Stress And Your Financial Situation: It's Connected

  • January 29, 2024
  • By Samantha Martinez

January is Mental Wellness Month, and the new year is a wonderful time to take care of your mental health by engaging in rest, self-care, fun activities, and spending time with friends and family. 

Being in a state of good mental health means we can cope with life’s challenges and work steadily toward a productive, sustainable life.

When it comes to what causes us stress, the connection between our finances and mental health is more intertwined than one might think. The way we handle stress can have a significant impact on our mental wellbeing, and an important part of this is how we handle our finances. 

Financial stress can be caused by a number of factors. Whether you’re experiencing a season of unemployment or unexpected expenses, it can be a lot to handle. Because our financial health influences how we satisfy our everyday needs, when we’re in a state of financial insecurity, worrying about it can have a not-so-great impact on our mental wellness. 

Something to be aware of is the common connection between financial worries and mental health struggles. Financial stress contributing to an increase in anxiety or depression can make it difficult to focus on managing finances or feel motivated to do so, and those who might be dealing with a mental health issue can find it hard to be on the hunt for job opportunities and maintain employment. This can be a tough cycle to break. 

At CoastHills, we want those who may be experiencing stress relating to financial hardships to know you’re not alone. We recognize the importance of mental wellness, so we’ve listed some helpful tips on how you can improve your monetary management, alleviate financial stress, and hopefully improve your mental wellness. 

1. Track and Manage Your Finances 

Using the Money Management tool within Online and Mobile Banking is great way to keep a close eye on your finances. Similar to other finance tracking tools, Money Management is a great way to help you budget without having to download yet another app. Knowing your financial state can alleviate a lot of stress and second-guessing, allowing you more time to focus on self-care and wellbeing! For more information, check out the drop down on our Online Banking page (titled Money Management), as well as a more in-depth Money Management user guide

2. Plan Ahead 

Not having the necessary financial support when one needs it can cause feelings of stress, concern, and hopelessness. Having a financial plan in the case of an emergency, or to help with everyday budgeting, is a good idea, but can be hard to follow. Luckily, our financial wellness platform, Enrich, has plenty of helpful articles to give you an insider's look as to starting a budgeting plan and sticking to it.

Check out some of the great Enrich content that might be useful: 
Creating a Budget (And Sticking to It)
Budget Calculator 
Start the New Year Off Right: Achieving Financial Freedom

Feel free to explore our Enrich: Financial Wellness page for helpful courses, articles and tools to find the resource that’s best for you. 

3. Get Professional Financial Advice or Support 

Wanting a professional’s opinion? CoastHills offers 1-on-1 assistance with our Relationship Specialists, who can help you with opening checking and savings accounts, budgeting, applying for personal loans, and so much more. Schedule an appointment to receive personal, professional advice right at your local branch. 

4. Stay Connected to Friends and Family 

When we’re struggling financially, it can lead to feelings of low self-esteem or frustration, maybe causing us to fall into a pattern of isolation. Feeling down about not having sufficient funds to spend on social activities or events, and being in a state of financial insecurity can make reaching out for help challenging. It is important to have people around to provide emotional support, and friends and family might be a helpful resource.

Remember that you’re not alone, financial stress is common, so it’s likely someone in your circle will be able to relate and might have ideas that can help. 

We hope some of these tips and resources come in handy. If you or someone you know is looking for mental health support, please check out some of the mental health resources available:

National Alliance on Mental Illness (NAMI), is the nation's largest grassroots mental health organization providing support, educational resources and advocacy for individuals and families affected by mental illness, with a local chapter serving Santa Barbara County.

Serving San Luis Obispo and Northern Santa Barbara Counties, Transitions-Mental Health Association is dedicated to eliminating the stigma and promoting recovery and wellness for people with mental illness through work, housing, community and family support services.

Central Coast Hotline is a confidential mental health guidance, crisis and suicide prevention hotline available 24 hours a day, 365 days a year. Free of charge, you may text or call anytime (800) 783-0607. 

The 988 Lifeline is a national network of crisis centers that provides free and confidential emotional support to people in suicidal crisis or emotional distress 24 hours a day, 7 days a week by texting or calling 988.

Here to help

No matter your inquiry, give us a call at (805) 733-7600, or use one of our other convenient contact methods.