Mental health has been at the forefront of public discussions in the past few years. One thing that isn’t talked about as much is how mental health problems can have a negative effect on someone’s finances. Eric Nelson, finance expert and mental health advocate, shares his insights.
Poor mental wellbeing can make it difficult if not impossible for people to keep a steady job and earn money. On the other hand, financial struggles have a negative impact on mental health. Together, these can send a person into a downward spiral that is difficult to get out of.
People who experience anxiety, depression, or other things may find it difficult to create a budget or make decisions about their money. Shopping also gives people a dopamine boost, so people may shop a lot in order to cope with their mental illnesses. Some mental illnesses can also cause someone to behave impulsively. People may also avoid tasks related to financial self-care, such as going to the bank or speaking on the phone. There can also be a huge financial burden when it comes to paying for therapy or other treatments.
Working on your mental health can set you on the right path to better finances, so don’t be afraid to reach out for help.