Don’t avoid money problems, set boundaries
“The price of soup at our regular soup restaurant has risen” and “It is difficult because the price has risen so much” is heard here and there. Inflation has increased the price of everything from food to clothing and other necessities. “What was previously considered ‘normal’ for many people, regardless of income, is now feeling out of reach,” says Alex Melkumian, a marriage and family therapist and founder of the American Center for Financial Psychology. That means it’s time for everyone to cut back on their spending no matter what their income is.
Even at this time, the end of the year is approaching without fail. Now that “social distancing” has been lifted, you may want to express your feelings to family and friends you haven’t seen often. Is there a wise way to keep your pockets this year-end? Let’s follow the method recently introduced by the health medical media ‘Everyday Health’.
– Economic problems are the biggest stress
According to a report by the American Psychological Association (APA), in 2022, American adults ranked economic worries as their number one stressor. Nearly 90% of adults said inflation was the number one cause of stress. A 2022 study by the American Academy of Sleep Medicine showed that regarding 90 percent of Americans do not sleep at night because of financial worries or health concerns related to the pandemic. .
One study found that loss of income and concerns regarding financial security increased depression, regardless of how much money one had earned before the pandemic or how much anxiety was related to the virus. This study shows that worrying regarding potential financial hardship also causes stress, even if there is no actual loss of income or financial hit.
“Uncertainty can trigger anxiety,” says Megan McCoy, a marriage and family therapist and personal financial planning counselor at Kansas State University in Manhattan who studies the relationship between financial planning and mental health. Especially if you struggle to make a living and worry regarding money, your happiness will suffer. “Financial stress is associated with physical, emotional, and relationship problems,” said Dr. McCoy.
Dr. McCoy cited a 2019 report from the Money and Mental Health Policy Institute that linked financial stress to depression, anxiety, and feelings of isolation. Reducing necessities like food for financial reasons takes a serious toll on your mental health. Economic stress also affects marital conflict and the role of parents. According to Georgetown University, food insecurity affects the development of children of low-income parents. If you have a chronic disease (diabetes, high blood pressure, liver disease, etc.), there is a high possibility that your financial stability will be lower than those who do not.
– How to cope with year-end and economic stress
Just because it’s the end of the year doesn’t mean your finances will suddenly get better. Here are some things you can do to manage your financial stress this time of year.
- Let’s budget
Making a budget can help protect your health as well as your wallet. Also, reducing your year-end spending will help your mental health. - Let’s set boundaries
Debra L. Kaplan, a professional counselor and financial therapist, says, “If you can’t afford to express your gratitude enough with gifts, or if you can’t afford to attend all the end-of-year parties, decide in advance what you’re going to attend.” Advice. - Don’t Avoid Money Matters
“If you deliberately avoid talking regarding money or refuse to open your wallet at the end of the year, you’ll only feel more financial stress,” says Dr. McCoy. ‘The Healthy Love and Money Way’ Ed Coams, a certified financial planner and financial marriage and family therapist who has developed a course in financial psychology for couples and individuals and author of ‘Some people consider not giving gifts at the end of the year or the holidays as a personal failure. Some people are anxious that their financial situation will deteriorate and reduce their spending too much, missing the opportunity to communicate with their acquaintances,” he pointed out. Remember the upset feelings you felt when you mightn’t do it.” He suggested, “Let’s talk regarding this with someone, form ‘financial empathy’, and think of ways to present creatively.” - Let’s express ourselves creatively
Reinvent ways to say thank you to save money. “It’s nice to bake or make something together,” says Melcumian. It is regarding sharing experiences, not things. He also recommended, “Instead of spending a lot of money or energy, let’s propose a ‘potluck party’ where each person brings one food.”
