For many, the mere mention of the word “money” sparks feelings of stress and anxiety. At the same time, living a financially responsible life can help one maintain optimal mental health. With May being Mental Health Awareness Month, this is the perfect time to take a look at the connection between money and mental health.
How do financial struggles impact mental health?
There are lots of ways money troubles can influence our mental health:
- Stress and anxiety. Financial struggles are one of the leading causes of stress and anxiety. Feeling stressed and anxious can also impact a person’s physical health, often leading to insomnia, headaches, weight gain/loss and other physical symptoms.
- Depression. Money struggles can also lead to depression, which can cause a person to lose interest in activities they once enjoyed and affect their ability to function in daily life.
- Strained relationships. Money issues can put a strain on many relationships, including those between partners, parents and children, siblings, friends and more.
How does financial stability impact mental health?
Now, let’s explore how financial stability can impact one’s mental health:
- Peace of mind. A stable financial reality can provide a sense of security and peace of mind, reducing personal stress and anxiety.
- Increased opportunities. Living a financially responsible life can provide a person with the opportunities to pursue their interests and passions.
- Improved relationships. Financial stability can also improve relationships, reducing stress and tension associated with financial struggles.
Debt and mental healthResearch shows that people who are in debt are more likely to experience mental health problems like anxiety, depression and even suicidal thoughts (if you are in crisis, call or text 988, the Suicide and Crisis Lifeline). If you are struggling to escape from debt, consider consolidating your debt by talking with a Tyndall Lending Team Member about a HELOC,Home Equity Loan, Balance Transfer, or Personal Loan so you only have one low-interest (and maybe lower) debt payment to make each month.
Managing your finances for improved mental health
Here are other ways you can improve your financial and mental health:
- Create a budget and stick to it.
- Seek support from a financial counselor or therapist.
- Practice stress-reducing activities like meditation, yoga or exercise.
- Set realistic financial goals and work toward them.
- Focus on personal achievements unrelated to your financial worth.
To assist you with reaching your financial goals, check out the free tools that Tyndall has available to you.
- Tyndall First Spend and Save Account (savings round up and 1% cash back)
- Alerts in Online Banking
- Quick Balances – Check Balances without logging in
- Budget Management Tool
- Tyndall Cards App, set spending limits and card activity alerts
By managing your finances and seeking help when needed, you can improve your mental health and overall well-being.
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