Mental health and financial wellness are inextricably related. When we don’t believe in ourselves and our ability to be financially well, we get caught in a downward spiral of fear, uncertainty, self-limitation, and financial self-sabotage. If we don’t believe we will be financially successful, we won’t. If we believe we will be prosperous and are deserving of that, we will take responsibility and necessary action to practice financial self-care.
As a licensed psychotherapist practicing for over 25 years and a financial behavioral expert, I’ve seen the benefits of eliminating financial stress and financial anxiety to improve mental health.
1. Honor the financial experiences that have shaped your relationship with money. Practice self-compassion as you recognize how the past has impacted how you handle money. Using a multicultural lens, consider how your financial experiences may have been impacted by systemic racism, discrimination, or marginalization. Think about how your parents' beliefs about money and financial experiences have shaped your own.
A family’s finances can affect a child’s sense of safety in the world, their feelings of worth, and their beliefs about whether or not they have the ability to be financially successful one day. Poverty and economic hardship are financial traumas that can have long-standing mental health implications. We learn money scripts early on. If we have belief systems such as, “I am poor,” then we identify as such.
2. Rewrite the script of your money story. You are not only the protagonist of your money story, you are also the author. To rewrite the script of your money story and achieve financial success, you can:
3. Apply mindfulness to finance. Mindfulness practices can be beneficial in reducing financial anxiety by helping you become aware of your thoughts and emotional spending behaviors around money. Mindfulness can help:
4. Be assertive and set healthy financial boundaries. Express your financial limits and ensure that others understand your boundaries. Clearly communicate what you are comfortable contributing or spending, and what you are not. Assertiveness and setting financial boundaries can help you:
5. Cultivate expansive, creative, and open-minded thinking. See past roadblocks to financial success and focus on opportunities, possibilities, and solutions. To challenge your own beliefs and perspectives in the financial realm:
6. Break through the barriers of shame, fear, and pride. Talk to others if you are struggling, as financial anxiety breeds in isolation. You are not alone. Most people can relate to challenging financial times, and that is why it’s important to seek help.
A recent study shows a significantly positive association between financial worries and psychological distress among U.S. adults. The findings suggest that accessible financial counseling programs and public health intervention programs are needed to mitigate financial worries and its negative influences on overall psychological health, with greater attention devoted to vulnerable populations.
When it comes to achieving financial wellness and eliminating financial anxiety, I suggest finding a therapist who specializes in the psychology of money. Also consider working through the program in my book, The Financial Mindset Fix: A Mental Fitness Program for an Abundant Life.
References
https://pubmed.ncbi.nlm.nih.gov/35125855/
6 Ways to Reduce Financial Anxiety to Boost Mental Health
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23.01.2024
Mental health and financial wellness are inextricably related. When we don’t believe in ourselves and our ability to be financially well, we get caught in a downward spiral of fear, uncertainty, self-limitation, and financial self-sabotage. If we don’t believe we will be financially successful, we won’t. If we believe we will be prosperous and are deserving of that, we will take responsibility and necessary action to practice financial self-care.
As a licensed psychotherapist practicing for over 25 years and a financial behavioral expert, I’ve seen the benefits of eliminating financial stress and financial anxiety to improve mental health.
1. Honor the financial experiences that have shaped your relationship with money. Practice self-compassion as you recognize how the past has impacted how you handle money. Using a multicultural lens, consider how your........
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