"I'm Sick And Ti-i-ered Of Being Broke.." Money And Mental Health

Facts: Since many cultures have understood the necessity of streamlining trade among numerous parties by integrating a single, portable mark of value into the process, the history of money has spanned the globe. Money is an accepted medium of exchange that was created to facilitate the exchange of goods and services between individuals. Guan Zhuang, in the Chinese province of Henan, was home to the world's first reliably dated currency minting plant, which started producing spade coins in approximately 640 BCE.

The estimated value of all the money in the world is $418 trillion. Since at least 5,000 years ago, money has existed in some form or another. Before that, most historians agree that a system of bartering, or the direct exchange of products and services, was probably in existence. For instance, a farmer may trade a bushel of wheat for a pair of shoes from a shoemaker.

So, why are so many people in financial hardship when there is so much money around? The idea that the poor, especially those on welfare, lack motivation and have no desires to "move ahead" or put in enough effort to achieve is a pervasive stereotype. According to the NPR/Kaiser/Kennedy School poll, 52% of Americans think that a lack of drive is a big contributor to poverty, while 35% think it's a small contributor.

Surprisingly little few separated responses based on the poverty level. The majority of people in America, especially the impoverished, stated they firmly think that our country is a nation of opportunity. Based on their comments, they appear to believe that anyone can escape poverty, regardless of upbringing.

All these financial hardships cause failing businesses that result in bankruptcy failed marriages that result in welfare, and unemployment wiping out funds. The tales of struggle and dread are much more vivid for the elderly who are the offspring of parents who lived through the Great Depression and minorities who were born into poverty. Americans frequently relive the raw feelings of insecurity, dread, and guilt while recalling these recollections. After exploring these feelings, people frequently understand the underlying causes of their responses to today's financial stress.

One of the best indicators of someone's mental health is their financial situation. An earlier comparative study revealed a link between low household income and individuals earning under $20,000 annually in terms of lifetime mental disorders and suicide attempts. The research also revealed a link between lower household income and a higher likelihood of developing mental health issues (anxiety, stress, depression, substance abuse). Living life to the fullest can be challenging if you suffer from financial worries.

The nation's motto has changed to "Forget financial liberty... give me debt!" in response to the COVID-19 pandemic's economic shock. Americans owe $38,000 on average per person. Our capacity to plan and manage our debt can be impacted by mental health issues. This holds true even if the debt was the initial cause of the mental health problem. Debt and mental health are frequently linked. The Federal Reserve reports that in the spring of 2021, American household debt reached a record high of $14.6 trillion.

There are around 340 million people who share that check, which would read $14,600,000,000,000,000. The question is, who's most likely to incur debt and who's most likely to get out of debt? It all depends on factors like age, income, ethnicity, family structure, and degree of education. Demographics don’t strictly determine one’s debt, but understanding such statistics is important. It can motivate you to go against the numbers and find financial liberty. But, the less your income, the easier it is to pile up debt.

The average minority earns less than the average white worker, but this does not necessarily mean that they have more debt as they have less money to spend and are less likely to be approved for higher-dollar loans. The average family net worth among white people was $188,200, according to some statistics. While it was $24,100 and $36,100 respectively for families of color and Hispanics.

Debt is debt, regardless of its severe demographic disparity, and it can have a negative impact on anyone's mental health. Some of the most common sources of debt for Americans are mortgages, credit cards, student loans, and auto loans. If these debts spiral out of control it can cause feelings of shame, remorse, and grief. Debt can undoubtedly lead to despair, anxiety, or stress-related problems because these emotions are exacerbated based on the amount of debt and the length of time in debt.

Anxiety about money can frequently make you feel bitter or irritable. You might find yourself having regular fights with family members who don't appear to take the problem as seriously as you do when you're stressed about paying the expenses. Sleep deprivation, hoarding, gambling, substance misuse, and extreme cases where you engage in unlawful behavior can all result from it.

A little over 35% of Americans currently have one or more debts that are being collected. Meaning that 35% of Americans constantly receive calls from debt collectors on their phones. For the debt holder, this harassment is a source of stress and worry in and of itself.

Being poor can be distressing. It goes without saying that you might feel protective of your money resources if you've ever gone without food or housing. To save money in case you need it later, you could go to great lengths. When you do encounter financial losses, your mind could more readily imagine the worst-case scenario since you have already experienced one. This trauma may affect multiple generations.

If your parents were poor, they might have emphasized the value of working and saving money. They could put a lot of pressure on you to attain a specific amount of riches for the benefit of your family. But some people also suffer from retail therapy which is a widespread, harmful practice that many people use to manage their poor mental health. This is the act of making material purchases to momentarily lessen the burdens that mental illness causes.

