Money and Mental Health
Photo by Melissa Walker Horn on Unsplash
Today marked our second Haven Hour of 2024, where we explored the connection between money and mental health. Haven’s Support Coordinator, Daniel (Rhys) Graham, shared a budget template he created. He emphasised its value in understanding your income and expenses and keeping track of spending, among other benefits.
Money and mental health are often linked, where poor mental health can make managing money more difficult, and worrying about money can worsen your mental health. This can create a vicious cycle!
If you can relate to this, you’re not alone. Some ways mental health and money are linked include:
If you can’t work or you have to take time off work, your income may be affected.
Feeling very “high” during a period of mania can lead to impulsive decisions about money that make sense at the time but leave you in lots of debt.
Spending money to make yourself feel better.
Feeling anxious about tasks like talking on the phone to pay bills or opening envelopes.
Being forced to do a job you don’t like to pay bills or pay off your debt.
Lacking motivation to keep control of your finances.
Feeling stressed and anxious about not having enough money to pay for essential things like housing, food, and medication.
Money problems can affect your relationships and social life, which can have a knock-on effect on your mental health.
Haven Hour participant Danny said, "I enjoyed the group setting, and it gave me a feeling of not being alone. I was shown things that can positively impact my life!"
We shared some helpful ways to support our mental health and manage money:
Understanding your behavior, such as patterns around your spending, i.e., is this linked to mood.
Planning ahead, e.g., making it more difficult to spend money online by not saving your card details into websites.
Getting organised - making a regular time to review your money and bills each week so things don’t pile up.
Looking after yourself!
Haven Hour occurs on the last Monday of every month, with the next session set for 29 April 2024. Facilitated by Haven’s occupational therapist, it's a chance for people to connect, share similar experiences, and work towards achieving their 2024 goals together. If you're interested in joining, get in touch by emailing hello@havendisabilityservices.com