How Money Impacts Your Wellbeing

how money impacts your wellbeing

Money is a wellbeing issue and how money impacts your wellbeing explains how money can either improve your wellbeing or traumatize it.  Ok “money can’t buy happiness” is a common saying. However, money can certainly ensure comfort, security, good health, and adequate welfare in your life.

So if the topic of how money impacts your wellbeing seems a little odd, a simple question to ask yourself is how you feel whenever your money is really in order and when it runs out.  Hence in view of the devastating effect of COVID-19 on the economy, how to prevent your money from running out as well as protect your wellbeing when it does should be your priority.

Staying Healthy Tips During COVID-19

Emotional And Physical Signs Of Sufficient Money Or Scarcity

how money impacts your wellbeing

The reality of how money impacts your wellbeing takes a positive dimension at the start of each month.  This is when you may feel like you have a sufficient supply of money. So, you are in a good mood. You are bubbling. You feel great inside and out. You want to buy dinner for your friends, and pamper yourself the best ways possible. Simply put you are on top of your game.

However, the truth sets in at the end of the month. And your feelings become exactly the opposite of the great euphoria of the first week of the month. Instead, you are left wondering where all the money went. You began to experience the emotional and physical signs of money scarcity. You are stressed. You are depressed. You are perpetually worried. You can’t sleep, or you sleep poorly. Your breathing is shallow. Your skin is breaking out. You are angry with everyone around you. Your blood pressure is hitting the roof. You lose your appetite, which is better since there is no money to buy food anyway. You are in no mood for sex. The list of negative impacts on your wellbeing of being down and out of money is endless.

How To Prevent Your Money Running Out

how money impacts your wellbeing

Managing your budget is the first rule if you want to prevent your money from running out, though not a one-size-fits-all process. It’s a process that tends to differ from person to person. While, the general method includes having a budget planner, expense tracker, income record, bill tracker, savings page, and debt tracker within your planner. It’s possible to mix and match them to create your own “bespoke” approach. And if you find all these still too much, take the simplistic way. Just list your daily expenses and stick to that. Anything not within that list is a no-go. Find below other ways to prevent your money from running out:

Write down your spending

how money impacts your wellbeing

The notion is that by writing down your spending in a journal, you begin to see a particular form of where your money goes. And if you do this often, it will make adhering to a budget easier. Subsequently, if the health of your money improves, you are likely to breathe easier and feel a lot better. Even if there are underlying health issues, at least you know money issues will not be added.

All in all, the negative impact of poor money management can make a big impact on your health. In other words, a lack of discipline over how your money goes means a lack of discipline over your life. Consequently, the inappropriate ability to manage daily, weekly, monthly, and yearly life decisions ultimately affect your wellbeing in the long term.

Prioritise your needs

This sounds obvious, but how many times have you seen something on sale and thought you couldn’t pass it up? Even if something is 50% or 75% off, you’re wasting money if you aren’t going to use it. There are some ladies who have their wardrobes filled with ‘sales’ clothes, shoes, bags – untouched for months, or even years; in the end, bagged for charity shops.

Another culprit is coupons; though it can be a fantastic way to save on grocery bills. But if you purchase things just to use the coupon, you’re wasting your money. The same goes for buying in bulk. A bargain is not what it is if it remains unused on your shelf and eventually chucked out.

Resist impulsive buying

Don’t buy what you don’t need. Impulsive shopping is one way to prevent your money from running out. When you buy before you think, you don’t give yourself time to shop around for the best price. Resist the desire to make an impulse purchase by giving enough time to reflect on that really hot iPhone that grabbed your attention. Allow yourself a cool-off period to do a proper pro and con analysis. If you still want to make the purchase a day or so later, compare prices with other stores, check your budget, and go get it.

15 Ways To Stop Needless Spending

How To Protect Your Wellbeing When Money Runs Out

how money impacts your wellbeing

Do some physical activities

Exercising in the gym is not the only way to stay fit and healthy. There are plenty of alternative ways to exercise without spending.   For example, you can fit in just 150 minutes a week of moderate-intensity activities like outdoor walking, running, or gardening.  This will help calm you down, take your mind off money matters, so you can plan your next move. Another option is to watch a funny movie in the comfort of your home.  Research shows that laughing out loud lowers stress hormone levels from thinking too much about your money problems

Don’t take credit to pay your debts

how money impacts your wellbeing

Avoid unnecessary buying on credit. In addition, using new credit to pay existing debt may give you temporary relief. But what you are simply doing is piling up more debt which you still need to pay at some point. It’s more like adding fuel to the fire to make it burn ferociously

Cook your meals at home

Preparing your meals at home is a good way to save money and stay healthy particularly when your money runs out.  So, focus on how to eat nutritious meals from what you have in your pantry and fridge. You will not only be amazed at your emergency culinary skills but also don’t have to buy new groceries. In other words, you are able to make do with what’s available.

Stop money drainer unhealthy habits

Smoking, excessive alcohol, and junk food are three unhealthy habits that drain your money and impact negatively your wellbeing. For example, smoking is an expensive hobby and also damages your health.  For instance, a pack of cigarettes a day translates to a huge amount of money at the end of the year. And not forgetting the hospital bills you’ll incur to reverse any illnesses or diseases in the long run.

Cut out needless services

Don’t hesitate to cut out needless services when your money runs low. Agreed you need some TV entertainment and mobile chit-chat with your friends to calm your nerves and reduce boredom. But frankly, there are cheaper ways to do this.  For instance, how many cable channels can a person watch? If you have over 100 channels and more, reduce to 10 channels and save some money. Again do you really need all those extra features for your cell phone?

Are you getting your money’s worth out of that gym membership? Are you taking full advantage of your magazine subscriptions? Take a look at what you’re paying for and what your family is actually using and trim accordingly.

Take public transport occasionally

Ok, so a car is a necessity for most people. But face it, cars are a huge drain; from their loan payments to insurance fees to gas and maintenance costs. Own more than one car and you’ll double or triple those expenses. Ask yourself if you are holding on to an old car for sentimental reasons? Can you or your spouse take public/share transportation to work? Or can you work from home?

https://www.mind.org.uk/information-support/tips-for-everyday-living/money-and-mental-health/the-link-between-money-and-mental-health/

Photo Credit: Creative Commons

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