As Mental Health Awareness Month draws to a close, let’s face it, financial issues are one of the driving factors of increased stress and anxiety. Your mood can be directly impacted by your spending, and conversely, your spending is often driven by your state of mind. Understanding the link between the two can help you identify and learn to control these behaviors.
Navigating The Highs And Lows
Rewarding yourself for a job well done is fine, but when that little treat throws your budget into a tailspin, it can leave you guilt-laden. And, when purse strings get tight and you’re struggling to make ends meet, financial planning can seem like a waste of time. An impulse buy might lift your spirits for a brief amount of time, but it doesn’t solve the problem, it only compounds it. When you recognize these patterns, you can learn to avoid them.
“Your mood can be directly impacted by your spending, and conversely, your spending is often driven by your state of mind.”
Finding Balance
As we try to calculate our “magic number” for a comfortable lifestyle or a blissful retirement, it can trigger feelings of despair or inadequacy. Some of us are over-spenders who worry we may be sacrificing long-term goals by living in the moment. Cash hoarders may hyper-focus on funneling their funds into retirement, causing them to feel regret or isolation from missing out on experiences with family and friends. Pick a plan that balances the present and the future so you get the best of both worlds.
Putting Things In Perspective
If you’ve ever stayed up late at night worrying about finances, you’re definitely not alone. The price of everything seems to be rising – eroding disposable cash and shrinking savings. Take a step back and get a clear snapshot of your current situation. Are you fretting over the cost of luxuries instead of core needs? Have you set unrealistic savings goals for yourself? Chances are you’re fixating on the negative and not giving yourself credit for the positive financial gains you’ve made.
Don’t Be Afraid To Seek Help
Employee Assistance Programs are in place to help foster employee wellness. According to the OPM website, “counseling services offer employees the opportunity to speak to a licensed clinician or counselor 24/7 regarding a variety of professional or personal topics which may impact the employee’s well-being.” Therapists aren’t just for Real Housewives or the super wealthy, and neither are financial advisors. Regardless of your net worth, an FRC® trained advisor can put things in perspective, empower you with financial confidence, and establish a plan that matches your goals.
