How to Address Financial Issues and Improve Mental Health?

_{By Bromwich+Smith Staff | 605 words | Reading Time: 3 minutes| Date: 2022/11/14}

Financial difficulties are a common cause of stress and anxiety. And many people find that those difficulties are exacerbated at the start of the new year. The optimism of a fresh year ahead isn’t always enough to counteract debt that has piled up. It can be hard to see a way out, and that can take a toll on one’s mental health. While positive conversations continue to happen around financial struggles and debt, these topics are still highly stigmatized, with many people struggling to ask (or find) the help they need.

The reality is that many people will experience financial difficulties, and because of that, they are more likely to also experience mental health problems. Understanding how mental health and money are connected can help you if you or someone you know is struggling.

Financial stress is ubiquitous

Most Canadians would say that money has an impact on their stress levels. In fact, money is a top stressor above all other life stressors combined. The pandemic has worsened this, as well as current economic conditions.

All types of health are connected

While mental, financial and physical health are often talked about in distinct categories, it’s important to know that they are all connected. Money stress has a direct effect on physical health, from quality of sleep to lowered immunity, our bodies respond to the stress we feel. People in debt have higher rates of anxiety and depression, which can exacerbate existing mental health problems.

Mental health can affect the way you deal with money

The more stressed you are about finances, the harder it is to keep on top of your finances. This can look like bills not being opened, a budget not being followed, or to savings not being added. When you’re already in debt, it can feel like it’s not even worth trying. This means more debt will accumulate, making it harder to get out of.

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Feelings about money are powerful

Thinking about money can be emotional, and that’s normal. But when those feelings involve guilt over spending money or fear of looking at your bank account balance, it’s time to seek support. Especially if you’re under pressure to support yourself or others, and are feeling overwhelmed with how to navigate your situation. Know that you’re not alone and your financial problems happen to many of us.

Spending can give you a temporary boost

There’s a reason shopping can make you feel good. Shopping gives you a dopamine boost, that can feel like a temporary high. For this reason, many people find themselves spending money when they are feeling low, only to find that the boost doesn’t last. And now they have to deal with the consequences of overspending, which can lead to feelings of regret or shame. Impulsive spending, overspending and an inability to control your spending can be signs of more serious problems such as addiction or dependency.

Financial wellness is possible

Despite the close connection between financial stress and mental health, there is a way through. It’s important to know that Canadians have the right to restructure their debt, and organizations like Bromwich+Smith make it possible. Changing your financial situation can feel overwhelming, so take things one step at a time. From credit counseling to  debt relief options, we’re committed to helping you on your journey to financial wellness, no matter what your financial situation is. Remember, you are not alone.

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Our friendly, compassionate team is here to help you relieve your debt and rebuild your worth. You can book a call with a debt relief specialist who can help you understand all your options, and then decide what works best for you. Reach out today at 1.855.884.9243 for a free, no obligation consultation.

Related blog

https://www.bromwichandsmith.com/blogs/1-year-covid-lessons-learned

https://www.bromwichandsmith.com/financial-self-care-checklist