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Money Stress and Its Impact on Our Mental Health, Relationships, and Lives

Money stress is a problem that can affect anyone, regardless of age, gender, or social status. However, it is a problem that is especially prevalent among women, who are more likely to experience financial stress than men. As such, it is important that we take the time to understand the impact that money stress can have on our mental health, our relationships, and our lives, and to explore strategies for taking an active role in our finances.

According to recent statistics from the Australian Psychological Society, around 66% of Australians report feeling stressed about money at least occasionally. This is an alarming figure and one that is likely to have a significant impact on our well-being. Money stress can lead to a range of mental health issues, including anxiety, depression, and sleep disorders. It can also affect our physical health, leading to higher rates of cardiovascular disease, obesity, and other chronic health conditions.

One of the most concerning aspects of money stress is its impact on our relationships. Finances are one of the leading causes of relationship strain and conflict, and it is not difficult to see why. When we are under financial stress, we are more likely to be irritable, short-tempered, and prone to arguments. This can create a vicious cycle where financial stress leads to relationship problems, which in turn exacerbate our financial stress.

Fortunately, there are things that we can do to reduce and manage our money stress. One of the most important is to take an active role in our finances. This means, among other things, setting a budget, monitoring our spending, and taking steps to increase our income. By doing so, we can regain a sense of control over our finances and reduce the stress that comes with uncertainty and unpredictability.

Another important part of managing money stress is developing a healthy money mindset. This means cultivating a positive attitude towards money and learning how to value and respect it. It also means recognising that our financial situation is not fixed and that we have the power to improve it through hard work, education, and perseverance.

Of course, managing money stress is easier said than done. Many of us are conditioned to believe that money is a taboo subject, and we are often embarrassed to admit that we are struggling financially. However, it is important to remember that we are not alone and that there is support available if we need it. If money has become a source of stress in your life, remember there are a range of resources that can help us manage our money stress and regain control over our finances.

Money stress is a serious problem that can have a significant impact on our mental health, our relationships, and our lives. However, by taking an active role in our finances and developing a healthy money mindset, we can reduce the stress that comes with financial uncertainty and improve our overall well-being.

So, let us take a step towards a more financially secure future by being proactive and seeking resources that can help us manage our finances and improve our quality of life.

Five Practical Tips

1. Create and Stick to a Budget: Outline your income and expenses to understand where your money is going. Allocate specific amounts for necessities, savings, emergencies, and discretionary spending. Regularly review and adjust your budget as needed.

Our signature budgeting course, My Money Makeover, offers a powerful and automated budgeting system. It’ll become part of your day-to-day routine before you know it.

2. Track Your Spending: Carefully analyse your last 3 months of savings to find out exactly where your money is going. Being aware of your spending habits can help identify areas where you can cut back and save.

My Money Makeover includes easy tools and templates to track your expenses and take control of your finances effortlessly.

3.Build an Emergency Fund (or what we call an OMG account): Set aside money in a separate account dedicated to unexpected expenses or emergencies. Aim to save at least three to six months’ worth of living expenses. Having a financial safety net can provide peace of mind and reduce anxiety about unforeseen circumstances.

4.Seek Financial Education and Support: Take advantage of resources such as financial literacy courses, workshops, or counselling services offered by community organisations or financial institutions. Educating yourself about personal finance can empower you to make informed decisions and better manage your money. Check out our range of popular money courses for women here.

5.Practice Self-Care and Stress Management: Engage in activities that promote relaxation and reduce stress, such as exercise, meditation, or spending time with loved ones. Prioritise self-care to maintain your mental and emotional well-being, which can positively impact your financial mindset and decision-making abilities.