The Connection Between Mental Health And Money

Our mental health is just as important as our physical health. And protecting it is so important, especially when it comes to money. There’s a distinct connection between mental health and money. For a lot of people, money can cause depression, anxiety, and problems within relationships. I’m sure most couples have had at least one argument about money at some point in their relationship.

We work hard for our money and we’re currently working for longer than ever before as retirement ages rise. But sometimes we measure our self-worth and achievements against monetary values. And social media is a big trigger for this. I hold my hands up and say I’ve seen people on Instagram mainly and compared their perceived financial position with my own. Especially as people have been taking more ‘at home’ shots over 2020 when we’ve not been able to go out as much. Seeing someone’s seemingly perfect home, their huge walk-in wardrobe or home gym. But you can never know someone’s financial position accurately.

Protecting yourself when it comes to your mental health and money

It’s important to remember you’re only seeing images on face value when you see them online. A survey from Credit Karma found that around 40% of millennials overspend just to avoid fomo and keep up with their friends. This figure is hugely worrying as not only should we not be overspending. But overspending just to keep up with others is not a good reason to do so. But it’s important to realise this when looking at photos online. Someone may have a bad connection between their mental health and money and have put themselves in debt to pay for the item you’re looking at.

Invesp revealed that 41% of shoppers spend impulsively for an item after they’ve seen it on social media. And this connects with the idea of overspending to not miss out. If you spot something on social media that others have it makes you want it more. I know I’ve done it before where I’ve bought something without even thinking twice about it. Digital money doesn’t always feel totally real. This behaviour is incredibly common, especially amount millennials. And it’s why budgeting and spending within your means is so important.

How you can protect your financial mental health

Unfollow social accounts that make you feel bad about your own financial health

It’s so important to protect your mental health. So if an account is damaging by making you feel bad about money or your financial situation then simply unfollow them. It’s important to fill your social media with positive messages and positive individuals, and not things that will make you feel negative.

Reduce screen time to help your mental health and money

It’s always a good idea to reduce your screen time in general, but especially so if social media and being online leaves you feeling negative. If possible take a day (or even an evening) offline and live in the here and now.

Remember your self- worth isn’t connected to money

When it comes to money be kind to yourself and focus on your own journey. We all make mistakes or find situations tough. But someone could have all the money in the world, but be a horrible person. So if your financial situation isn’t great it doesn’t make you a bad person.

Everyone is at different stages of their financial lives, and we all have different goals. What may be important to you may be different to other people. So you may spend your money in different ways, or save for different things. It doesn’t make your way any better (or worse) than anyone else’s.

Do you find a connection mental health and money?

Pin It