Harris: Mental Health and Your Money

By Charlestien Harris

May is celebrated as National Mental Health Month. You might not think about money and mental health in the same sentence, but they are more closely related than you might think. 

Mental health can be a touchy subject to talk about, but it is a conversation that should be had when it comes to your money because your mental health can greatly affect how well you handle issues that might arise with your finances. Financial hardships can significantly impact mental health, causing stress, anxiety, and even depression. By the same token, mental health struggles can also make it harder to manage finances. 

Let’s take a closer look at some of the issues one might face financially when it comes to mental health and financial well-being.

1. Stress and Anxiety
   Worrying about financial issues is a major source of stress and anxiety that can impact your sleep habits, appetite, and overall physical well-being. Stress is a temporary response to a specific situation, while anxiety can be a persistent feeling. Both can negatively impact your financial situation if not properly resolved. Look for ways to create a calm atmosphere, such as learning what triggers those feelings, and try to “reset” your mindset by taking on smaller financial tasks one at a time.
2. Impulsive Spending
   Impulsive spending is defined as making unplanned and spontaneous purchases that are often driven by emotion or a sudden urge. Some individuals may overspend to cope with difficult emotions, which can further complicate financial issues. Impulsive purchases can have lasting effects on one’s finances, such as increased debt, a possible drop in credit score, or paying late fees that occur from overspending in other budget categories.
3. Reduced Income
   Mental health issues can affect the ability to work or study, leading to a decrease in income. Your ability to earn income can greatly affect the quality of life you live and provide for yourself or your family. Not being able to hold down a steady job can also affect the amount of money you have available to handle the financial responsibility of paying monthly bills, such as rent, a mortgage, or a car note. If you are having financial issues, try searching for a HUD-approved counseling agency here.
4. Avoidance of Financial Responsibility
   Avoiding financial problems or responsibilities is an issue that needs immediate attention in most cases. Having a mental health crisis can also cause one to avoid dealing with financial tasks like opening bills or checking bank accounts. These tasks are essential when formulating or maintaining a balanced budget. Avoidance can also manifest as overspending, neglecting savings, or accumulating debt.
5. Suicidal Thoughts
   We don’t like to talk about this issue too much, but there is a strong link between incurring problem debt and suicidal thoughts, especially with people in financial distress being more likely to experience these thoughts. If you are experiencing these types of thoughts, there is help available by seeking the counsel of a mental health professional. Here is a resource that may assist you with finding that professional: www.psychologytoday.com/us/therapists. 

Mental and financial health are both essential to the overall well-being of an individual. If you are having problems and need assistance, it’s okay to seek professional help. Addressing the correlation between money and mental health involves both financial planning and seeking support for emotional well-being. Strategies should include tasks such as creating budgets, seeking financial advice, and accessing resources for both mental health and financial management.

For more information on this and other financial topics, you can email me at Charlestien.Harris@banksouthern.com or call me at 662-624-5776. 

Until next week – stay financially fit!

Charlestien Harris is our financial contributor, a financial expert with Southern Bancorp Community Partners whose articles are seen in a number of publications around the region.