How Prioritizing Mental Health Can Shape Financial Success
May 15, 2024
In the whirlwind of our everyday lives, it’s common to overlook mental health with the demands of work, family, and personal responsibilities by neglecting the most crucial aspect of our wellbeing - our mental health. However, just like our bodies, our minds require care and attention to function at their best.
Your mental health influences every aspect of your life - from your relationship and work performance to your happiness and fulfillment. Ignoring signs of mental distress can lead to more significant problems down the line, including anxiety, depression, and burnout. According to Bankrate, 52% of adults say that money has a negative1 impact on their mental health. By nurturing your mental wellbeing, you can find ways to cope with financial stressors and make positive changes.
Practice Self-Care
Prioritizing self-care activities can help reduce stress, including financial stress. When stressed, we’re more likely to make impulsive financial decisions or ignore financial problems altogether.
Stay Connected
Building a social support system can provide emotional support during tough financial times. Whether seeking advice from friends and family or joining related groups online, having a strong network of resources can alleviate financial anxiety and provide valuable insights into managing money more effectively.
Prioritize Sleep
Quality sleep is essential for maintaining good physical and mental health. Sleep deprivation can impair judgment and increase impulsiveness, leading to poor financial decisions. A startling 35.5% of adults report sleeping2 fewer than seven hours a night.
Set Boundaries
Setting boundaries around spending and financial commitments is crucial for maintaining financial stability and wellbeing. One-third of people between the ages of 22 and 24 living with their parents are doing so to support them financially3, and this percentage only increases with age. Whether you are helping your adult child with living costs or helping your parents with their living costs making sure you are also able to take care of your own day-to-day and long-term needs is important for mental wellbeing.
Money and your mental health are greatly intertwined with each other. By being able to prioritize your mental health, you’re not just investing in your personal wellbeing but also your financial wellbeing. This Mental Health Awareness Month, Affinity wants to help members eliminate financial stress. Book an appointment4 with a Wellbeing Coach today to help identify ways to reduce financial stress and improve your wellbeing.
This information is for informational purposes only, is intended to provide general guidance, and does not constitute legal, tax, or financial advice. Each person's circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments regarding the matters related to your condition.
1Retrieved from: https://www.bankrate.com/banking/money-and-financial-stress-statistics/#:
2Retrieved from: https://www.americashealthrankings.org/explore/measures/sleep
3Retrieved from: https://www.cnbc.com/select/setting-financial-boundaries/
4Retrieved from: https://www.affinityfcu.com/financial-wellbeing/certified-wellbeing-coaches