Financial Stress
By: River O’Leary
This is not an article to help you fix your financial problems, recommend a budgeting plan, or place the blame on you for living in a time and place where the cost of living and income are not compatible. We have all been victim to the cost of living increasing steadily the past several years, and it doesn’t seem as if this pattern will change any time soon. This article aims to validate just how hard it is right now to feel like you can’t keep up with the rising costs of rent, groceries, utilities, medical expenses, insurance payments, car payments, childcare, pet care… And the list goes on.
Many people are currently or in the past experienced a wide range of financial stressors, from being between jobs, having debt (student loans, mortgages, car payments, credit cards), or simply struggling to keep up with the ever-increasing cost of living. Financial struggles are real, and have real impacts on mental health. Day-to-day life can feel like a nightmare when you’re unsure if you can pay the bills, afford groceries, or be prepared for life’s emergencies.
Mental Health Impacts of Financial Stress
Mental health can quickly spiral during financial struggles, making it even harder to manage money, which can make poor mental health worse, creating a continuous downward spiral.
Our finances are directly connected to our survival and well-being. When we find that there is a threat to our survival, often times we find ourselves in varying levels of fight/flight/freeze. When we are experiencing fight/flight/freeze, this means that our bodies and minds are experiencing high levels of stress that may be temporary or ongoing. This often creates symptoms of anxiety such as non-stop worrying, difficulty sleeping, restlessness, and irritability.
What other impacts might someone be going through while experiencing financial stress?
Anxiety
Depression
Anger, frustration, shame, fear, dread, and despair
Lowered self-esteem
Decreased sleep
Lower energy
Relationship difficulties
Social withdrawal
Physical ailments
Unhealthy coping mechanisms
Suicidal thoughts
Unhealthy Coping
Some of the ways that we cope with difficult emotions due to financial stress may feel gratifying in the moment, but are short-term fixes that can cause more damage to our mental health. Coping mechanisms that may be more difficult to implement initially are often an investment in our long-term mental health. Some of the pitfalls that can happen when struggling with financial stress include alcohol/substance use, gambling, impulsive decision-making, and avoidance.
Healthy Coping Strategies
So, what are some of the healthy, long-term ways we can invest in our mental health through financial struggles?
Social support: Talking it through with someone you know. Talking about money can be taboo in American culture, leading to feelings of discomfort, awkwardness, or embarrassment. However, many people are currently suffering through the impacts of the rising cost of living, and talking about it can help you feel less alone and supported. They may be able to offer a new perspective or even come up with solutions you couldn’t think of on your own.
Community support: Have you ever read the children’s book “Stone Soup”? It tells a tale of a village coming together to add the limited ingredients they each have as individuals into a giant pot to make a richly flavored and varied soup with plenty for everyone to share. Consider what you have to share, whether it be a skill or a spice, and this can help you connect to others in your family or community.
Community action: Sometimes, helping others can relieve negative mental health symptoms. Remembering that you still have purpose and are capable of helping out someone else can begin restoring issues like isolation, low self-esteem, and low self-confidence.
Stress Management: Relaxation techniques, listening to music, being creative, adequate sleep, exercise, spending time in nature, and practicing gratitude for what you do have.
Financial stress is sometimes out of our control. There are many negative impacts it can have on our mental health and some short-term choices might provide temporary relief but come with long-term consequences that make our problems worse. Dedicating time and energy to healthy coping strategies can provide improved mental health in the long run as you navigate financial stress along with millions of other people. No matter how it may feel right now, you are not alone.
If you are struggling with the mental health impacts of financial stress, give us a call today at 217-203-2008.
Resources:
https://www.helpguide.org/mental-health/stress/coping-with-financial-stress
https://www.mind.org.uk/media/0jthpano/money-and-mental-wellbeing-toolkit-2023.pdf