Does Money Negatively Impact Your Mental Health
Mental health awareness and wellbeing is so important and should be constantly discussed and talked about. With World Mental Health Day just having passed, we thought it would be timely to discuss not only the importance of mental health, but also mental health as it relates to finance. It’s obvious that finances and money can be extremely anxiety producing and stressful for many. In fact, according to a recent survey from BankRate and Psych Central, “42% of U.S adult say money is negatively impact their mental health.” So, while it’s clear that many individuals feel overwhelmed by their finances, it’s also true that there are many ways to alleviate that stress to avoid negative mental health. So let’s dive in to see what those are.
At Sherman Wealth, we are constantly advocating for, spreading, and teaching financial literacy topics and education. Financial literacy is lacking greatly in our country and is one of the largest reasons so many individuals feel so insecure and unconfident when it comes to their personal finances, because they lack common and simple financial facts and knowledge. So, starting with the basics is extremely important. Seek out financial literacy courses or seminars, do some research, and make sure you are understanding everything you have, where it all lives, and how it works.
Another way to feel less overwhelmed by your finances is to get organized. We always preach the importance of organization, consolidation, and automation. Make sure you are automating your finances, that they live and you can see them all in one place, and that you don’t have accounts all over the place. By not consolidating, it’s very easy to mix-up or lose old accounts you may forget about. Budgeting is a large part of financial security and financial planning. Make sure you are tracking what you spend and know how much money is coming in as well. We have also found that building and funding an emergency fund helps individuals feel more secure about their financial picture. If you are seeking financial literacy courses or would like to utilize our financial software to automate your finances, email us at info@shermanwealth.com for more information.
Next, establishing a financial plan can help alleviate stress and maintain positive mental health. At Sherman Wealth, we build customized financial roadmaps that are unique to the needs, risk tolerance, and goals of each client. If you do not feel comfortable creating a financial plan yourself, seek help! Working with a financial advisor may lift some pressure off your shoulders as you will have an unbiased and conflict-free second opinion, accountability partner, and financial concierge in your corner as you tackle your financial life. As we approach the last quarter of the year, it’s a great time for end of the year financial planning. Keeping and maintaining positive mental health is our top priority so we are here and happy to help you in any way that we can. If you have any questions or are seeking financial assistance or reinforcement, email us at info@shermanwealth.com.