Other Mental Illness

The Link Between Mental Health and Wealth

When it comes to mental health, the causes also need to be addressed. In many cases, genetics and lifestyle factors play a hand, but the circumstances surrounding our lives can also make a difference. More than family, more than relationship issues, money has proven to be one of the greatest causes of stress, anxiety, and depression.

 

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Impacting relationships

Besides being a common cause of emotional distress, money is a common cause of relationship distress as well. It’s a leading cause of a breakup and divorce, but it impacts more than just romantic relationships. For instance, the guilt of being unable to provide for family members financially can cause severe stress. Similarly, the perceived social stigma of not having the same discretionary spending money as other people can lead to a real sense of isolation. By failing to communicate about money troubles, we can make things even worse because well-intentioned people in our life won’t be aware of whether or not we’re able to pay for it when they invite us to events, travel opportunities, and the like.

Getting caught in a spiral

Being in debt is the most common source of financial stress. Without a major change and a real plan of action, it’s all too easy to be caught in a cycle of building up debt, borrowing to pay it off, and being caught in further debt. However, borrowing can be a solution, as well. Debt reduction services can help in reducing interest or making repayments more manageable, as well as providing real budgeting and payment plans to help escape the debt spiral. This might mean taking a closer look at our finances and finding savings wherever possible.

A reciprocal relationship

Stress and other mental health issues have been shown to impair our ability to make the best decisions. If you’re having sincere trouble with your finances, it’s wise to talk to someone you trust about it. An outside perspective can help you better take care of your finances while mentally ill. It can also help you avoid the risks of bad tactics like using payday loans or other predatory debt management services.

The physical side

Money stress can get so bad, that it can even affect us physically. Anyone suffering from stress might already be well aware of some of the physical symptoms. When our mind is stressed, our body becomes stressed, too. The tension of our muscles can end up caught real damage to our joints and our back, putting us at greater risk of chronic pain. There is a range of strategies you can employ to tackle the physical pain associated with stress, such as trying to get more exercise, ensuring you get a full night’s sleep and practicing meditation in the morning.

The relationship between money and mental health is a messy one. Poor financial circumstances can lead to mental health problems, which can lead to further bad financial decisions. A two-pronged approach is essential for tackling both ends of the problem at once to end the cycle

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