You might not realize it but depression affects finances in a very big way. There is an argument to be made that when it comes to finances, the biggest factor is your income and expenses. Then there are the financial goals you plot out as well as your financial habits which plays a hand with how you spend your money.
These are all valid points because each of these concerns has a direct line on how your finances turn out. However, your mental health is also an important part of your overall financial health. It contributes to either your financial success or downfall so it is better to get a handle on it. The problem is that not a lot of people are open about their mental health.
This should not the be the case as depression affects finances in various ways. The National Institute of Mental Health shares that major depression is one of the most common mental health disorders in the country. They even went on to explain that depression can severely impair the ability of a person to execute big life activities.
It just points out how prohibitive the problem is for people suffering in silence. It is only now that society is slowly accepting the reality that mental health is an issue that needs to be talked about. In the past, a lot of people tried to shrug it off blaming it on fatigue or misunderstandings but depression is real and here are a few things you can do about it.
Look for someone to talk to
Depression affects finances and a lot of other areas in your life so you should not keep it to yourself. Doing so can further complicate your problems and you can blow up without you knowing it. Once this happens, you might make some life-altering decisions where it is hard to come back from. You need to make sure that you do not get to that breaking point.
One of the best ways to prevent this from happening is to open up to someone about your problems. It may not be easy but it is an important step if you ever want to address the problem head-on. It can be a family member, a close friend, or even a professional who can help you face your problems. The important thing is you look for a person who you can talk to.
Talking about your problem can take a load off of your shoulders. Just having a good friend with you can make a big difference. There are times where you just need to verbalize what you are going through to help you accept your situation. Once you do that, you can face the problem better.
Depression affects finances so identify a positive outlet
There are times when looking for a healthy and positive outlet for your mental problem helps you manage it better. Depression affects finances in a number of ways and putting your focus on something is an effective way to manage depression. Putting your focus and energy on something else makes you forget about your depression and can even make you develop a new and healthy habit.
You can try picking up a new hobby like photography or even cooking. You can even pick back up an old hobby you no longer have time for. There are also a number of people who seem to enjoy doing some form of exercise. Some go for a run, others dust off their bike and take it for a spin, while some people simply sign up for a gym membership and hit the weights.
One reason why this is an effective approach is that every time you exercise, your body releases dopamine. This is a chemical that is often associated with a feeling of happiness and pleasure. That is why even while trying to catch your breath, you feel great after an exercise program. You clear your head and sometimes have more energy after.
Focus on areas you can control
There is no doubt that depression affects finances and you can sometimes feel that everything is out of your control. You think that you are just there for the ride and that you cannot do anything anymore. There are a lot of factors that are way beyond your control so the best thing you can do is to focus on the ones that you can control.
Rather than stay in one corner and sulk all day because you are so stressed about your finances, work on the things you can control. If you are stressed out because your expenses are more than your income, sit down and work to down your expenses, Cut out some of the items you can do away without. Some subscriptions or even commuting to and from the office can help you save money.
You can also choose to look for ways to increase your income to have more breathing room with how you manage your expenses. Try and put in some overtime at work or even look for a second job you can do after office hours. Why not look at some income-positive hobbies which can help you earn extra funds while doing something you absolutely love.
Understand that there are things beyond your control
As you take on and become more proactive to combat depression, you need to understand as well that there are things beyond your control. Depression affects finances in a lot of ways that is why you need to know that there are things you cannot do anything about. Just like the most recent 2008 Recession where are a lot of people lost their jobs, homes, and even life savings.
That recession was the result of a big economic problem which you could not have stopped even if you wanted to. The housing bubble had a lot to do with it which was already brewing over a long period of time. Choose to divert your focus on the things you can control rather than spend time and effort thinking about those that are out of your hands.
Learn to appreciate yourself
Depression is one of the mental health problems people face on a daily basis and one of the things you can do to help you manage it is to appreciate yourself. There will be times when depression stems from losing belief in yourself because you beat yourself up. You blame yourself with everything that is happening around you.
Understand that you are not perfect and you will make mistakes in one way or another. The important thing is that you pick yourself up and learn from the mistakes that you make. If you are an impulsive shopper, do not bring your credit cards with you when you go to the mall. Avoid online shopping sites so you do not rack up on your credit card bill.
Depression affects finances in a number of ways and you need to make sure that you get to address it as soon as possible. If you let it control the way you live, you could have a hard time climbing out of that deep hole. Know what tools you can use to make sure you beat depression before it beats you down.