Yes, Money Can Impact Your Financial, Physical, Social, and Mental Health!
Money and financial issues can have a significant impact on a person, both positive and negative, in all aspects of their lives. It’s being able to identify when money and finances are causing a negative impact and when it is time to seek help. People often think that money and financial issues and/or stress only impact you financially, but it can have significant negative impact on your health, emotional well-being, relationships, and/or social life too. Therapy in general, and financial therapy specifically, can help to lessen the stress, develop coping mechanism and skills to overcome financial issues and obstacles, and can help to “talk it out,” problem solve, and gain insight into the meaning and impact of issues and conflicts related to money and finances.
Clearly, money can have a huge impact on one’s financial health and well-being, but it can also greatly impact all areas of one’s life and well-being. Stress in general has been shown to have a negative impact on one’s physical health, sleep habits and quality, appetite, and mood. Constantly being in a state of stress or anxiety can be extremely taxing on one physically and mentally. When a person is in a state of stress or anxiety, it can be difficult to focus or concentrate, relax or sleep, or be able to process things mentally, which in turn can result in low energy, irritability, possible impacts on appetite, and impact overall functioning. If you are constantly worrying about how you are going to pay the bills, make ends meet, buy groceries, or support yourself and possibly significant others in your life, it becomes pretty hard to be engaged in work, relationships, or life in general.
Money and financial issues can also negatively impact relationships and social well-being. Have you ever had a fight with a loved one over spending? Became angry at work because you didn’t get the bonus or raise you felt you deserved? Or had to turn down an invitation to dinner or an event because you were too worried about the cost? This in itself can be difficult, but it can possibly lead to feeling alone, incomplete, or inadequate and negatively impact one’s mood and mental health. In today’s world, comparison to others, media attention on celebrities and money, and overall view of needing to be bigger, better, or best can lead to negative impacts on one’s self-esteem and self-worth. It can be hard to feel like you are enough when there is always pressure to have the newest electronic device, best car or home, take the most exotic vacations, have the nicest clothes, eat at the most exclusive restaurants, etc. How are we supposed to be happy if we don’t meet those high expectations and dreams?
All of this pressure can lead to negative impacts on one’s mental health and overall well-being. The non-stop stress, pressure, feelings of inadequacy, fear of missing out, negative impact on relationships or professional life, etc. can turn into depression, anxiety, or anger. Seeking therapy or help should not be viewed as a failure or negative. If you were sick, needed something repaired in your home or car, had a legal issue, wouldn’t you want to seek out a professional for help? Knowing what is best for you, what your values and beliefs are, what you can afford, and what makes you happy can help to improve and protect you from the constant pressure from the outside world. Financial therapy can help you to learn to budget and manage money better, develop skills and techniques to better cope with the stress and pressure from money, learn to communicate about finances and spending more appropriately and positively with significant others in your life, and give you a better sense of well-being and confidence about who you are, not what your bank account or material possessions say. You are enough, you are worth it, it is time to invest in yourself!