what to do if finances are impacting your mental health

Even if you’re excellent at managing your money, you may still struggle to pay your bills or your debts at some point during your life, especially if you become unemployed.

Money worries can impact your mental health and wellness - and your worries may range from meeting your housing and food needs to being able to maintain a standard of living and education for your children. This post shares 4 things to consider if you feel like your finances are impacting your  mental health.

Photo by Karolina Grabowska

look for a wealth management advisor

​A wealth management advisor may also help you to plan for the future and your retirement
and ensure that you don’t lose sight of the bigger picture. However, it’s important to find a
private wealth management service that you trust.

This means that you might have to research a few before settling on one that you believe can help you and who has the specialties you require.

talk to someone about your worries

​Rather than keeping your worries bottled up and allowing them to multiply, consider finding someone to talk to. If you feel ashamed to talk about your money problems with friends or family, consider finding a therapist who might be able to help. They may be able to help you develop coping strategies that can allow you to face the future with resilience and confidence.

work on a budget

​When your finances are impacting your mental health, though, the first step that you should take is to create a budget for yourself and your family. This budget should include all your fixed expenses, such as your bills, as well as groceries and any entertainment that you’re spending out on.
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By doing this, you’ll be able to ensure that you’re living within your means and that you don’t go into avoidable debt. You should look back at this budget regularly to ascertain that it’s still working for you, though. Talking to your financial advisor, or a finance-focused life coach, can help you work through issues you have with money and sticking to a budget. There are many ways to manage money out there, and there are people well-versed in helping you find what works best for you.

chip away at your ebt

Being in debt is common. Many people who are in debt also struggle with depression and
anxiety. Talk to your financial advisor or life coach about how to address your debts. 

You might be able to get a consolidation loan that can help you pay off your debts in a single payment each month, or you might cut down your costs to ensure that you have enough money to make small payments each month.