Money and Mental Health
Are you living with financial stress?
A Bankrate article titled: Bad Credit Affects Mental Health, recently caught my eye. Here are some of the things that I learned. Nearly half of all people who have debt problems also have mental health problems. 86% of people with mental health issues said their problems were made worse by their financial condition. Money’s often a source of arguing and tension in relationships. If you’ve ever experienced financial stress, you know how intense it can be. Spending money can temporarily relieve stress, but when overspending becomes compulsive, it impacts mental health and leads to greater debt. Sometimes financial issues are beyond our control. but if you know that overspending has led to your problems, confess it, repent, and then make a plan.
Financial coach, Kristin Lobenstein says, “People who feel financially stable perform better at work and feel more confident when interviewing and interacting with others.” She also says, “Partnered people who have open conversations about money are happier in their relationships.” Debt and bad credit can make life difficult from both a financial and a mental health perspective. Assuming responsibility and taking action will grant purpose and hope. Begin with prayer. Ask God to help you stop borrowing and live on a budget. This will help you eliminate debt, spend wisely, save, and give. The debt snowball and debt avalanche are two methods to pay off debt faster with less interest. Research both and choose one. Humbly approach your lenders and seek to negotiate better terms, and most importantly, commit your plan to the Lord. He can work miracles.
For free resources and to learn more about Crown’s Budget Coaching program, call the Crown Helpline at 800-722-1976 or visit us online at Crown.org.