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A Depression Diagnosis Can Be Hard On Your Wallet. This is How To Protect Yourself

July 22, 2020

A Depression Diagnosis Can Be Hard On Your Wallet. This's How To Protect Yourself
Anxiety is like another disorder since it may take a toll on your own bank accounts – and the very last thing you need is cash concerns worsening your situation. This’s the way to obtain out before it.

If you’re like me, then you will find just two M’s you overlook ‘t always think about together: Money and Mental Health. When I was diagnosed with depression and an anxiety disorder while working full-time, the last thing I wanted to think about was my financial life. However, unless you’re Beyonc-level rich (I’m not), ignoring your financial well-being during a funk can only spell disaster.

“There is unquestionably a negative feedback loop that may occur where monetary pressure can bring about depression. But when you’re miserable when life seems meaningless, that cares about your invoices? ” says Sarah Newcomb, Director of Behavioral Science at Morningstar, Inc. and author of Loaded: Money, Psychology, and How to Get Ahead without Leaving Your Values Behind. “What could occur is that melancholy then contributes to financial avoidance, and which leads to worse fiscal strain. And that calms the melancholy as well as the feelings of despair. ” Ugh.

According to the Mayo Clinic, about twice as many women as men experience depression at some point in their lives. Making matters worse, depression often goes hand in hand with the anxiety disorders that affect 40 million adults in the United States every year, according to the Anxiety and Depression Association of America.

That’s all a fancy way to say: if you’re struggling, you’re not alone. The good news is, whether you’re feeling on top of the world or struggling mentally right now, there are some simple steps you can take to protect yourself financially before things obtain out of hand.

Set Up Auto-Payments

Like, right now. Like, stop reading this article and go set up that auto-payment you’ve been putting off, then come back. Why are they so important? Depression can be brought on by major life changes, sudden losses and a host of other factors. In other words, you may not see it coming. Having auto-payments in place is a form of insurance that your finances won’t slide through the cracks. After all, the very last thing that you would like to be dealing with through a period in this way is the inactive cell-phone.

“I’m a huge fan of automatic payments … whether [you’re putting them in place because of] disorganization or just not wanting to deal,” Newcomb says, “Also, just recognizing that the act of ignoring your finances will only make things worse is key. It will only make your depression worse in the long run. So do what it takes, even if what it takes is getting a trusted friend to run your numbers with you. ”

Designate a Portion of Your Emergency Fund For Your Mental Health

If you broke your leg, then you’d pull out of the savings to pay any essential expenses, right? Thus, that rainy day fund? It’s OK to put aside some savings to your mental health therapy, even when you merely designate sufficient for a single physician’s trip or treatment session – only knowing you’ve got enough to obtain to this before all else appointment can be all you want.

“Your brain is your biggest organ,” states Dr. Gail Saltz, Clinical Associate Professor of Psychiatry in the New York Presbyterian Hospital and also the author of The Power of Different: The Link Between Disorder and Genius, “And when there is a problem with that organ, like a problem with any other organ, you have a problem that affects you overall. ”

So don’t be shy about tucking away some extra bills to spend on future therapy or treatments. I know I tapped into my emergency fund when I was struggling with depression. Avoid future shame associated with spending money on your mental health by designating some funds for it now.