Mental Health & Money: Why Financial Wellness Matters This May
May is Mental Health Awareness Month, a time to reflect on our emotional well-being and the many factors that affect it, including our finances. While we often talk about mental health in terms of stress, relationships, or work, money plays a major role in how we feel day to day.
In fact, mental and financial health are so connected that when one suffers, the other often follows.
The Powerful Link Between Money and Mental Health
Mental health and money issues can create a vicious cycle:
Poor mental health can make managing money harder. Conditions like depression and anxiety can affect your ability to focus, plan, or follow through on financial tasks. You may avoid bills, overspend to cope with emotions, or feel too overwhelmed to ask for help.
Financial stress can worsen mental health. Worrying about debt, struggling to afford essentials, or facing uncertainty about your income can lead to chronic stress, sleeplessness, and feelings of hopelessness or even shame.
How to Spot the Warning Signs
If you or have experienced any of the following, your finances may be negatively impacting your mental health:
Avoiding your bank account or financial responsibilities.
Feeling panic, anxiety, or powerlessness when thinking about money.
Arguing with loved ones over finances and money.
Experiencing low self-esteem or shame around debt or spending.
5 Steps Toward Better Mental and Financial Health
The good news? Making even small steps toward financial wellness can significantly boost your mental well-being. Here’s how to get started:
Track without Judgment
Awareness is a powerful first step. Use a simple method to track where your money is going. Focus on curiosity, not criticism.Create a Budget That Supports You
A budget doesn’t have to be restrictive. It’s simply a plan for your money that reflects your goals and values—and gives you peace of mind.Build a Safety Net
Even a small emergency fund can reduce stress by providing a cushion for unexpected life expenses. Begin small, perhaps even saving a few dollars daily. Aim to build an emergency fund of at least $400. For example, at Bragg Mutual, you can utilize the round-up savings feature, which automatically saves money whenever you make a debit card purchase.Seek Help, Financial and Emotional
Support is available. Therapists and financial coaches can be valuable resources. Take some time to explore the additional financial resources that Bragg Mutual offers.Use Your Local Credit Union
Unlike big banks, local credit unions are community-focused and member-owned, meaning they’re designed to help you thrive. Many credit unions offer free financial counseling, budgeting tools, debt consolidation options, and lower interest rates on loans. Plus, their staff are often more understanding and willing to work with you if you're experiencing financial hardships.
Why This Matters in Mental Health Month
Talking openly about the intersection of mental and financial health helps break the stigma around both. This May, take a moment to check in with your money habits and your emotions surrounding them. Small steps toward balance, with the right support system in place, can make a world of difference.
You don’t have to navigate this alone. Whether it’s through a therapist, a trusted friend, or Bragg Mutual, help is available, and healing is within reach.