What are the first words that come to mind when you think of money? Do you think of possibilities? Stress? Stress relief? There is no correct answer on what you should associate with money – each individual will have different responses when they think of money.
I want to discuss how money affects mental health. According to the Journal of the American Medical Association of Psychiatry, “Low levels of household income are associated with several lifetime mental disorders and suicide attempts,” (AMFM). As difficult as it may sound, money has a direct impact on our mental well-being and if not addressed can cause damage to other aspects of our personal wellbeing. The Money and Mental Health Policy Institute posted a survey in which 72% of their participants mentioned that their mental health problems had made their financial situation worse, “Mental health problems make it harder to earn, manage money and spending, and to ask for help. This causes financial difficulty, then financial difficulty causes stress and anxiety, made worse by collections activity or going without essentials. Next mental health problems occur and the cycle starts back over,” (MMHPI). I am sure this all sounds scary, however, I will not leave you for fending for yourself.
Here are a few tips to help you take control of your finances and mental health.
- Create a Budget: identify your income and expenses in order to find ways to save.
- Exercise: Find ways to get your body moving. Go on a walk, do a few burpees, jump rope, etc. Find an activity that gets your heart rate up.
- Sleep: Sleep is often over looked and seen as non-important. However, getting 7-8 hours of sleep is vital and will improve your overall quality of life.
- Refrain from Drinking/Smoking: Not only does it cost money to drink/smoke it can have serious long term effects on physical and mental health.
- Seek Professional Help: Finding a financial counselor or advisor will help get your personal finances on track so you can pursue a health financial future. Find a mental health professional to develop health coping skills and to learn how to navigate stress/anxiety.
When trying to gain control of your finances and mental health take one step at a time. With the five tips listed above, identify one that you can implement in your life today and focus on that habit until it becomes integrated into your schedule. Once this habit is fully integrated, work on a second. Remember big changes begin with small disciplines.
I also want to take this time to promote Powercat Financial’s Financial Well-being workshops. Throughout the K-State campuses Powercat Financial is promoting financial well-being through a series of workshops over budgeting, credit/student loans, and money beliefs. There is also a free Canvas course that students can request to be added to that discuss the three previous topics. For more information about the workshops or Canvas course click here.
Lastly, if you are ever needing to talk with someone about your finances or if you have any financial questions please schedule an appointment with Powercat Financial. All appointments are scheduled through Navigate or you can go to our website, www.ksu.edu/powercatfinancial.
Eli McDonald
Graduate Assistant
Powercat Financial
302 K-State Student Union, Third Floor
918 N. 17th Street
Manhattan, KS 66506-2800
785.532.2889
www.k-state.edu/powercatfinancial
