Depression can be a financial burden, just like any other illness, and worrying about money can worsen your mental state. Here are strategies to help you stay ahead of potential financial strain.
For many, money and mental health seem unrelated. However, when I received my diagnosis of depression and anxiety while employed full-time, my financial situation was the last thing I wanted to address. Yet, unless you’re exceptionally wealthy, ignoring your finances during tough times can lead to serious consequences.
“Financial stress can worsen depression, creating a cycle where each feeds into the other,” says a behavioral expert. “When feeling low, managing bills can feel pointless, which can lead to financial avoidance and increased stress.” It’s a challenging situation.
Statistics show that women are diagnosed with depression at double the rate of men, and anxiety disorders affect about 40 million adults in the U.S. annually.
You’re not alone in this struggle. Fortunately, whether you’re feeling good or are in a tough spot mentally, there are practical measures you can take to secure your financial health.
Set Up Automatic Payments
Take action immediately! If you haven’t set up auto-payments yet, do it now. Automating payments acts as a safety net for your finances, especially during unpredictable times. Managing an inactive phone line isn’t something you want to deal with while grappling with mental health issues.
“I advocate for automatic payments, whether due to disorganization or simply not wanting to confront finances,” the expert explains. “Recognizing that ignoring financial matters will exacerbate your mental state is crucial. Enlist a friend to help if needed.”
Allocate Funds for Mental Health
Just as you’d use savings for a broken leg, it’s perfectly reasonable to reserve part of your emergency fund for mental health expenses. Setting aside enough for a therapy session can make a difference and provide peace of mind.
“Your brain is your largest organ,” a clinical psychiatrist states. “When it malfunctions, it affects your overall well-being.” So, don’t hesitate to save for future therapy or treatment costs; it’s a worthy investment.
Unsubscribe from Unnecessary Services
Before my diagnosis, I barely used my costly yoga membership. Now is an excellent time to assess your subscriptions and cut what you don’t need. During depressive episodes, lengthy cancellation calls can be daunting, so take time to understand your subscriptions’ cancellation policies ahead of time.
If you need to cancel, many services offer email options, and if you’re anxious about phone calls, ask friends to assist with the process. Don’t waste money that could support your recovery.
Plan Your Meals in Advance
Cooking is not my strong suit, and grocery shopping feels overwhelming, especially when battling depression. Take-out may seem convenient, but it can also drain your finances. It’s wise to prepare when you feel healthy.
Many grocery stores now provide delivery services, including prepared meals. Options like delivery from various chains offer bulk purchasing with minimal fees. Online shopping for snacks and essentials can save you from overspending on take-out.
Identify Your Support Network
Recognizing who you trust for financial and life decisions is crucial. Whether it’s friends, family, or a financial advisor, having someone to discuss your money issues with can prevent you from making impulsive decisions that you might regret later.
Make Major Decisions When You’re Well
Thinking about a significant purchase or a career change? It’s best to avoid such decisions when feeling low, as your judgment may be clouded. “I recommend postponing major choices until you’re feeling like yourself again,” advises the psychiatrist.
However, if you feel mentally sharp, it might be an ideal time to make those decisions. Just be honest with yourself about your state of mind.
Final Thoughts
Addressing mental health requires ongoing care and understanding. Be kind to yourself and remember that while this guide isn’t exhaustive, preparing financially can ease the burden on both your mind and wallet.
