How Financial Wellbeing Leads to Good Mental Health

Julie Murphy • March 7, 2022

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Whilst it’s not the case that money alone will bring you happiness, there is a huge correlation between financial wellbeing and mental health. When you’re always stressed about money - whether that be lack of it, the accumulation of debt or feeling out of control with the money you do have, it can severely impact your health, your relationships, your career and your sense of life vitality.

So how can you start to create a greater sense of financial wellbeing? In this article, I’m going to share some tips and tricks on how to start the journey right now.

It’s Not About How Much Money You Have

When I talk about financial wellbeing, I don’t mean creating as much money as possible. Whilst it might seem that having a huge sum of money in the bank will fix your mental health, if your relationship with money and inner sense of wellbeing hasn’t been addressed, the same financial patterns will play out, regardless of how much money you have.

You frequently hear examples of lottery winners or people who have suddenly come into a substantial sum of money losing it within a matter of years and end up right back where they started feeling lost, guilty and depressed. Financial wellbeing is about feeling good about how your money is flowing. Feeling good about the energy of your money, loving how you’re creating it and feeling like you have control on how you’re spending it, saving it and investing it.

Think Beyond Money

Your financial situation is only a symptom of other things going on in your life. If you’re unhappy with how you earn your money, you’re in a relationship that doesn’t serve you, your health is suffering or you’re not engaging in things you love to do, this will severely impact your mental health, which then plays out in your financial life. There could also be unresolved emotional trauma that’s contributing to your financial wellbeing - or lack of it.

It isn’t until we actually take time to identify these other factors that we begin to see how our finances are simply a reflection of this deep sense of longing for an alternative life, or a sense of discontentment about the one we’re living.

I’d like you to write down how you truly feel about your life. Are you happy at your job or in your career? What about your relationships? How do you feel about your health and your lifestyle? Do you often laugh and do things that you enjoy? Do you take time to relax?

If the answer is no or there is an element of unhappiness there, how can you take inspired action on these things, even if it’s one small step? By doing this, you are already on the pathway to better financial wellbeing.

Look at How Your Money Flows

I’m incredibly passionate about educating people on the energy of money as it’s such a huge factor in embodying financial wellbeing. What I mean by the energy of money is how you feel on a heart and soul level about how it’s coming to you and how it’s going out. Yes, someone might earn hundreds of thousands of dollars a year but still not have a good sense of financial wellbeing and therefore, poor mental health simply because they’re deeply unhappy with how many hours they have to work to earn it or how the stress of their job has created health issues or lack of time with loved ones.

Now I’d like you to write down how you feel about your income. Do you love what you do? Are you truly grateful for that sum being deposited into your account every month? Or do you feel resentful, stuck and restricted because although you might not be doing what you know is your true calling, you don’t currently have the financial flexibility to make a different choice? How you think and feel about your income is profoundly important.

Are You Able to Hold Money?

Now it’s time to think about the flow of your outgoings. Are you making conscious decisions about where your money is going every month? Do you have a plan for your financial future? Creating financial wellbeing is when you have that sound awareness and truly feel good about the choices you’re making with your outgoings and savings - because everything is a choice. If you’re approaching your outgoings haphazardly and are always surprised by what you see when you check your accounts, this isn’t going to serve your financial wellbeing or mental health because there is a lack of control.

Are you able to hold your money and save it? If not, it’s time to look at why that could be and where that fear of having and holding money is coming from.

Financial Wellbeing and Financial Education

When you feel more confident and competent about the options available to you financially, it’s amazing how this empowers you in other areas of your life too. Financial education is about teaming your inner heart and soul desires with smart thinking to make conscious decisions about the flow of your money. Plus, this doesn’t have to cost a thing. There are countless resources online - including my YouTube channel where I share tips and tricks on creating Real Wealth and financial freedom every week.

It’s time to learn how to become your own bank. It’s time to stop avoiding your financial situation and take the steps to create more financial empowerment wherever you’re starting from. And best of all, doing this from a place of total alignment. The moment you make that choice to take control is the moment when your mental health will begin to improve because you’re changing the neural pathways in your brain. You’re rewiring your way of thinking to one that will serve you. You’re doing the work on a subconscious level and it’s about harnessing the power of abundance over fear.

Ultimately, financial wellbeing is about creating options for ourselves. Not being tied to our employer, the bank or debt instruments. Learning how to create more financial flexibility that allows us to be our true, authentic selves. Yes, it’s a step-by-step process, but taking that very first step means you’re already on your way to financial wellbeing and more improved mental health.

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