Mental & financial wellness
Money and mental health are deeply connected. When financial stress takes over, it can feel like your mental wellbeing is crumbling. Here in South Africa, costs keep rising and money buys less as each year passes. It’s becoming such a worry that according to the DebtBuster Money Stress Tracker online survey, 75% of respondents in 2024 said that they were experiencing financial stress.
But here’s the good news: with the right strategies, you can bring balance to both your wallet and your mind. In this article we are going to look at the link between financial stress and mental health – and give you some tips on how to take back control.
How Financial Stress Affects Mental Health
Worrying about money is normal. But when financial concerns become overwhelming, they can harm your mental health in serious ways:
- Anxiety and depression: Constantly worrying about bills, debts, or expenses can lead to chronic stress, making you feel hopeless or anxious.
- Sleep problems: Financial stress can keep your mind racing at night, taking away any chance of a good night’s sleep.
- Physical health issues: Stress often shows up in your body as headaches or high blood pressure. It can even weaken your immune system.
- Strained relationships: Money troubles can cause tension and arguments with loved ones, adding emotional strain.
How to Bridge the Gap Between Financial and Mental Wellness
You don’t have to let financial stress rule your life. Here are practical ways to tackle money issues while taking care of your mental health:
- Start small: To begin with, focus on manageable financial goals, like saving a small amount each week. Small wins add up and boost your confidence.
- Create a budget: A clear plan for your income and expenses can give you a sense of control. There are lots of free apps on your phone to help you on your way, or you could go the old-fashioned route and use a simple notebook to track your spending.
- Find support early: Don’t wait until you are deep in financial trouble before you look for help. Find someone to talk to about planning your financial future – it could be a financial advisor or even a friend. Talking things through can help you plan a way forward.
- Put your essentials first: Pay for your basic needs first – that includes housing, food, electricity and school fees. Avoid unnecessary expenses when you feel unnecessarily overwhelmed – say no to that weekly takeaway or the afterwork beer.
- Learn about money management: Knowledge is power. There are many free online courses you can take or there are books you can buy that teach you to understand personal finance better.
- Get professional help: If your mental health is suffering, think about speaking to a therapist. Many therapists specialise in financial-related stress.
