Mental Health Awareness Month & Money

May is not only Mental Health Awareness Month, but also a time to reflect on how our financial well-being impacts our mental health, as the stress and anxiety caused by money can have a significant impact on our overall well-being.

What is the impact of financial difficulties on mental well-being?

Financial difficulties can have a significant impact on our mental well-being in various ways.

∙  Increased levels of stress and anxiety. The pressure of financial struggles can cause individuals to experience high levels of stress and anxiety, which in turn can have detrimental effects on their physical health. This can manifest in symptoms such as insomnia, headaches, and fluctuations in weight.
Depression. The burden of financial hardship can lead to feelings of hopelessness and despair, resulting in a loss of interest in previously enjoyed activities and a decline in overall functioning in daily life.
Strained relationships across various spheres. Money problems can create tension in various types of relationships, such as romantic partners, parents and children, siblings, friends, and more.

What is the influence of financial stability on mental well-being?

Let’s delve into the ways in which financial stability can affect an individual’s mental well-being:

Peace of mind. Having a stable financial situation can instill a feeling of security and tranquility, alleviating personal stress and anxiety.
Enhanced opportunities. Leading a financially responsible life opens up doors for individuals to pursue their interests and passions.
Better relationships: Financial stability can also contribute to improved relationships by reducing the stress and tension that often accompany financial hardships.

Debt and Mental Health

Studies indicate that individuals who find themselves in a state of indebtedness are at a higher risk of encountering psychological issues such as anxiety, depression, and even contemplating suicide. If you are currently facing challenges in liberating yourself from debt, it may be worth considering the option of consolidating your debts through a personal or unsecured loan. By doing so, you will only have to make a single monthly payment, which could potentially have a lower interest rate, thereby alleviating some of the financial burden.

Enhancing Mental Well-being through Effective Financial Management

Here are ways you can improve your financial and mental health:

∙ Establish a budget and stick to it.
∙ Seek assistance from a financial counselor – ACT 1st FCU is partnered with the trusted national nonprofit GreenPath Financial Wellness giving our members access to free, one-on-one financial counseling delivered by caring, certified experts.
∙ Engage in stress-relieving activities such as meditation, yoga, or physical exercise.
∙ Set achievable financial goals and make progress towards accomplishing them.
∙ Focus on personal achievements unrelated to your financial worth.

By effectively managing your financial situation and reaching out for assistance when necessary, you have the ability to enhance your mental health and overall well-being. Does this blog entry resonate with you? If you are seeking a conversation about debt, financial stress, and ways to alleviate the burdens in your life, we recommend reaching out to our partners at GreenPath Financial Wellness.

All branches will be closed Monday, May 27th, 2024 to observe Memorial Day. You can bank with us anytime, anywhere with our Mobile App or Advantage Plus Online Banking!