Money & Mental Health: Leveraging Automation for Emotional and Financial Well-being

9 min read

As we observe Mental Health Awareness Month this May, it's vital to acknowledge the crucial link between mental well-being and financial stability. Mental illness affects millions worldwide, with approximately 1 in 5 adults in the U.S. experiencing mental health issues each year. Yet, despite its prevalence, the stigma surrounding mental health persists, leaving individuals suffering in silence.

One of the most overlooked aspects of mental health is its profound impact on personal finances. Whether it's the direct costs of therapy and medication or the indirect consequences such as lost productivity and strained relationships, mental health challenges can take a significant toll on one's financial situation. For many, the decision to seek help for mental health concerns is hindered by the fear of high medical bills or the inability to afford treatment.

Moreover, the ramifications of ignoring mental health issues extend far beyond individual suffering. Communities plagued by inadequate mental health resources often experience higher rates of homelessness, unemployment, and substance abuse. The cycle of poverty and mental illness becomes self-perpetuating, with individuals unable to break free from the grip of their conditions due to financial constraints.

However, amidst these challenges, there is hope. Communities that prioritize mental health awareness and invest in accessible, affordable care have witnessed remarkable improvements in overall well-being. By breaking down stigma and fostering a culture of open dialogue, these communities have created environments where individuals feel empowered to seek help without fear of judgment or financial ruin.

For example, cities that have implemented mental health awareness initiatives, including public education campaigns, community support programs, and accessible treatment options, have seen reductions in suicide rates, homelessness among individuals with mental illness, and emergency room visits related to untreated psychiatric conditions. By prioritizing mental health as a public health issue, these communities have demonstrated that proactive measures can yield tangible benefits for both individuals and society as a whole.

Unfortunately, money often plays a decisive role in determining access to mental health care. Socioeconomic disparities persist, with marginalized communities facing greater barriers to receiving adequate treatment. Structural inequalities in healthcare systems further exacerbate these disparities, leaving vulnerable populations underserved and overlooked.

This Mental Health Awareness Month, be sure to do your part to raise awareness of the prevalence of mental illness and advocate for policies and initiatives that promote equitable access to care for all. By discussing the financial barriers that prevent individuals from seeking help, we can pave the way for a future where mental health coverage is treated with the same benefits as physical health.

Understanding the broader societal implications of mental health challenges underscores the importance of implementing practical strategies for individuals to safeguard their well-being in daily life. Just like some of us use automation with our finances to simplify our lives (i.e., autopay), below you’ll find 5 examples of strategies that can complement traditional mental health treatments and/or provide additional support for overall well-being:

1. Mindfulness and Meditation Apps: Popular mindfulness and meditation apps, such as Headspace, Calm, or Insight Timer, to make it easier for the user to access tools to manage stress, anxiety, and overall mental well-being. You can usually set alarms to remind you it’s time to breathe/meditate.

2. Limiting Screen Time: Setting boundaries around screen time, especially on social media platforms, can help reduce exposure to negative news, comparison-induced stress, and digital overload. Taking regular breaks from screens and engaging in offline activities can promote mental clarity and emotional well-being. Set specific time limits on the screen time and explore alternative activities that promote mental well-being, such as spending time outdoors, practicing hobbies, or connecting with loved ones face-to-face.

3. Quality Sleep: Prioritizing good sleep hygiene and ensuring adequate rest is essential for mental health. Aim for seven to nine hours of quality sleep each night, establish a consistent sleep schedule, create and follow a bedtime routine to promote restful sleep. You’d be surprised how avoiding stimulants before bed, and optimizing your sleep environment will improve your cognitive function, mood regulation, and overall resilience.

4. Exercise: Engaging in regular physical activity, such as walking, running, or yoga, can help reduce symptoms of stress, anxiety, and depression. Exercise releases endorphins, chemicals in the brain that act as natural mood lifters, promoting feelings of well-being and relaxation. The key is consistency and finding activities that bring enjoyment and fulfillment.

5. Seeking Professional Help: If you’re experiencing persistent feelings of sadness, anxiety, or other concerning symptoms, reaching out to a qualified mental health professional can provide valuable support and guidance. You should be encouraged to reach out to trusted professionals for guidance and assistance before symptoms impact your daily functioning and overall well-being.

In the same way that financial planning requires deliberate allocation of resources to secure a successful retirement, safeguarding our mental health demands intentional action. By embracing strategies like these, we can invest in our emotional well-being just as we invest in our financial future. Just as each dollar earned is assigned a task in financial planning, let us assign purpose to each moment, each action, in pursuit of mental wellness. Take ownership of your health, mitigate the risk of burning out and cultivate resilience for the challenges life will bring.

Do you need help assigning your hard-earned dollars a purpose? Take a moment this Mental Health Awareness Month to reflect on all your goals. Regularly reviewing and adjusting them keeps you motivated and focused. Ready for BMG? Remember the consultation is free!

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If you’re looking for a book or audiobook that can help add perspective to your life, I highly recommend.

by Jocko Willink & Leif Babin