Your mental health can affect the way you deal with money. 2022 is here many people set money goals such as I want to... save more, spend less, pay off the credit card, or make a big purchase, contribute more to your retirement, whatever it may be many people hope to do better with their money in the new year. However, if you have set this goal one too many times and never met your financial goals it may be time for you to do a deeper dive and check on your money spending habits, mood and beliefs about money.
In 2017 The American Psychology Association conducted a survey named “Stress in America”. This found “money” to be ranked 2nd among prominent stressors for Americans. I was surprised it wasn't # 1 honestly. Another sad fact I learned is America's with debt are three times more likely to contemplate suicide due to that debt.
According to minduk.org These are some common ways money can affect your mental health:
Certain situations might trigger feelings of anxiety and panic such as...
Another mind blowing stat according to Columbia University research Black and Hispanic women earn just 70% of the hourly wages that white men with similar educational backgrounds earn.
Not that this is not surprising but it does put thing in perspective for women and the stress we often deal with in additional to micro aggression the work place and how this can affect your mood with just trying to make ends meet and thrive to have a better quality of life.
It is important to understand how your money and mood patterns present. Many of us are guilty of retail therapy, we have to understand that you might spend to help your self feel better. It can even feel like a temporary high and then you make have a lot regrets after the fact. It is important to understand what mood you are in before you bust out that credit or debit card.
Are there certain times when you’re more likely to spend money?
Are there certain times when you’re more likely to save money?
How does it feel when you spend money?
These questions can help you be more mindful to help you understand you mood and spending patterns. Understanding how you learning about managing money from your care takers, can highly influence how you see money. For example if your parent also worried about not having enough to pay the bill's or even grocery shop you probably live in a scarcity mindset as adult.
A scarcity mindset is when you are so obsessed with a lack of something — usually time or money — that you can't seem to focus on anything else, no matter how hard you try. Have you ever felt like this? If so here are a few tips below to manage money stress.
5 ways to cope with money stress
1 - https://www.moneyandmentalhealth.org/wp-content/uploads/2019/03/debt-mental-health-facts-2019.pdf