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Financial Literacy and Self-Care

Did you know, there are a multitude of things that may affect your mental health? Internal and external factors may cause challenges when trying to improve our mental and physical well-being. Sounds frightening at first, right? Here's something really nice about it: When we learn more about those stressors, they become less stressful.


What better way to tackle this challenge head on than to learn about what 44% of Americans considered their number 1 stressor in 2019 and 72% identified as a challenge at least once one month prior to a survey held in 2021: Finances (Enrich, n.d.; Karoub, 2021)!


It's not the most talked about, at least not to my knowledge, because of how difficult it can be for people to open up about their financial circumstance. But it doesn't affect only you! Financial illiteracy can influence the mental health of both you and generations that come next (Frazier, 2022). It's a major ingredient when it comes to how we improve self-care for ourselves and those who will be here after.


Here are some problems we may face as a result of a lack in financial literacy:

-increase in anxiety, depression, restlessness, and fatigue

-issues regarding work-life balance

-lack of motivation

-decrease in self-esteem

-feelings of worthlessness

-negative self-talk

-feeling out of control

-and many other types of emotional anguish


If you notice, a lot of these symptoms place hand in hand & contribute greatly to how we manage our emotional and financial wellness. But how do we fix that? It would be real easy if we could snap our fingers and have all the money in the world, but that's not the kind of place we live in.


To improve our financial wellness, it may help significantly to...

-take a look at what we value most

You might be holding on to some things that aren't of value to you anymore.

-identify goals for the future

This can change and depend on where you currently are in your life. It may need re-evaluating more often than you think.

-budget effectively

This may seem like an easy step at first glance, but is often considered the most challenging. Some suggest dividing into three categories (one for bills, saving/rainy day, and necessities).

-communicating with peers and financial experts for help

This might seem daunting at first, but it's worth it to ensure the future you want and deserve.


Let's face it, gaining financial wellness is difficult. It's a skill that we have to learn and could take time to develop. Great things don't happen in a night, so be sure to give yourself plenty of grace.


What would you suggest to others to improve our financial wellbeing? Leave your comments here and be sure to share with a friend.


References

Enrich. n.d., Data shows strong link between financial wellness and mental health. https://www.enrich.org/blog/data-shows-strong-link-between-financial-wellness-and-mental-health#:~:text=According%20to%20the%20Money%20and,have%20a%20mental%20health%20diagnosis&text=Those%20with%20debt%20are%20three,suicide%20due%20to%20that%20debt

Karoub, A. (2021)., 5 Tips for financial wellness (financial literacy month). https://nami-wake.org/5-tips-for-financial-wellness-financial-literacy-month/

Frazier, L. (2022, January 9)., Financial wellness is critical to your overall health--and financial literacy is the key. https://www.forbes.com/sites/lizfrazierpeck/2022/01/19/financial-wellness-is-critical-to-your-overall-healthand-financial-literacy-is-the-key/?sh=5240b6ab2cdc



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