How money can affect your mental health and vice versa
It’s a widely used statistic that 1 in 4 of us will struggle with our mental health in any given year, whether we admit it to ourselves or not. Anxiety, depression, and other mental health issues hit us all in different ways and no person’s experience is exactly the same as another’s, which is important to remember. Many people do experience common themes in the reasons for their anxiety or low feelings, though, and it’s probably unsurprising that one of these is money.
Like mental illness itself, the impact your finances have on your overall wellbeing, and vice versa, can be very different from person to person. Some experience episodes so bad that they’re unable to work through them. While many companies are extremely understanding and supportive of those with mental health issues, some types of work still don’t come with automatic sick pay. Reducing your income because you’re ill in any shape or form can be nerve-racking, but when you’re already struggling with a mental health condition, it can make things a whole lot worse.
“9 out of 10 people with mental health issues spend more when they’re feeling unwell, usually on impulse during a period of mania, or as a means of cheering themselves up when feeling low.”
Others may find that spending money makes them feel better. According to research by The Money and Mental Health Policy Institute, 9 out of 10 people with mental health issues spend more when they’re feeling unwell, usually on impulse during a period of mania, or as a means of cheering themselves up when feeling low. It is literal retail therapy. Unfortunately, the “high” is short lived, and when it wears off, many find themselves racked with guilt about their purchase, having realised it wasn’t sensible. It can be a vicious circle.
Another way mental illness can affect your finances and how you manage your money is through anxiety. Some people find that their anxious feelings render them all but incapable of performing tasks like answering the phone, making calls to strangers, or opening envelopes. When many communications from banks, energy companies, and others, still come through by post, feeling too anxious to open your mail or answer your phone can result in you becoming unaware of bills that are due and consequently falling behind with payments.
And some of us just feel a horrific sense of despair at our situations. We have all these lofty life goals like buying a house, travelling the world, and starting a family. It seems like everyone else has everything all worked out — they can afford amazing holidays, they’re buying their dream houses… and when you’re sitting there carefully rationing the dregs of your bank account to make sure you can get as far as payday, you just can’t fathom how they do it, and end up feeling lousy about ourselves, like we’re failing at adulting.
If any of this resonates with you at all, we feel you, 100%. Struggling with a mental health issue is not fun. At all. But, there are ways you can get better, both by helping yourself, and seeking help from the experts.
Obviously, we are not experts at solving mental health issues. Mind are, and their website is crammed full of useful information and sources of help that’ll remind you that however bad you think it is right now, you’re absolutely not alone.
But, we can help in our own way. Research has shown that physically getting your hands on your cash can release endorphins that boost your mood. Counting the loose change in your pockets regularly, or setting yourself a cash allowance so that you routinely get your hands on physical money, are just a couple of way you can do this.
Another is Plum — the personal savings assistant that also happens to be a robot. While it’s not quite the same in that you don’t physically touch your money, it will help you get that little “fist bump moment” every few days.
Plum connects to your bank account, snoops through your transactions, and sets a small amount aside for you every few days. It will recalibrate based on your spending habits, so being left short at the expense of savings isn’t possible, and you can get the money you’ve saved back within 24 hours of requesting it. It’s all automated, and you’ll only hear from us when we save something for you, or when you get in touch with us.
Because Plum is a robot run through Facebook Messenger, you don’t have to talk to a human being unless you want to — as much as it might seem like it, Plum’s not a real person, just our weird technical lovechild. But that said, if you do want to speak to a human, Plum can put you through to someone real. Even if it’s just a chat — we got you.
Remember, if any of the writing in this article resonates with you for any reason, get in touch with Mind. They really are the experts on all things mental health.
Lots of love,
