Studies show that financial stress is one of the leading causes of anxiety and depression. And it’s not hard to understand why... The stress of wondering how you'll put food on the table and the fear of being one minor inconvenience away from not paying your mortgage is unbearable. Struggling to make ends meet makes it difficult to focus on anything else, and puts a major strain on your relationships, social life, and family life. Unfortunately, the pandemic and rising inflation have increased the financial strain on many of us. If you're one of the millions who got hit during the economic downturn, you may still be feeling the pinch even after returning to work.
Consider these ideas to help you get back on track and find some relief from the mental strain of worrying about money.
The first step to getting a handle on your finances is to sit down and figure out how much money you have coming in and going out each month. One way to start this is to track your spending. There are several free apps for this, but an old-fashioned notebook or digital spreadsheet also works well. This helps you identify areas where you may be able to cut back on spending.
Even if you make enough money to live comfortably right now, the increasing costs of living continue to erode savings accounts and widen financial equality. One of the best ways to ease financial stress is to have a savings plan. Even if you only save a little bit each month, it will add up over time. There is a great weight lifted off your shoulders when you know you have a bit of money to fall back on in an emergency. A general rule of thumb is to have at least 1 month's worth of expenses in your savings account. More is always better, but that is a great starting goal.
One way to help cut down on household expenses is by couponing or switching to cheaper brands if possible. Tracking your spending habits will help you identify areas where you could cut small corners and use the extra money to pay off debt or save. Here are some other ways you can cut down spending and save:
When it comes to getting help with your finances, sometimes it’s best to consult with a professional. You don't need to spend more money on expensive financial coaching though. There are many free financial help options available online. One great resource is the National Foundation for Credit Counseling, which offers free or low-cost counseling and debt management plans. You can also find helpful articles on their website about creating a budget, repairing your credit, and avoiding scams. If you're struggling with mental health issues due to financial stress, there are also free and confidential crisis counseling services available.
Medens Health is also here to help you improve your mental health. We offer sliding scale payment options, so getting access to mental healthcare is not blocked by your financial situation. If you or someone you know in the California or Nevada areas is struggling with mental health due to financial hardship, call us at 833-624-5400 or Get Started now!
Disclaimer:
The information provided in this blog is for educational and informational purposes only and is not intended to be a substitute for professional medical advice, diagnosis, or treatment. Reliance on any information provided in this blog is solely at your own risk. Always seek the advice of your physician or a qualified mental health provider with any questions you may have regarding your medical or mental health. If you don’t currently have a therapist, we can connect you with one who is qualified to give you safe, professional, and ethical advice regarding your mental health.
If you or someone you are responsible for is experiencing a medical emergency, is considering harming themselves or others, or is otherwise in imminent danger, you should call 9-1-1 and/or take them to the nearest emergency room.
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