Wednesday, September 12, 2012

Financial problems and mental health

The stress and worry associated with trying to maintain control over your finances and keep your household running can result in a range of mental health issues. Some of these include feelings of inadequacy, despair, and pessimism about the future. If ignored, this can in turn lead to depression and affect your mental health.

Getting depressed over an increased debt load is normal and is something most of us will experience at some point in our lives. Typically, the situation is temporary and as the debt lessens, so too does the depression. There are those, however, who don’t see a way out of their financial struggles and become very despondent.

Financial stress can negatively impact things outside of the wallet: your health, your job and your relationships, and too often, people feel financial stress because they feel a lack of financial control.

The most important first step to take if you are feeling financial stress is to acknowledge that you have a problem. This is a tough thing for most of us to do but immediately you will feel better, knowing that you have started to take active steps to resolve your financial issues.

The next step is to get advice from someone who can to help you come to terms with your spending patterns and future financial goals. By writing down all of your monthly expenses (including debt and payments) you have the opportunity to take a cold, hard look at where your money is going each month and where you can save money.

If you are feeling hopeless, remember that it is possible for things to get better.  Don’t wait until you hit rock bottom to begin seeking resources. If you are overwhelmed by financial issues, it is crucial to get help.

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