REK YOUR CHEQUE: Financial stress a groot kopseer

October is Mental Health Awareness month.

There is no doubt that being in financial distress causes emotional distress and research shows that money and mental health are connected.

Poor mental health can make earning and managing money so much harder than it already is.

Worrying about money can make your mental health worse.

In the end it can be one very vicious cycle.

Sadly, there is so much guilt and shame associated with a bad financial situation that many would rather suffer in silence than talk to someone about it.

We keep thinking that we are alone.

Well, if most of us weren’t in the same boat before Covid19 and lockdown, we certainly are now!

There is no shame in struggling.

Seek help from a debt counsellor or a financial professional for your money problems and seek help from a mental health professional if you are experiencing anxiety or depression over your finances.

Understand your money and mood patterns

Working out your habits and thought patterns around money is a good place to start.

It could help you start to think about things you want to work on.

Think about when you spend or save money and why.

Think about what aspects of dealing with money make your mental health worse.

Is it attending appointments, opening envelopes, confrontation or being misunderstood? Or is it something else?

It could help to keep a diary of your spending, and your mood.

Try and record what you spent and why.

Record how you were feeling before and afterwards too.

This could help you work out any triggers or patterns.

When you understand more about what’s happening in your life, you can think about what might help.

Sometimes just being aware of these patterns can help you feel more in control.

These are 10 common ways money and mental health can affect each other:

* Certain situations might trigger feelings of anxiety and panic.

Things like talking to your bank, opening envelopes or having a financial assessment.

* You might feel very anxious about a decision to spend money, even when you can afford it.

* If you’re feeling low or depressed, you may lack motivation to manage your finances.

It might not feel worthwhile trying.

* Spending may give you a brief high, so you might overspend to feel better.

* Going through a period of mania or hypomania may lead to some impulsive financial decisions.

* If a mental health problem affects your ability to work then that will have an effect on your income.

* Being in debt can cause ongoing feelings of stress.

* Worrying about money can lead to sleep problems.

* Money problems can affect your social life and relationships. You might feel lonely or isolated.

* You might not be able to afford essential things we all need to feel well. This might be housing, food, water, electricity, medication and therapy.

Stages of emotional reaction to debt:

* Denial

The first stage of our emotional reaction to debt is very often denial.

We make excuses for not being able to meet all our financial obligations - that includes debt repayments and necessities.

* Ignore

We ignore phone calls and communication from creditors and debt collectors.

Yet, pretending that your debt doesn’t exist will undoubtedly only add to your stress as time goes on and your situation becomes more dire.

* Stress, anger, questioning yourself and your decisions

Once you can no longer hide from the reality of your financial situation - that’s when all the negative emotions start coming into play.

You will start to question all the purchases you made.

You will become angry at yourself (and sometimes your family) and you will find your stress levels rising.

When your credit record is affected and you can no longer get loans but the bills keep piling up, that is when one must do some serious self-introspection as depression usually sets in at this stage.

* Depression

Financial anxiety, an inability to see a solution to your problems, and a lack of hope that you will somehow find your way out of overwhelming debt undoubtedly fuels depression.

This can negatively affect not only the individual experiencing it, but also those in the family and household around them.

It is therefore very important that people are aware that there are debt relief options available.

Whether it be debt consolidation, debt review or personal arrangements with creditors - there is light at the end of the tunnel.

* Acknowledgement and acceptance

Once you acknowledge your situation and accept that you will need help to overcome it, then things will start to look better - financially and emotionally.

In order to alleviate your mental distress, you should try and get your finances, especially your debt, under control.

For more information on debt relief options as put in place by the NCR, go to www.nationaldebtadvisors.co.za

For help with anxiety and depression, contact the South African Depression and Anxiety group on 0800 456 789 (24-hour helpline) or visit www.sadag.org.

*Moeshfieka Botha is Head of Research and Consumer Education at National Debt Advisors. For more information on debt and personal finance go to www.nationaldebtadvisors.co.za