In extreme situations, a person may spend money on things they cannot afford, furthering their debt problems. Consequently, a constructive feedback loop is created. As debt increases, the spender experiences increased mental health issues. The result is that they keep buying more and more, inevitably digging a deeper hole.

The adage "Money can't buy happiness" is not quite as accurate as it is cliched, and while being wealthy won't necessarily make you happier, it will undoubtedly raise your level of living and alter how you view life. A person could be happier by making wise financial decisions. Financial stability and mental well-being are intertwined. You're less likely to experience mental health problems if you can avoid needlessly encountering significant financial problems.

How Do You Feel Even Talking About Money?

Your financial well-being is a reflection of how at ease you are with discussing money and finances. If you're struggling to manage your money and debt, it's more likely that you'll want to steer clear of the subject; but, if you're feeling content, confident, anxiety-free, and proud of your financial condition, you won't have any trouble participating in conversations about money and finances. Your mental health can most definitely be impacted if times are tough and you're drowning in debt. The same treatments for any mental health issues can be implemented and may help lift your spirits, put you in a good mood, and make you feel more hopeful.

Here are Are 13 Tips That Can help:

1. Try Exercising

One of the best things you can do for your mental health is to engage in some sort of physical activity for 30 min to an hour each day.

2. Meditation

Your mental well-being and general health can both be improved by the sense of calm, peace, and balance that meditation can bring you. Redirecting your attention to something peaceful can help you unwind and manage financial stress. You can learn to maintain inner serenity and focus by practicing meditation.

3. Getting Good Rest

Getting too little or too much sleep can be detrimental to your mental health. Being able to sleep for 7-8 hours will improve your overall quality of life.

4. Showing Gratitude

People acknowledge the goodness in their lives with gratitude. People typically realize that the source of that kindness is at least largely external to themselves during this process. Because of this, feeling grateful also fosters a connection with something bigger than oneself, such as other people, the natural world, or a greater power.

5. Eat Healthier And At Home

One of the most expensive luxuries a household can indulge in is paying to eat out. The grocery store is a far less expensive option. Maintaining a healthier diet will help you experience fewer mood swings, and can give you a more positive outlook, and increased concentration. Studies have even revealed that eating a healthier diet might lessen symptoms of anxiety and depression. Try juicing in the morning to get a nice mood boost for the day.

6. Talk with a Financial Advisor

You can have access to qualified counsel on how to handle financial issues from a financial advisor. They can aid in budget management and the creation of a strategy for your long-term financial stability.

7. Seek Help from a Therapist

The mind can frequently be compared to a challenging puzzle with missing corner pieces that are placed on a table in the center of the room. It's best to get assistance from qualified pros on occasion.

8. Put the Credit Cards Away

When possible, pay with cash or a debit card to prevent debt accumulation.

9. Create A Budget And Stick To It

You can plan where your money will go each month with the use of a budget. Instead of crossing your fingers and hoping you don't unintentionally overspend on groceries, etc., you can establish a strict budget that you will adhere to while shopping.

10. Try To Cut A Deal With Debt Collectors

If a debt has been turned over to collections, never pay the full amount. You can negotiate with the debt collector and frequently end up paying less than half of the original sum.

11. Take A Break

When your mind is racing a mile a minute, it's difficult to (accurately) compute revenue and spending. If you're having trouble concentrating, take a 10-minute break to center yourself, boost your mood, and increase your focus by going for a stroll, listening to music, or practicing deep breathing. Trust me, it helps.

12. Join A Union

Unions can do a lot of things, including:

• negotiate for higher pay
• advocate for your rights
• help ensure job stability

You may feel more secure about your job and your financial situation with this added social support and negotiating power.

13. Refrain from Drinking/Smoking

Too many people who experience mental health issues due to financial stress turn to alcohol or tobacco to cope. This may exacerbate mental health issues and promote chemical dependency, or even worse, addiction which I'm sure everyone knows can spiral out of control and cost you everything.

These days, a lot of individuals are concerned about their finances

Whatever their frequency, these persistent sensations of financial concern can leave you feeling overwhelmed, to put it mildly. They might eventually cause severe mental health issues such as chronic anxiety and worry. Long-standing financial difficulties can take some time to overcome, but you don't have to face your anxieties and concerns by yourself. A financial advisor can provide more assistance with the statistics. Still, a therapist can assist you in identifying self-care skills and tactics that will help you deal with anxiety and stress.

Here are some useful ways to increase your income that can help you as well, if you're uncomfortable in an office environment or are just looking for something that you can do from home to generate more income whether it be to start, or just additional income to help with finances and debt. These work-from-home jobs can definitely get you on your way to more financial stability and improved overall mental health. Just remember, the 1st step to any improvement in your life is yours to take! CLICK HERE to find out more.

And as always, take care and be well.

Mindful!