Are you under too much stress lately that it’s starting to affect your mental health? Struggling to make decisions and lacking motivation can negatively affect many aspects of your life, including your finances. You might usually find simple tasks overwhelming when you’re under mental duress. To help you understand how your mental health affects your financial situation, continue reading this article.
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- Lack of Motivation to Manage Finances
Being under too much stress may lead you to experience avolition. It is the total lack of motivation preventing you from reaching an end goal. It’s commonly linked to diagnosed mental health problems that include schizophrenia and severe depression. When you’re unmotivated to finish tasks, your financial responsibilities will be affected. You won’t be able to pay bills on time and have penalty fees too.
- Overspending to Feel Better
If you haven’t reached out to a medical expert, you’re probably venting out your mental stress with temporary distractions like shopping and stress eating to feel better. However, after doing those things, you’ll still end up feeling down and again spend more.
When this happens, you won’t be able to handle your finances well. You’ll continue to spend beyond your means and can max out your credit cards and other accounts. You won’t have enough money to pay off your debts and credits, leading to more mental stress and other mental issues.
- Impulsive Decisions
When you have mental health problems, it will be hard to think clearly. You won’t be able to weigh the pros and cons of your decisions. You’ll make unwise and impulsive commitments that are mostly based on emotions.
A great example is when you buy a luxury item because you want to show it off to your family and friends to keep up a pretense of being successful and alright. Although you can get away from it for a while, it will dent your budget and may even leave you with monthly payments.
- Lose Track Of Time And Dates
Your mental state can either mean you have many thoughts inside your head or you don’t want to think at all. Doing so will often lead to you losing track of time. You’ll forget important dates, fail to meet work goals, and miss deadlines. When your work performance is affected, your employer may see it as a reason to lessen your shifts or even fire you.
- Poor Relationship With Other People
Mental health issues can lead to isolation from family, friends, and co-workers. If you have an ongoing debt with your relatives or friends, you might end up not paying them, so your relationship may be compromised, which can affect your mental health more.
Another example is when you have a contract with collateral. Commonly cars, houses, lots, and other expensive assets you’ve worked hard for. Failing to pay regularly may lead you to lose your collateral.
Mental health struggles highly impact many aspects of your life, including your finances. It’s best to seek help from mental health experts to assess your problems and recommend proven medical drugs and therapy.