With World Mental Health Day behind us, it’s a perfect time to revisit an important conversation we had during the Saco & Biddeford Savings seminar in 2024 at Thornton Academy, titled “Money, Stress and Anxiety: How Financial Concerns Impact Mental Health.”
While the event took place last year, the topics we explored remain just as timely today. Each year as we reflect on our mental well-being, it becomes clear that financial stress continues to be a major factor affecting our overall health and it’s a topic worth diving into time and time again.
When you are stressed about your finances, you may:
- Avoid them altogether
- Struggle with where to start
- Find yourself unable to understand your different options
- Have difficulty concentrating
- Become irritable
- Experience disrupted sleep or appetite (Oh, that’s not good!)
- Notice an increase in your heart rate
- See added tension in your relationships
As a mother and wife, that last point really stood out to me. It’s so important to set some time aside to discuss your finances with those you share your life with. Trust me, trying to have a serious financial conversation while cooking supper with kids underfoot doesn’t work! What about during bath time or right before bed? Also not ideal.
What about setting aside an hour after dinner or while taking a walk on the beach? Now you’re talking — literally! It’s also especially important that you both agree on the timing, so you’re more likely to yield better results.
In addition to this, there are a number of simple and practical steps you can take right now to ease financial stress and support your overall well-being. While small on their own, each action can make a significant difference over time, especially when paired with open and intentional conversations about money.
Here are some more tips:
- Create a budget and stick to it
- Start a rainy-day fund and watch it grow
- Seek advice from a trusted source
- Understand the difference between your needs and wants
- Choose financial products that are right for you (SBSI can help with this!)
And remember to breathe. There are a variety of breathing techniques that you can try, but my personal favorite is box breathing because it’s super simple to learn. Simply breathe in slowly to the count of four, hold for four, exhale slowly for four, pause for four and repeat.
All these things will help improve your mental health as they give you the security of knowing that your financial health is at its best.
Please don’t forget that we are always here for you to answer any questions that you may have. Remember: health is wealth!
