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A slight decline in mental health may be related to increased financial problems. Increased stress can lead to poorer mental health.
If your mental health stays in a poor state for a length of time — or if it just keeps declining — your risk of financial problems also increases. Here’s how poor mental health affects your finances:
When you feel like you’re losing control of your mood and thoughts, you may start to feel like your life is losing control, especially your financial life.
You may even lose hope for a brighter future. When life is spiraling out of control, who wants to save for a big purchase or retirement? One thing you might think you can control is your ability to buy things right now.
Dealing with a pile of bills or handling late credit card payments takes a lot of focus and perseverance.
Of course, to make a budget creates a high level of anxiety, and facing reality is often painful. When you feel like you’re not at your best, it’s more tempting to avoid the problem.
When you’re in pain, you’ll do anything to get rid of it, even if it hurts you more in the long run. This is one reason why the term “retail therapy” was invented.
Buying something, whether it’s a new pair of shoes or a car you can’t afford, will give you temporary pleasure. But in the long run, it is likely to cause more financial distress.
When you feel worse about yourself, you may cause to overcompensate yourself. A lack of confidence can lead one to buy expensive clothes, a designer watch, or even a fancy car in an attempt to project an image of success.
A decline in mental health usually means poorer quality sleep, increase feelings of fatigue, and more trouble at work.
All this makes doing something more difficult. It’s even harder to plan for the bigger picture when you’re not in the right frame of mind.
It’s hard to think about your shopping list, let alone your financial future when your mental health is in decline. Making decisions, planning ahead, and organizing your finances can feel like an uphill battle you’re not ready to fight.
How Can You Improve Your Mental Health
Taking care of your body, getting enough sleep, exercise and nutrition, socializing with supportive people, engaging in leisure activities, and setting aside time to take care of your own needs, such as managing a budget, can all help improve mental health.
If you are trying to build mental strength, seek professional help. Try talking to a therapist who can help you find specific ways to feel better quickly.
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