Financial difficulties have a direct correlation with mental health. According to ScienceDaily, people in debt are three times more likely to develop mental problems than those who are debt free. This doesn't have to happen, however, if you develop healthy coping mechanisms such as:
If you are facing financial hurdles, then it can be very tempting to withdraw from life's regular activities. Unfortunately, such an action will only lower your mood; you need to get active to improve your spirits. If you have lots of free time, then you are likely to spend it wallowing in self-pity and reproach.
If you are out of work, then you can start an exercise regime to keep yourself busy, in addition to looking for work. You don't have to buy a gym membership. You can just run in the park, look for free outdoor fitness hubs in your area or pick up hiking as a hobby – the possibilities are endless.
Facing Your Fears
Apart from being active, facing your fears can also help you maintain your mental sanity. Some of the things you are likely to fear most during this time include:
- Receiving calls from your creditors
- Talking to your bank about your mortgage or car loan
- Talking to your friends
- Knowing how much debt you owe
If you run away from them, they may even seem bigger than they actually are. Therefore, you need to talk to your creditors, go to the bank and negotiate with the bank and socialize with your friends as usual.
Sticking to Your Routine
It also helps to stick to your usual routine. For example, if you usually start the day with a run at dawn, a shower or even a bible verse reading, that is exactly what you should continue doing. Don't give into the temptation to skip the morning run or shower and binge watch movies in your pajamas. If you drop your routine, then you are likely to develop an unhealthy eating habit, which is bad for your physical and mental health.
Seeking for help can also help you deal with these difficulties. Help can come in a variety of forms (or their combination) such as:
- Credit counseling
- Professional therapy
- Bankruptcy filing
When it comes to the legal side of things, consulting with your lawyer can help to clarify a lot of things. For example, finding a chapter 13 bankruptcy lawyer can help you to pay your debts slowly, keep your assets and reorganize your financial life.