According to a report by the American Psychological Association (APA) titled Stress in America: Paying with Our Health, which was published in 2019, financial concerns were identified as a significant source of stress for many individuals.
The report states that 72% of adults surveyed in the US reported feeling stressed about money at least some of the time, and 22% reported experiencing extreme stress related to financial issues.
Such statistic highlights the universal impact of money-related stress on our minds. Whether you’re struggling to make ends meet or are in a wealthier position, the effects of financial stress can creep up on anyone. So, it’s time to break the stigma and recognize that mental health problems related to money are not exclusive to the poor but can affect the rich too.
Understanding money management for peace of mind
Now, let’s uncover the money hacks that will enhance your financial well-being and keep your mental health in check. The first hack is all about understanding money management. By arming yourself with financial knowledge and skills, you gain the power to navigate the tricky waters of personal finance with confidence. From budgeting to saving, investing to debt management, these essential skills can transform your financial life and bring peace of mind.
If you’re a book reader, buy books or magazines related to the subject. Follow persons who post on money and saving on their social media, gradually you will expand your knowledge and learn so much from this, that good money-related habits will start forming in your live.
Tackling financial stress with a holistic approach
Adopting a holistic approach is crucial. Remember it’s not just about crunching numbers and making wise financial decisions; it’s about taking care of yourself too. Find ways to reduce stress through self-care practices, such as exercise, meditation, or engaging in hobbies that bring you joy. By nurturing your mental well-being, you create a solid foundation for financial success.
Seeking support: the game-changer for money and mental health
Remember, you’re never alone on this journey. Seeking support is a game-changer when it comes to tackling money-related mental health issues. Reach out to mental health professionals who specialize in financial wellbeing or seek guidance from money coaches who understand the emotional side of money management. Don’t be afraid to ask for help—it’s a sign of strength and a crucial step towards reclaiming your financial and mental well-being.
Financial wellbeing sessions: transforming lives in Malta
As a passionate advocate for money and mental health, I’m proud to share that I’m bringing the power of financial wellbeing to companies in Malta. In these Financial Wellbeing Sessions and Workshops, I delve deep into the connection between money and mental health, equipping individuals with the tools to thrive financially and emotionally. By prioritizing money management and mental wellbeing, I aim at transforming lives, one company at a time.
Embrace the money-mental health connection for a brighter future
In conclusion, the connection between money and mental health is undeniable. By acknowledging and addressing this link, we take a proactive step towards financial and mental wellbeing. Remember, it’s not just about the numbers on your bank statement; it’s about nurturing your mind, body, and wallet. Together, let’s raise awareness, seek help when needed, and create a world where money and mental health coexist harmoniously.
Luca Caruana is the founder of the Money Coaching Hub. Follow his weekly column here and his LinkedIn account or his Instagram for more budgeting hacks. For other money-related columns, check out Luca’s tips for children’s pocket money, and his tips on how to automate your savings.