Faced with financial stress, I found a no-spend solution

In this rapidly changing world, we often find ourselves plagued by various pressures, of which financial pressure is undoubtedly the most common and oppressive.

Not only does it affect our daily lives, it also profoundly affects our mental health.

If you’re struggling with your mental health, it’s likely that you’re also having difficulty tending to your finances and making sound choices with your money.

And if you’re in debt, fending off collection calls and watching your interest grow higher, you’re likely to be experiencing higher amounts of stress, which can severely affect your overall mental well being.

Taking care of your mental health is taking care of your financial health, and vice versa.

Here are some actionable tips for breaking the seemingly never-ending cycle of financial difficulty and mental health issues.

Take stock of your finances

You can only tackle your financial issues if you know exactly what you’re dealing with.

Doing a total self-audit of your finances will help you gain a more holistic view of your overall money situation, which will help you decide what steps to take to improve it.

Start by adding up every source of income you have. Including job paychecks, government benefits, alimony, etc.

List fixed-rate monthly bills and calculate debts, including minimum payments and interest rates.

Track monthly spending using available apps to identify areas for improvement.

If you’re struggling to make ends meet every month, figuring out exactly where your money is going is the most important step toward getting your finances back in shape.

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 Make self-care a priority

The National Institute of Mental Health defines self-care as “taking the time to do things that help you live well and improve both your physical health and mental health.”

When you make self-care practices a part of your everyday life, you have an emotional center to return to every time you begin to experience stress.

Acts of self-care that are easy to add into your routine might include:

Include activities like regular exercise, starting a hobby, journaling, and spending time with friends or family.

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Make a budget - and forgive yourself if you mess up

Okay, this might be an obvious one.

But there’s a reason why people who find a way to budget their money wisely tend to be more successful in getting their finances under control!

Explore different budgeting strategies (ex: 50/30/20 method, envelope budget,).

Choose a practical and accessible tool for budgeting, such as spreadsheets or apps.

Align your budget with your values and prioritize spending on things that bring you joy.

Understand that making and sticking to a budget is a learning process, and it's okay to make mistakes.

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Sanjay Singhal is a personal blogger who shares his life lessons, investment experiences, and personal growth stories.

His website content covers a variety of areas, such as mental health, investing, life skills, etc.

Sanjay shares a series of stories about how he started from scratch and eventually sold audiobooks.com and made $56 million, as well as the challenges and triumphs he encountered in life.

Additionally, he discusses tips on how to effectively manage your professional and personal life.

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Talk to someone about it

You may think that your loved ones don’t want to hear about your problems or that they would think less of you because you’re struggling.

You may feel ashamed about the situation you’re in.

But don’t forget that financial stress is very common.

In fact, a 2022 American Psychological Association poll found that stress about money is at an all-time high since 2015.

The same poll found that a whopping 87% of American adults cite rising costs of everyday expenses due to inflation as a significant source of stress.

In other words, you are definitely not alone in feeling worried about your finances.

Research has found that having a social support system can make people more resilient under stress.

Your support system might not be able to give you financial help, but that doesn’t mean that talking to them about what you’re experiencing doesn’t have its value.

When you connect with trusted people in your life and foster healthy relationships with them, they can help you in other ways:

Offering a different perspective

Connecting you with resources

Empathizing with your struggles

Easing feelings of loneliness

Adding a sense of community and purpose to your life

However, your stress may be so bad that it affects your sleep, your work, and your relationships.

If you’re stressed to the point where it’s impacting your everyday life, you may want to consider speaking with a professional counselor or psychologist regarding coping strategies for the improvement of your mental health.

There’s no shame in reaching out and remember, improving your mental health could help you improve your finances, too.