This week is Mental Health Awareness week and money is often cause of stress and anxiety. Lets explore and look at some ways you can improve your money mindset.
The first step
Admitting you have an issue with money is the first step to dealing with the problem.
It’s essential to recognise how childhood experiences may have impacted your relationship with money to better understand your financial behaviours and make positive changes if needed. With self-awareness and a willingness to learn, you can develop a healthier and more balanced attitude towards money.
Key steps towards change
It requires patience, discipline and a willingness to adapt to changing your spending habits.
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Avoid impulsive spending and learn financial discipline.
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Delay gratification and consider your purchases.
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Be mindful of emotional spending and work on coping with stress or boredom without spending money.
Improving your relationship with money is crucial to achieving financial wellbeing and overall happiness.
Avoid comparing yourself to others, as everyone’s circumstances are different. Focus your mind on you!
Taking proactive steps and being mindful of your financial decisions can cultivate a healthier and more positive relationship with money over time.
And it will make a positive impact on your mental health.
Debt problems
If you have debt problems hanging over you, the chances are this will be affecting your mental health.
Poor mental health affects one in four adults in the UK and is commonly associated with financial problems.
Research shows that 50 per cent of adults in the UK who experience money difficulties also suffer from poor mental health.
Please remember you are not alone.
There are organisations that can help you create a plan to reduce your debt and support your well-being while you work to do this.
The first step to improve the situation is to get help. If you have a friend or family member who stays objective and listens to you, start by talking to them.
If you are too embarrassed to discuss your problems with them, there are organisations that will support you.
The organisations below provide lots of advice and support for your mental health and there are organisations that can help you manage your debts.
For mental health support: Mind – www.mind.org.uk
Mental Health Foundation – www.mentalhealth.org.uk
If talking about money or dealing with finances creates anxiety and worry for you, then reflect on what causes these feelings for you and work on how to improve your relationship with money.
A useful exercise is to define your relationship with money.
If you feel it could be improved then set some goals on working towards this.
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