You can’t be a Nigerian and not worry about money; it is almost impossible.
You are either worrying about the prices of things going up or new bills springing up from nowhere. It feels like this economy is after all our mental health. Maybe it is.
According to Health Think, over 7 million Nigerians are depressed.
One of the major factors causing this depression is financial stress. The average Nigerian can barely afford 3 square meals, not to mention the other necessities of life. Knowing how to deal with financial stress is now an important skill; at least it is a skill that can help our mental health.
This article explores ways to deal with money stress while protecting our mental health.
How Money Problems Can Affect Your Mental Health?
June was men’s mental health month.
My colleague pointed out to me that the main reason many men are battling mental illness is money issues, and she wasn’t wrong. Remember the last time you couldn’t afford to meet a basic need? How did you feel? I bet you couldn’t sleep and felt so stressed.
This is what we experience when we have money issues. You can also experience issues like:
- Anxiety
- Issues sleeping
- Social withdrawal is a result of not having enough money to flex.
- Fear for your survival
- Depression
- Feeling stressed
- Issues in your relationship
- Drinking more alcohol to drown your sorrows.
- Hypertension and heartattack
Ways to Manage Your Mental Health During Financial Stress
The sad truth about Nigeria’s economy is that the prices of things rarely go down after they have gone up.
Instead of letting our blood pressure rise with inflation, finding a way to cope with the financial stress is a safer option.
Here are some tips that will help you stop worrying about money:
- Be kind to everyone, including you: We know you need money for things, but don’t be too hard on others or yourself. Things are quite expensive, especially food. Get what you need, and be grateful for what you have.
- Take a Break from Your Money Issues: Watch a movie, take a walk, watch a football match, or play games. Stop overthinking about your money problems.
- Talk about Money: Talk to financial experts or your friends that are good with money. Seek advice on how to manage your money or how to come out of a financial crisis. Talk to your partner about your finances.
5. Take Care of Your Physical Health: Eat good food. Exercise regularly and drink enough water like the good doctor preaches. Maintain good physical health so that these money problems won’t lead to illnesses like hypertension, heart attack, or diabetes. 6. Seek Professional Help: If you are struggling with your mental health, speak to a therapist or reach out to a mental health non-profit organisation.
5 Tips to Help You Manage Your Money Better
As you are taking care of your mental health, it is also important to know how to manage your money. The economic climate of the country is unfavourable, which makes it more important to have better money habits.
Here are 5 tips for solving your financial problems and building better money habits:
Track Your Spending and Know Where Money Stress Is Coming From
- Always know where your money is going. Find out if you spend more on wants or needs. Seek cheaper but quality options for some of your needs. If you can track your spending, you can better control your resources.
Create a Realistic Budget or Money Plan
Have a realistic monthly budget for all your needs and wants. Know how much you need for rent every month and how much you need for food. Also, don’t create a budget so strict that you won’t have any space for flexing and relaxing. You can also automate some of your expenses.
Start Saving, No Matter How Little
Start saving from your income. It will come in handy on a rainy day. Savings can help you stay ahead of inflation. Now, you have several saving options that can be rewarding. With Jollof+, you can save towards a goal, lock your money for a period, and still earn a 21.60% p.a. net interest rate. It will help you build the financial future you have always wanted.
Work Smarter, Not Just Harder
Look for ways to make more money to increase your spending and saving power. You can start a side hustle or upskill to get a high-paying job. There are places to learn a new skill, like ALX or Coursera. You can also invest in stocks, shares, and agriculture, among other things. Just find new legitimate ways to add to your income.
Be financially Educated
Read books on finance, listen to finance podcasts, and listen to financial experts. Get all the education you can on the nitty-gritty of how to manage money.
In the End
Even as we hope for a better country, we can still find healthier ways to thrive.
It is easy to let financial problems depress you, but it is better for your mental health if you find ways to cope. Always take care of yourself and make sound decisions that will secure your financial future.
