Prioritising Your Mental Health During Financial Stress
In today’s uncertain economic climate, financial stress is an all-too-common reality. Whether it’s the rising cost of living, unexpected expenses, or job instability, money worries can take a significant toll on our mental health. The pressures of managing finances can lead to anxiety, depression, and a feeling of being overwhelmed. The good news is that there are steps you can take to safeguard your mental wellbeing, even during challenging financial times.
1. Acknowledge the Stress
The first step in managing financial stress is to acknowledge it. The first response is often to bury our heads in the sand, but recognising that feeling stressed or anxious about money is normal can help remind you, you're not alone in this experience. By acknowledging your stress, you can begin to take proactive steps to address it, rather than letting it fester and negatively impact your mental health.
2. Prioritise Looking After Yourself
When finances are tight, self-care is often the first thing to go. Yet, this is when taking care of yourself becomes most crucial. Ensure you are getting enough sleep, eating well balanced meals based around wholefoods, and engaging in regular physical activity. Simple activities like a walk by the beach or spending time with loved ones can significantly improve your mood and reduce stress. There are many options that cost nothing but return a lot of value for our wellbeing.
3. Set a Realistic Budget
Creating a budget can help you gain control over your finances and reduce uncertainty. Start by listing all your income and expenses, and identify that might be surprising to you. Setting realistic financial goals can provide a sense of accomplishment and help you feel more in control, which is beneficial for your mental health. All of the major banks have really easy to use budget planners.
4. Reach Out for Support
Financial stress can feel isolating, but it’s important to remember that help is available. Whether it’s talking to a trusted friend, seeking advice from a financial counsellor, or even connecting with a mental health professional, reaching out for support can provide relief and perspective. Sometimes, just sharing your concerns with someone can significantly ease the burden.
5. Practice Mindfulness and Stress-Reduction Techniques
Mindfulness practices, such as meditation and breathwork can help manage the anxiety that often accompanies financial stress. These techniques encourage you to focus on the present moment, reducing the tendency to ruminate over financial worries. Taking just a few minutes each day to practice mindfulness can have a profound impact on your mental health.
6. Stay Informed, But Don’t Overwhelm Yourself
While staying informed about financial matters is important, constantly consuming negative news or obsessing over market trends can exacerbate stress. Balance staying informed with taking breaks from the news. Limit your exposure to financial news that might increase anxiety, and instead, focus on actionable steps you can take to improve your financial situation.
7. Find Meaning and Purpose Beyond Money
It’s easy to equate financial success with self-worth, but your value isn’t determined by your bank balance. Engage in activities that bring you joy and fulfilment, whether that’s volunteering, spending time with loved ones, or pursuing a hobby. Cultivating a sense of purpose outside of financial gain can help you maintain perspective and resilience during tough times.
Conclusion
Financial stress is a challenging and often unavoidable aspect of life, but it doesn’t have to define your wellbeing. By taking proactive steps to manage your mental health, seeking support when needed, and maintaining a balanced perspective, you can navigate financial challenges with resilience. Remember, your mental health is a priority, and looking after it is essential to your overall wellbeing.