The relationship between financial stress and mental health

Stress is a threat to both our mental health and financial well-being. Due to its hazardous nature, stress clouds our judgment and leads to impulsive decisions that can have damaging consequences for our finances. Making good financial decisions is harder when our mental health is challenged, as you might be more prone to impulse purchases, not paying bills on time, or not setting aside enough money to build up your savings account. These actions, in turn, only serve to compound the financial stress we experience. Financial stress is affecting us in many different ways. These include the inability to pay bills, feed the family, or maintain a place to live. Others are meeting their basic needs but are dipping into their savings for extras. Some default in payment of tithes, sowing seed, giving offertory, and church attendance. Financial stress is increasing and, understandably, is causing some distress. The church has seen a rise in the number of calls about financial difficulties and for support.

Contextual and personal factors affecting financial well-being

Why are we feeling it?

There is a broad range of factors that can influence your current level of financial stress. These include contextual and personal ones. Contextual (related) factors are societal-level influences on the current financial landscape. These include rates of economic growth, market performance, governmental and political policy, and the distribution of wealth. These factors may vary across cultures and countries. Personal factors contributing to stress are unique to each person. For example, demographic characteristics such as age, gender, education, and ethnic group may influence someone’s access to financial resources.

Other things we can do during these economic hardships.

Budgeting and Planning

A budget tracker and planning app can help you easily monitor your spending habits and make sure you are staying within your budget. This will allow you to see exactly where your money is going and make any necessary adjustments to ensure you save enough and avoid overspending.

Automate Your Finances

By setting up automatic transfers for bills and savings, you won’t have to worry about managing multiple payments and can be confident that your bills will be paid on time and your savings will continue to grow.

Set Regular Financial Reviews

It is tempting to want to check your retirement accounts daily, but obsessing over daily market fluctuations may do more harm than good.

Use telephone or online therapy

Mobile therapeutic services can be a cost-effective way to address any mental health concerns, both financially related and otherwise. With these types of services, you have access to a therapist from anywhere, allowing you to better manage your stress levels while on the go.

Meet with a Financial Professional

While this might appear to be the costliest item on this list, in the long run, working with a financial professional will help to reduce the daily and lifelong stresses that come with managing your finances. They can help you create a budget, set financial goals, and offer advice on how to appropriately manage your money. By seeking expert advice, you can feel confident in your financial decisions and reduce stress related to money management.

Meditate on the promises of God.

• Philippians 4:19 “And this same God who takes care of me will supply all your needs from his glorious riches, which have been given to us in Christ Jesus.” (NLT)
• Isaiah 49:15 “Can a woman forget her nursing child and not have compassion on the son of her womb? Surely, they may forget, but I will not forget you.” (NKJV)
• Matthew 6:31-32: “So don’t worry about having enough food, drink, or clothing. Why be like the pagan people who are so deeply concerned about these things? Your heavenly Father already knows all your needs.” (NLT)
• 1 Kings 17:14 For this is what the LORD, the God of Israel, says: “There will always be plenty of flour and oil left in your containers until the time when the LORD sends rain and the crops grow again!” (NLT)
• Deuteronomy 28:5 “You will be blessed with baskets overflowing with fruit and kneading bowls filled with bread.” (NLT)
• Deuteronomy 28:12 “The LORD will send rain at the proper time from his rich treasury in the heavens to bless all the work you do. You will lend to many nations, but you will never need to borrow from them.” (NLT)

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