May is Mental Health Awareness Month, a timely reminder that our financial wellbeing is deeply connected to our mental health. At Chartway, we understand that money stress isn't just about numbers – it's about your peace of mind. That's why we're committed to supporting you with tools and resources that address both your financial and emotional wellbeing.
You know the feeling – checking your bank account and feeling your chest tighten. Maybe it's the credit card bill, the rent due, or the grocery prices that are still high. Financial stress has a sneaky way of shaping how we think, how we sleep, and even how we connect with the people we love.
A study by the Financial Health Network found that financial challenges can decrease mental well-being, and vice versa, indicating a bi-directional relationship between financial health and mental health. The cycle can be challenging to break but understanding how this connection affects you is the first step toward managing it effectively.
The Mind-Body-Money Triangle
According to the American Psychological Association’s investigation into financial stress, it isn't just a headache; it's a health risk. They found that:
- 65% of Americans say money is their top source of stress.
- Financially stressed individuals are twice as likely to experience depression and anxiety.
- Sleep? Forget about it. People with financial worries are 3x more likely to suffer from insomnia.
It's not just about what you owe. It's about the weight of worry. And over time, that can feel heavier than any bill you've ever received. Recognizing money's impact on your personal stress level is a great first step.
It Shows Up Everywhere
Here's what financial stress might be doing to you behind the scenes:
- In your body: Racing Heart. Stomach Knots. Headaches you can't explain.
- In your body: Second-guessing every decision. Dreading the mailbox.
- In your body: Snapping at your partner. Cancelling plans with family and friends. Feeling too ashamed to talk about it.
It's okay if any of that sounds familiar. You're not broken – you're overwhelmed. And you're not alone.
Strategies for Managing Financial Stress
Addressing financial stress requires a holistic approach that considers both financial management and mental health care. Here are some strategies to help you navigate this complex interplay:
- Take Inventory of Your Finances
Understanding your financial situation is crucial. Gather your bank statements, bills, and any other financial documents to get a clear picture of your income, expenses, and debts. This process can help you identify areas where you can cut back or need to seek assistance.
- Create a Realistic Budget
Developing a budget that aligns with your financial goals and obligations can provide a sense of control and reduce anxiety. Chartway offers budgeting tools and resources to help you create a plan that works for you.
- Build an Emergency Fund
Having a financial cushion can alleviate stress during unexpected situations. Aim to save a small amount regularly, even if it's just a few dollars a week. Over time, this can grow into a substantial safety net.
- Seek Support That Fits Your Needs
If stress from money issues is affecting your mental health, consider talking to a professional. Speaking with a counselor or therapist can help you process anxiety, build coping strategies, and gain perspective during tough financial times.
Real Support. Real Steps.
At Chartway, we're not here to tell you to stop buying lattes or shame you about your streaming subscriptions. We're here to give you tools to help, without judgements attached.
- Talk to a Pro – for Free
Through our partner GreenPath Financial Wellness, you can get confidential, one-on-one financial counseling. If you're stressed about debt, bills, or just need a plan, they'll help you map it out. And it won't cost you a cent.
- Learn on Your Own Time
Our financial education center is packed with resources that can help you build confidence with your money.
- Use Tools that Work
Automated savings tools. Budget tracking. Low-interest loans that don't trap you in cycles. We build these tools with real life in mind, not textbook budgets that have no relevance to your life.
Our goal is to empower you with the knowledge and resources needed to achieve financial wellness and, by extension, improve your mental health.
What Mindfulness Has to Do with It
We understand that you can't budget your way out of a panic attack. That's where mindfulness comes in.
When you're stuck in fight-or-flight mode over money, your brain gets foggy. Mindfulness – whether it's breathwork, meditation, or just a walk without your phone – can help reset your nervous system so you can make clearer decisions. Financial wellness and mental clarity go hand in hand.
The Bottom Line
Money is more than math. It's safety. It's freedom. It's peace of mind.
If you've been feeling overwhelmed, know this: You're not alone, you're not failing, and there's a way forward. Whether it's through our financial tools or our wellness partners, we're here to help you breathe a little easier.
Take the first step. For more information and to access our financial wellness resources, visit Chartway's Financial Education page. And don't forget to take care of your mind while you're at it. Because your mental health matters. And so does your money.