In recent years, mental health has earned more of the spotlight. Not only does this help people understand that they’re not alone, but it also is a chance to ask for help. World Mental Health Day is honoured every year on October 10th. This World Mental Health Day, let’s talk about seeking help when in debt.
Though we know money can’t buy happiness, it can still be tied to mental health. If you’re struggling with debt or financial challenges, it’s normal to feel frustrated or down. This can lead to challenges in your everyday stress, anxiety, and even relationships. This is why it’s important to seek help this World Mental Health Day.
How can you end the money spiral once and for all? It’s important to seek money advice while also getting the mental health support you need. Most importantly, remember that you’re never alone. Here’s how to seek help when in debt this World Mental Health Day.
What Is World Mental Health Day?
Created by the World Health Organization (WHO), World Mental Health Day is an annual day to prioritise mental health care for all. The objective of this day is to raise awareness of mental health issues across the globe. It’s also a chance to mobilise efforts to support mental health.
Mental health affects everyone. This is a day to share stories, statistics, and facts about those who live with mental illness every day. Everyone deserves a chance to live a life free from stigma and worry. Though there are many stereotypes about living with mental illness, many of these are unfounded.
On World Mental Health Day, it’s encouraged to talk to your employer, friends, and family about mental health. If you’ve been struggling, this is a chance to recognise that you’re not alone. Better yet, it’s the right time to ask for help.
Money and Mental Health
Next, how does money tie into mental health? There are a lot of ways your financial situation can impact your mental health. Over half of people (52.6%) face anxiety due to financial stress. Of these, 2 in 5 admit they have struggled with depression as a result of money worries.
Financial challenges come in many shapes and sizes. You could be living paycheque to paycheque, struggling to pay utilities on time, or falling into debt. This can lead to trouble in other areas of your life, like your relationship or marriage. When you’re worried about debt, you’ll experience a long-term strain on your happiness.
Over time, a negative mental health outlook can lead to real consequences. Aside from anxiety and depression, those with mental health challenges often experience increased risks of insomnia, heart disease, stroke, and obesity. Simply put, mental health is physical health. It’s never been more important to take this seriously.
Spot the Warning Signs
Do you know how to spot the warning signs of mental health and debt worries? These are more common than you think, but they also are easy to overlook. While everything might seem okay on the outside, there are some signs that things aren’t actually so great. Here are some signs that you or a loved one might be struggling with debt and mental health:
- Fear of looking at a bank statement or bills
- Paying for essentials on credit cards
- Asking to borrow money from friends and family
- Avoiding the subject of talking about money
- Increased poor spending habits
- Experiencing changes in appetite, nervous behaviours, or procrastination
- Use of drugs and alcohol to treat anxiety
Those struggling with finances and mental health also experience changes in job performance and productivity. They might struggle to complete their daily tasks at work and home. Their family might see them as becoming distant, and this could worsen the cycle of debt and mental health.
Where to Find Help
Whether you or a loved one are experiencing financial troubles this World Mental Health Day, now is the time to seek help. You don’t have to take these next steps alone. Here are some of the best ways to create a change:
- Talk to someone: First, talk about your problems with a trusted loved one. Let them know about your worries and fears. When you open up, you share this burden.
- Speak with a debt professional: Next, talk to a professional about how to handle your debt. When you create a plan you can afford, you feel in control of your situation.
- Seek counselling: Talk to your doctor about counselling or therapy. Everyone feels down sometimes, and it’s okay to ask for help. These professionals can help you create coping strategies long-term.
- Make a plan: Lastly, create a plan to become more financially stable. From making a budget to paying down your debt, each step matters.
If you’re not sure where to begin, Debt Busters are here to help. Our team of experts works with you to determine the next steps forward. It’s normal to experience stress related to your debt, but it’s also time to seek help. This World Mental Health Day, let’s commit to changing the narrative around mental health and finances.Contact us today on 1300 368 322.