Mental health has been a popular word for the past few years. Mental health benefits are often described through the physical and social aspects. Physical means getting enough sleep, exercising, and managing stress levels. Social aspects can be how you manage and balance relationships with family, friends, and co-workers.
One of the most overlooked aspects of mental health is your financial health. This leads me to say that financial health is mental health. It is overlooked because there is ample data and statistics show a staggering amount of people who live paycheck to paycheck. PRNewswire recently released data showing that 61% of Americans live paycheck to paycheck. While this is a macroeconomic statistic, let’s look at how this shapes out for an individual.
If you have been paying attention to the US economy, you have seen the word recession mentioned repeatedly. One of the concerns about a recession is that it will cause companies to lay off employees. This ties into people living paycheck to paycheck because if you are without an income unexpectedly, you may not be able to make ends meet.
Financial health must be front and center in the conversation around mental health. It takes money to live, and there is no changing that. While you can not control what happens with the economy or even at your employer, you do have control over how you manage your personal finances.
What are some of the benefits of good financial health?
- Peace of mind about today
- Peace of mind about the future
- Ability to help those in need
- Setting and achieving financial goals
- Improved relationships
What are some ways to improve your mental health?
- Know your numbers
- Identify your strengths and weaknesses
- Keep a budget and personal financial statement up to date
- Set realistic goals
- Educate yourself on what you are unsure about
- Do not be afraid to ask for help!
My desire for this blog was to begin a conversation around financial health. At My Financial Snapshot, we provide personal financial tools to make your personal finances significantly easier. We also want to do more blogs, content, and conversations around financial health. If you have a topic in or around financial health or personal finance that you would like us to write about, please email us at email@example.com or fill out the contact form on our website here, and we will get back to you.