How To Stop Letting Your Finances Impact Your Mental Health

Have you ever felt depressed or anxious for financial reasons? If you answered yes, you are not alone.in fact the recent MetLife research We found that 40% of U.S. employees said being in debt or being in debt was the number one factor in their poor mental health. That’s a lot of people who are emotionally affected by debt.

For more on this topic and what you can do to improve your mental health, I chatted with Lindsey Brian Podvin, a biracial (Caucasian Filipino) female social worker to financial therapist, author, speaker, and the first financial therapist in Michigan. Bryan-Podvin’s mission is to help people have a better relationship with money by applying the shameless cure to personal finance.

How does money actually relate to and affect mental health?

On the surface, money may look like just a number – like how much goes in and how much goes out. Many people don’t quite understand how it relates to mental health and emotions. According to Bryan-Podvin, “There are many reasons why individuals choose to work with a financial therapist, but ultimately mental health underlies each one. Money and emotions go hand in hand. In fact, behavioral finance experts agree that 80-90% of the time, emotions drive financial decisions.”

MetLife 2022 Employee Benefits Trends Study Financial concerns have been found to be the number one cause of poor employee mental health. Also, employees who said they lived paycheck to paycheck were significantly more likely to say they had needed help for stress, burnout, or depression in the past 12 months than those who didn’t. I also found it to be expensive. It exists between money and mental health.

Steps to improve your relationship with money

So are we destined for mental health problems because of financial stress? Not necessarily. When asked how to improve his emotional relationship with money, Bryan-Podvin suggested his three-step approach:

1. Understand your relationship with money: Start by looking back at how money was (or wasn’t) discussed while you were growing up. It can affect the way people think about money.
2. Access to financial wellness resources: Find podcasts, blogs, books, and apps that may guide you toward financial wellness. Bryan-Podvin recommends starting with these apps: upward.
3. Reduce small costs to support big financial goals: Think about the small things you can do right now to improve your financial situation.

“Like many of us, if you’re feeling anxious about a big financial decision that hasn’t happened yet, bring your attention back to the present moment and focus on what you can control,” says Bryan. – says Podvin. Subscriptions, for example, are a great place to start. Everyone forgets to cancel their subscription after the free trial ends and those costs can add up. Check your bank or credit card statement to see if the subscription you are paying for Check which ones are not in use. Initiate procedures to cancel them. If you need help with that, there are plenty of apps that can help, such as: rocket money again upwardBut make sure you’re not cutting costs that affect your overall health, such as treatments for chronic pain and regular massages.

How to manage the stress associated with debt and other financial problems

Of course, no matter how much you try to improve your relationship with money, stressful financial problems are inevitable over time. In that case, it’s important to learn how to properly manage the stress associated with debt and other issues.

“First of all, realize that it is common to feel stressed when it comes to financial matters. When tackling financial issues such as, it’s important to consider balancing laser focus on making progress toward repayment, and some spending brings value and makes you feel good. It doesn’t have to be an all-or-nothing approach,” says Bryan-Podvin.

To create this balance, try focusing on what Bryan-Podvin calls “the three pillars of personal finance.”

1. Know how much money goes in and out of your account each month to make sure you have enough money to cover all your necessary expenses. This is also called a “budget” or “spending plan” and is something digital apps can help with.
2. Always have money ready for short-term needs. Think of an emergency fund you can draw on if you lose your job or have to stay home with a sick child, and other short-term savings goals like saving for a vacation or a new car.
3. Finally, be sure to think about the future, including investing in retirement, paying off student loans, and building will and confidence.

With this framework, individuals can take back control and feel more optimistic about their financial future. If so, you can rest assured that you are likely making good financial choices for both now and the future.”