How Your Money Affects Your Mental Health

How Your Money Affects Your Health

Verywell / Julie Bang

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Every Friday on The Verywell Mind Podcast, Editor-in-Chief Amy Morin, LCSW, shares the “Friday Fix”—a short episode featuring a quick, actionable tip or exercise to help you manage a specific mental health issue or concern.

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Friday Fix: Episode 98

You’ve likely heard people say things like, “Money can’t buy happiness.” But, it’s no secret that money does affect your happiness to an extent.

When you’re struggling to pay the bills, you’re likely to experience a high level of distress. As a result, it might be hard to focus on almost anything other than your mounting bills.

A higher income doesn’t necessarily mean you won’t struggle with debt, however. Many people live paycheck to paycheck regardless of how much they earn.

But the link between financial health and mental health goes both ways. Debt may increase your risk of mental health issues, but mental health issues may also increase your risk of getting into debt. 

It's tough to know how to even get started addressing either issue when you’re experiencing both a mental health issue and some serious financial strain.

On today’s Friday Fix, I discuss the link between your money and your mental health and share five strategies for addressing your financial and mental health. 

When you start feeling better and getting yourself out of debt, you’ll gain some serious relief. 

The good news is, no matter how bad you feel or how big your financial mess is, there are always steps you can take to address it—even when it feels overwhelming at first.

More About the Podcast

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By Amy Morin, LCSW, Editor-in-Chief
Amy Morin, LCSW, is the Editor-in-Chief of Verywell Mind. She's also a licensed clinical social worker, psychotherapist, and international bestselling author. Her books, including "13 Things Mentally Strong People Don't Do," have been translated into more than 40 languages. Her TEDx talk,  "The Secret of Becoming Mentally Strong," is one of the most viewed talks of all time.