How Mental Illness Can Affect Your Finances

9 Mental Health Challenges Prevalent Among Single Mothers2 - How Mental Illness Can Affect Your Finances

If you’ve ever spent too long at a poker table or used up rent money in a retail store on an impulsive purchase, you already know exactly how mental illness can impact finances. Whether you have a diagnosed mental illness or not, the reality is that business owners and people in the marketing and retail industries place their bets on their ability to convince you that you need something they can offer.

Whether it’s promising a big win at a casino or convincing you to buy the latest gadget you’ve lived just fine without all along, people with mental health issues are most vulnerable to impulsive spending and financial decisions.

Whether you love someone with financial problems and a mental illness or you’re someone who uses retail therapy to cure boredom or sadness, one of the best ways you can combat this important link is to understand it. In doing so, your wallet and peace of mind will both be better off. To learn how mental health can impact your finances and what you can do about it, read on.

Impulsive Behaviors: Spending and Gambling

If you’ve found yourself in a financial hole due to impulsive spending or financial decision, the first thing you can do is a Google search like “psychologist near me.” Trained to help with behavioral issues, licensed therapists and counselors can work with compassion to get you through your gambling or spending addiction.

While you may never have been diagnosed with a mental illness or mood disorder before, the reality is that most people who struggle with poor financial habits have underlying reasons behind their poor decision-making. Whether you buy things to cope with a bad day or have a major mood disorder, it’s important to find out what’s driving you to engage in behaviors that are hurting you. A therapist can work with you to identify the root problem and give you the tools you need to create healthier habits.

Reaching Out for Help: Budgeting and Tools

After hiring a therapist or counselor, the next thing you can do to improve your mental wellness and give yourself peace of mind is to make use of professional apps and tools to help you get your finances back on track. In fact, you can incorporate the use of a great personal finance site into your therapy treatment plan. Something as simple as being accountable to another person or asking for the help of a financial consultant can make a big difference in your routines and habits.

Many people don’t realize that something as simple as a low credit score can make a person feel hopeless and depressed. That is, while your sadness and anxieties might not have even been the cause for poor habits, the correlation between mental illness and poor finances can work in both directions.

Why It Matters and Hope

The great news is that you’re far from alone if you’re struggling with poor finances and mental health. In fact, the number of people reporting mental health issues is higher than ever. The global pandemic has caused more people to change routines, feel isolated, and change their habits around finances and shopping. Trained therapists understand this and can help you to find hope.

As you contemplate who to reach out to first, it’s a good idea to understand the importance of a good support system when working to tackle both your mental health and financial issues. It’s okay to make mistakes and get the help you need. In the end, understanding the link between mood or mental illness and your financial habits is a great first step in making healthy changes. Forming healthy financial habits for now or reaching out for help are great ways to ensure your financial future.

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