Years ago, I received a surprise in the mail. It was a $500 bill for his recent X-ray. At the time, I was earning an entry-level salary in media (which, for starters, amounts to peanuts), but the shock of having to figure out how to cover an unexpected expense left me feeling anxious and nervous. It became faster and my head was pounding with stress.
I was in good company. Research has shown time and time again that our financial situation can take a toll on our minds. Since the American Psychological Association began conducting its annual American Stress Survey in 2007, money has consistently topped Americans' list of stressors. It contributed to what APA deemed the country's “mental health crisis” risk in 2020. At the time, Americans were grappling with the coronavirus recession. Since then, they've added food prices, record high credit card debt and little relief for student loans to their worries.
The Chicago-based nonprofit Financial Health Network began investigating the link between finances and health last year in the wake of the pandemic, reviewing the literature and conducting a large-scale study. Its latest research article, published in April, employed focus groups. Participants revealed that money worries not only negatively affected their mental health, but also their physical health, with many reporting back and stomach pains that were so severe that they were unable to work. (This explains the headaches caused by my medical bills).
“There's a clear connection between mental health, stress, and how our bodies feel,” said Angela Fontes, vice president of policy research at the Financial Health Network. luck.
That can be partially thanks to the gut-brain connection. Stress and anxiety can manifest physically as nausea, shortness of breath, and abdominal pain, to name a few symptoms.
Furthermore, the relationship between health and money is a vicious cycle. Poor mental health can also have negative financial consequences. Fontes explains that this manifests itself in a number of ways. It is difficult to pay the bills while carrying a huge mental burden. Missing time from work or underperforming can impact pay and long-term job success, she says.
Consider that depression can lead you to ignore even the most basic hygiene habits, like brushing your teeth, says Colorado-based certified financial therapist Kara Crosthwaite Brindle. . “We know that money isn't fundamental and that managing it takes some mental energy. So when you have depression, it's important to have it on top of your physical and mental health needs. “This can lead to money being ignored,” she explains.
Regardless of the chicken or egg, here's how to keep your physical, mental, and financial well-being all on the same level.
Take a break to reset your mind
According to Fontes, people fall into one of three categories: Coping financially – You're able to make ends meet, but you're not ready for long-term goals. and are economically vulnerable, struggling in almost every aspect of their economic lives. This last cohort is made up of his two subgroups: those who have experienced (and typically overcome) economic shocks, and those who are chronically financially challenged, and this This increases the likelihood of long-term mental health problems.
This can be the result of financial trauma, intergenerational debt or poverty, lack of financial literacy, or some poor money choices. But the root of these money problems is emotion, says Crosthwaite-Brindle. “Money is inherently emotional: anxiety, depression, fear, avoidance.”
She says talking to a financial therapist to discuss things like your money beliefs and spending patterns can help you manage your emotions and prevent them from negatively impacting your mental and physical health. “Money allows people to change their thoughts, feelings and behaviors, putting them on the path to better financial outcomes,” she says.
Of course, some of the most financially vulnerable may not be able to afford treatment. Fontes said many of the study's participants found that taking time for one thing, such as exercise or meditation, puts their mind in a different space and makes tackling financial challenges feel more doable. It is said that it has become possible to do so. That's a good place to start.
“A lot of it is about control,” she says, explaining that a big trigger for this cycle is unexpected expenses, such as accumulating debt. “It seems like a really important first step is to pick up and do something that helps you regain a sense of control.”
Take small steps towards saving money
Even if your finances aren't in bad shape, you should take precautions to ensure your finances don't plummet when your mental health deteriorates.
That might mean sitting down once a week and reviewing your money, or checking your savings and investment accounts to see if you can put away an extra $10 a month, Fontes said. Masu.
A savings cushion helps protect you from unexpected expenses. Crosthwaite-Brindle says it can also be helpful when you're feeling down, such as cleaning your house to feel better in a depressing environment or ordering food when you don't have the energy to cook. They will be given the permission and means to access essentials and take vacations without putting a financial dent in their household finances, she added.
“Saving is no longer a long-term game; it's about living comfortably now while thinking about the future,” Crosthwaite-Brindle says. “It's not an either/or idea, it's a both-and-or.”
Learn more about stress and health:
This article originally appeared on Fortune.com
