Optimal Finance Daily - Financial Independence and Money Advice 3133: How Does Mental Health Affect Your Financial Health by Lyle Soloman with Fiology
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May 6, 2025 Explore the surprising link between mental health and financial stability. Discover how conditions like anxiety and depression can lead to impulsive spending and financial neglect. Learn actionable steps to safeguard finances during tough mental health moments. Personal stories highlight the importance of mindful spending and self-awareness. Overall, the discussion emphasizes investing in both mental health and financial wellness for a more balanced life.
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Mental Health Spills Over to Finances
- Disturbed mental health causes life and finances to feel out of control, leading to impulsive spending and neglect of bills.
- Poor mental health also lowers energy and self-esteem, worsening financial decisions and increasing debt risks.
Practical Financial Wellness Steps
- Honestly assess your financial situation by reviewing all bills and debts.
- Create budgets, avoid impulsive spending, resist comparisons, and set clear financial goals.
Diania’s Mental Health Money Strategy
- During depressive states, Diania struggles with energy to manage money and resorts to convenience spending.
- She prepares for bad mental health times by automating bills and saving more during good periods.