When it comes to mental health, we often think that family, work, or other personal relationships cause the main problems. But another conversation we should be having is how economic standing and finances can also put a toll on mental health. In fact, more than half of Americans have admitted that financial issues regularly stress them out, even surpassing job-related tension. That said, lack of money isn’t just a physical burden, but an emotional one too.
If you’re handling all if your personal finances—including taxes, rent, and other utility costs—you can already imagine the amount of work you need to do whenever you’re preparing to pay for expenses. For the average person, there are a lot of deadlines to stay on top of, like credit cards cut-offs every month to taxes every quarter. It’s important to keep track because penalties can cause an even bigger dent on one’s wallet. This is enough to cause constant anxiety, especially for those who live from paycheck to paycheck instead of having a steady, stable income.
Feelings of Inferiority
In today’s materialistic culture, it’s hard to avoid being bombarded by advertisements of shiny cars, jewelry, or the latest clothes. Most of the time, these purchases are hardly necessary, and not everyone has that much disposable income to splurge. But it doesn’t change the fact that this can easily lead one to feel inadequate compared to peers, even when there’s no need to.
Between taxes, debts, and expenditures—it’s not unusual to feel overwhelmed whenever you’re handling your own finances. After all, Maryville University emphasize that the world of finance goes way beyond just money. It also involves a lot of business planning, security, investments, portfolio management, and much more. This is often enough for some people to put it off altogether. However, this behavior will only cause you to constantly worry about your future. Again, it easily opens up opportunities for anxiety and stress.
Financial instability is rough on anyone, but even more for families and married couples. Having to share your earnings and figure out ways to allocate them can cause a lot of fights and misunderstandings. Couples, for instance, may end up berating one another for their “destructive” spending habits. What’s more is that a study from Utah State University has found that financial-related fights often lead to divorce. That’s why it’s important to find a middle ground that both of you can agree on — whether it’s how to settle your children’s college funds, or deciding how to go about your IRA.
Of course, the age-old adage remains that money doesn’t buy happiness. However, financial security does help you feel stable—mentally and physically. That said, personal finances should never be taken for granted. No matter how young or old you are, it pays off to be mindful about where your money goes.
Written by: Amy Brown