By : Asma Shums
The current situation with the global markets has made all of us feel the stress on our mental health.
Inflation, rising food costs, home expenses going through the roof, rental price increases, mortgage payments skyrocketing, and the general increase in our lifestyle and need for things feels like it just does not end.
To add to this stress, we feel the constant stress of job insecurity and instability. It feels like everything is unstable including our jobs and the ones we have aren’t enough. We are working longer hours, taking home less money, and constantly thinking of increasing our productivity to make more money.
Our mental health can be impacted greatly if we feel like we cannot pay our bills and the financial stress is even greater if we cannot manage our spending to help us stay afloat financially. We have to make difficult decisions regarding our spending and budgets and cut things out that we never expected or for things that bring us joy. Lastly, job stress including insecurity and lifestyle creep can make it even harder to keep up with income levels. The mental toll of these things can be extremely heavy and hard to manage.
When prices rise, mental health can be greatly affected. It can lead to anxiety and depressionthat is cycled every month when bills are due, and our pay isn’t enough. Although there are many resources available, there are some things we can do to help this stress.
1. Creating a Budget during economic changes
This time is perfect for taking a closer look at where your money is going. This can be painful as you reflect on the things you spend your money on as it indicates a lot about your personality.
Allocating budgets to eating out, shopping, subscriptions, can reduce the financial stress that you may feel every month especially the feeling of helplessness because it may feel like you don’t know where your money is going. Knowing the basics of income and expenses in your life can help you create clarity on the things that are working for you and the areas of improvement.
2. Staying informed with the economy
Being aware of the economy can be half the battle. This means keeping an eye on high inflation rates, interest rates, subsidies available by the government, and utilizing the tools available to us. Understanding how factors such as unemployment, wages, taxes, and tools for savings can help alleviate the financial stress most of us are feeling during this period.
3. Investing in your health during periods of high financial stress
Although this is the time to save money and watch your spending, putting funds towards your mental health would be appropriate if it is hindering your ability to live life. This could mean investing in a gym, therapist, or yoga classes to relive the pressure that has been placed on you.
It allows you to take a mental break from thinking about your finances all day and gain direction on the things that actually matter. Staying connected with friends and family help put things into perspective.
4. Take Action
Your financial situation will only change if you take action. Putting in a budget that works, being informed about the financial situation surrounding you, investing in yourself professionally and
mentally, and taking the necessary steps is the only way to escape burnout during these difficult times. These steps will motivate you to make financial goals and to be focused on meeting them.
Having goals and meeting them provides you with confidence to meet the challenges that most of us are facing today.
Just Chill
The great thing about inflation is if you spend the same on groceries, the bags are lighter and easier to carry home.
How outrageous are smartphone prices nowadays?
Well, if you fell and hear something break, you pray it’s a bone.
By: Asma Shams
Email: asmashums@gmail.com
