How finances affect mental health

Currently, many Nigerians don’t feel great about their finances; they are stressed, anxious and insecure about their finances, thereby affecting their wellness. Indeed, financial stability and mental health are closely connected and play a role in overall health and happiness.

It is therefore important to understand the relationship between financial stress and mental health as this makes life easier. Debt and financial problems can lead to poor mental health, such as chronic and long-lasting stress. And many people feel that money stress is harder than work- and family-related stressors.

It is a fact that if a person’s mental health is bad, their financial wellness is also put at risk; financial issues can also lead to physical health symptoms, such as migraines, a weakened immune system, high blood pressure, digestive issues, muscle tension, heart arrhythmia, and sleep problems. This all can lead to you needing to spend money to treat these issues, which can lead to more financial stress.

Sometimes it’s common to choose the path of least resistance and turn to unhealthy coping mechanisms; alcohol, drugs, smoking, and overeating buy not only does financial stress wreak havoc on us mentally and physically, it also can lead to more financial problems. That’s because the stress can cloud our judgment, leading to impulse purchases or not paying bills or contributing regularly to savings.

These are some common ways money can affect your mental health; certain situations might trigger feelings of anxiety and panic, like opening envelopes or attending a benefits assessment, worrying about money can lead to sleep problems especially when you cannot afford the things you need to stay well like housing, food, water or treatments.

Money problems can affect your social life and relationships. You might feel lonely or isolated, or like you can’t afford to do the things you want to, you might feel ashamed for needing support. It’s important to remember that everyone has the right to feel well, and the right to essentials like food and housing. Getting financial support is a good way of making sure you have the things you need.

It is therefore important to give some financial self-care to yourself because it is possible to improve your mental health when it comes to money matters; learning how mental health and money are connected might help if you’re struggling.

Sorting things out might feel like an overwhelming task. And lots of things may be out of your control. But try taking things one step at a time. These steps can help:

Budget and planning will make you feel more in control of your finances and less anxious.

Automate finances.  It makes it easier to manage multiple payments and to make sure your bills are being paid on time as well as growing your savings.

Don’t obsess: Review finances regularly but not daily.

Care for yourself. Be good to yourself by using kind words and thoughts. And keep yourself accountable. Complement your financial wellness with physical wellness.