Stress And Your Financial Situation: It's Connected

  • May 9, 2024
  • By Samantha Martinez

May is Mental Health Awareness Month, which means it’s a great time to focus on your mental wellbeing. Some ways to partake can involve prioritizing rest, engaging in self-care and enjoyable activities, spending time with friends and family, and seeing where changes can be made to reduce any day-to-day stress we may encounter. 

Why is mental health important? For one, being in a healthy mental state means we can cope with life’s challenges and work steadily toward a productive, sustainable life. Our awareness surrounding mental health can allow us to look at how we can maximize wellbeing and where we might need support, which can be beneficial for the whole community.

When it comes to what causes us stress, the connection between finances and mental health is very intertwined – more than one might think. In addition, the way we handle this financial stress can have a significant impact on our mental wellbeing, so an important aspect to look into is how we handle our finances. Is it causing you stress?

Potentially caused by a number of factors, whether you’re experiencing a season of unemployment or unexpected expenses, financial stress can be a lot to handle. We can also look at our finances on a spectrum of health, or wellbeing, similar to our mental health (especially since the two correlate). Since our financial “health” dictates how we satisfy our everyday needs, worrying about being in a state of financial insecurity can have negative repercussions on our mental health as a whole. 

Oftentimes, things that are causing us stress tend to be set to the side, understandably so, as many of us find ourselves working through a lengthy to-do list that never seems to end. But what can be the danger in setting aside stress and letting it build up? To start. it’s important to be aware of the cycling connection between financial worries and mental health struggles. Financial stress, which has been shown to contribute to an increase in anxiety or depression, can make it even more difficult to focus on managing finances or feel motivated to do so. Those who might already struggle with a mental health issue and find themselves in a spell of unemployment can find it hard to be on a constant hunt for job opportunities, resulting in what seems like an unbearable cycle to be in.

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 tackle money management, alleviate financial stress, and hopefully improve your mental wellbeing. 

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.