Without the energy and focus on understanding one’s financial spending- there may be an ongoing cycle of financial stress. Taking time off work due to symptoms or not being able to focus on an education that would permit more income streams puts a strain on finances. Many individuals impacted by mental health must utilize short or long-term disability and/or family support throughout their lives.
Finances don’t have to be so scary if you are willing to explore the blocks and blindspots you have with them. Just like we hone in on sleep, diet, exercise, sex, and communication; finances matter for our survival.
Feel free to reach out if you need help in this area, I would love to help you. I can help with practical tips that will suit your mental health needs. I offer psychotherapy sessions either in the office, via video or as a “walk & talk” session. You may find more about it here. Let’s connect!
