Not feeling joyful is more common than you think! The stigma around mental health has largely disappeared in recent years, but the connection between financial well-being and mental health is much less discussed.
Our community is prone to experiencing mental, financial, and social pressure, especially during the holiday season. So what is mental health and financial wellness? Let’s define them.
Mental health: the state of an individual with respect to their psychological, social and emotional well-being.
Financial Wellness: a measure of your ability to manage bills, expenses and debts. It also includes the ability to anticipate financial emergencies and set plans for long-term financial goals.
Financial well-being, if left unmanaged, can affect all other forms of well-being, particularly mental health.
Global uncertainty, unpredictable markets, and inflation have everyone more concerned and stressed about their finances this holiday season. This type of stress is related to higher levels of depression, anxiety and isolation.
These strains are particularly sensitive for those of us who experience mental illness and chronic stress. The National Alliance on Mental Illness (NAMI) report that 64% of people report that the holiday season worsens their mental health conditions.. Not to mention the unrealistic expectations of joining social gatherings, travel, and gift-giving, which only add to this figure.
To help offset financial pressures and increase well-being levels during this busy holiday season, we suggest following our BEST approach:
- Boundaries | Set limits, which means you limit the number of gifts you buy and create a budget that aligns with what you can afford. Also, focus on the essentials, don’t cut here to pay
- Experiences | Change the dynamic! The holidays have evolved to focus on spending money, which creates a distinct sting when we experience financial stress. Instead, think about affordable things to make memories, like hosting a potluck. Be creative!
- Savings | This topic should always and forever be at the top of your list. Save, save, save! Create a savings plan and configure several keeping accounts those are big steps. By focusing on savings goals and setting aside money for vacation spending, you eliminate much of the financial stress when the holiday season rolls around.
- take advantage of our auto save feature that allows you to automate your savings. Let AutoSave do the work!
- Hour | Take time for yourself! Prepare a plan for your resolutions for the coming year. Enjoy self care. To meditate. Exercise. The possibilities are endless and they all revolve around you.
A key part of creating financial freedom, security, and well-being is getting #FinanallyLIT. financial education is knowledge and training on how to manage your personal finances, how to create a budget, invest, save, buy a home, start a business, and much more. Take a moment and boost your #Financial Literacy with our free courses!
Take one small step and start taking control of your finances today; it can have a big impact on your overall mental and financial health. This holiday season is a great time to develop better habits and deal with financial stress using the BEST approach. We hope these tips help you keep your cool when the holiday mayhem begins.
The publication Not so cheerful? Prioritizing Mental Health During the Holiday Season first appeared on OneUnited Bank.
