Money doesn't buy happiness, but it's no secret that having enough in the bank can give you a sense of peace, at least in some ways. No matter how much we want to believe that money doesn't matter, we have to pay our bills. Being born into a family with high socioeconomic status is a privilege that not a lot of us have. Those of us who aren't so lucky face financial struggles that can impact our mental health. We're anxious about making ends meet, and that can cause panic attacks or depression. But there is economic hope and ways to save money. As a bonus, you can use those tactics to increase your self-esteem.
Setting financial goals
One of the ways that saving money can increase our self-esteem is that it helps establish goals. Sometimes, we set our objectives in the wrong direction; for example, imagine that you want to make an ex jealous or you're beating yourself up over fitting into a beauty ideal. Both of those things are examples of “goals” that can negatively impact our mental health. You don't want to hyperfocus on your ex or twisting your body in a way it won't go without FaceTune or plastic surgery. Saving money, on the other hand, is productive for many reasons that aren't superficial. You might be putting away money to pay for a home, college, or to plan for monthly occurrences like the electric bill. When you set small financial goals and reach them, it feels like a reward. You can decide to put away $25 per week, for example, and by the end of the month, you'll have $100. When the year is over, you discover that you saved $1,200. No matter how big or small a monetary goal is, it can feel amazing to reach it. Whether you're placing aside a significant amount from taking on some extra work or saving money by making your coffee at home. Another thing you can do is put extra cash in a jar or savings account; it's a boost to watch it add up and know that you can put it toward a larger goal.
A sense of security and empowerment
Having control over your finances gives you a sense of security. It doesn't have to mean that you have three cars and a big house. Wherever you are right now is your starting place. Say that you're overwhelmed by paying taxes, and in the past, you've left them to the last minute and have spent months in a panic over thinking about how you'll ever be able to pay them. This year, take your taxes to an advisor and talk about your options for paying them back. If you're unable to pay in full, there are things that you can do. Facing issues like this head-on might be anxiety-provoking at the moment, but after you do it, you'll feel a sense of accomplishment. Be proud of yourself, and know that you're powerful for looking things in the face rather than running away. Doing that is the first step toward security. The more that you learn about managing your finances and face any ruts that you might be in right now, the more you'll know about what to do in the future, and the closer you'll be to establishing a neutral baseline that'll let you save money. You'll see what you have to pay and when which helps you understand what you'll have to set aside or how much more you'll have to bring in to make it happen. If you can, don't be afraid of looking for a side hustle or extra job if it's what you have to do. Also, consider generating passive income https://makemoneywithoutajob.com/mediavine/ from various sources. Productivity often increases feelings of self-confidence and self-esteem, so finding a little something to do on the side can help in more ways than one.
Building a plan for things like paying taxes or saving is empowering and anxiety-relieving. When you're relieved of that stress, you're likely to feel much better overall.
The psychology of overspending
What stops you from saving? It varies from person to person. Some people spend more than they should be through small, careless gestures like buying tops they don't need that'll sit in the closet and collect dust. Other people struggle with compulsive spending behaviors, which can be a form of self-soothing, self-sabotage, or a way to detach from reality and turn to something else by focusing on what you're buying. Sometimes, overspending is a coping mechanism. Other times, mainly when it's massive amounts of money that you're burning through, it can be a symptom of something else, such as mania in Bipolar disorder. Either way, it can put a damper on your self-esteem, and it can damage your bank account in a significant way.
Note that there are also scenarios where people don't overspend, but they don't make enough money to put any away. It's stressful in and of itself and can be a severe hit to your confidence. If this is the case for you, talking about the challenges you face can be incredibly helpful. Know that if things are hard right now, they don't have to stay that way forever and that there is hope in building a better monetary future.
Therapy
If financial issues have got you down, or if you struggle with something more severe like compulsive shopping or gambling, it can be helpful to talk to a mental health professional. Whether you see a therapist online or in your local area, your provider will give you a non-judgmental space to open up about your worries surrounding money. Don't let your anxiety overwhelm you when it comes to financial difficulties. It's like the saying, “the only way out is through.” You can face financial struggles head-on and get to a better place both emotionally and fiscally.
Marie Miguel has been a writing and research expert for nearly a decade, covering a variety of health-
related topics. Currently, she is contributing to the expansion and growth of a free online mental health
resource with BetterHelp.com. With an interest and dedication to addressing stigmas associated with
mental health, she continues to specifically target subjects related to anxiety and depression.
