How to Become Financially Stable and Its Impact on Our Mental Health
In our last article that we shared with you, we covered, “Nurturing Your Relationships”
If you missed it, click on the link and you will be directed to it, after you read this week's article.
This week we are discussing the importance of our “How to Become Financially Stable and its Impact on Our Mental Health”
Being financially stable is very important for our mental health. When we have money troubles, it can make us very anxious and unhappy and cause disruption in several areas of our journey.
When we find ourselves in a position where we do not have enough money, it can lead to anxiety, depression, and problems especially in our relationships.
It's important to understand this connection to keep ourselves mentally healthy.
If we are always concerned about our bills, debts, and unexpected costs that seem to pop up all the time, it can cause constant anxiety and stress.
This ongoing stress can lead to depression, making us feel stuck with no way out.
Over time, money problems can also cause arguments and tension in our relationships.
Money issues are widely known as one of the leading causes of divorce in America. It's estimated that financial problems contribute to 20-40% of all divorces. That means that for every 10 marriages that end in divorce, four of them are because of money problems.
To prevent this from happening in your relationship, work together, and remain teachable and trainable with each other.
Make it a mission to identify, accept, strategize and apply an action plan to work for a better financial life together as one.
When you create good financial habits you will help reduce money stresses and improve your mental health.
When you spend time Budgeting this will help you understand what your income and spending is, giving yourself a better control over your finances.
Saving even a little bit of money will provide you a safety net for unexpected expenses and reduce future anxiety.
The biggest areas we have personally experienced unexpected expenses is the maintenance on our home and our vehicles.
If you own used vehicles that are paid off you still must budget for repairs.
What we personally do is keep all repair and maintenance records together so when we go to sell a vehicle the new owner will be able to see what and when the work was completed.
For our home, we created a private Facebook page called "Our House" and everytime we do an upgrade, replacement, addition or any other type of updates we take before and after pictures then we post them so when we go to sell our home the new owners will be able to see when and what was completed on the home. We have found out that by doing this the insurance company loves that we have a log of the maintenance of our home which leads to possible discounts.
Paying off our debts is also important, as high debt levels can be a major stress source.
Of course this is hard to do, but with a unified focus, goal setting, budgeting and applying an action plan, it will be accomplished.
The Importance of Financial Education
Learning about money management is very helpful. Seeking financial advice can offer personalized tips for budgeting, saving, and paying off your debt.
When you educate yourself in your finances you will empower yourself to make a better informed decision and feel more in control.
With today's technology, you have access to a lot of different ways to set yourself up for success, but you have to make the decision to do it.
It's important to know that our self-worth isn't tied to how much money we have. Society often judges us and values who we are by our wealth and possessions, but these will not define your worth.
Focusing on financial wellness and having a healthy approach to money, we will reduce stress and improve our mental health.
Our attitude towards money affects how we handle financial stress. Being grateful and content can lessen the negative impacts of the financial strain we are experiencing.
When we focus on what we have, rather than what we lack, we will experience a healthier relationship with money.
Financial stability is crucial for our mental health. By developing good financial habits, seeking financial education, and maintaining a positive attitude about money, we can reduce financial stress and enhance our mental well-being.
Understanding that our self-worth is separate from our financial status allows us to focus on what truly matters, leading to a more balanced and fulfilling life.
We hope this message has motivated you to dig deep into your own finances and provide you the confidence to move forward to create financial beauty in your journey.
Send us your story at lift@liftwarrior.com and let us know if we can share it.
We might feature you in future articles or even mention it in our LIFTcasts.
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