Financial implications on mental health

2022 is pretty much over, can you imagine?

It is perhaps just me, but this year

Research indicates that there’s a strong correlation between money problems and mental health issues. Spending more than we intend or budget has the propensity to create stress, anxiety and depression for many people. According to a UK study, 46% of people with financial problems have mental health problems, and 80% of people with mental health problems reported that financial problems have exacerbated their mental health problems. In a nutshell, how we manage our finances influences our mental well-being.

Not to put a damper on the festive season, but December in particular seems to be the month that we spend more than we plan. We are all in good spirits because it’s the end of the year, and we are planning our holidays, spending more on groceries and gifts as we prepare to celebrate the festive season. Of course, we work hard for our money and it’s necessary that we enjoy life because life in itself is not guaranteed. In Namibia, we are famously known for embracing the “keDecember” vibe – a term we have adopted from South Africa. Basically, the notion that we can obtain luxuries we couldn’t access during the course of the year – luxuries that vary from food items to gadgets or certain lifestyles for the period of December. Sometimes, we may even indulge in financial loans to substantiate our “keDecember” costs.

However, in doing so, it’s important that we are mindful of our spending habits as January comes with its own challenges. After embracing “ke December” many of us experience financial troubles. Usually, in January most households’ expenses include buying school uniforms and stationaries as well as paying school fees and transport costs. Realistically, we cannot cover these expenses if we don’t set money aside for it during December. By not planning well, we are setting ourselves up for mental health challenges and increased financial did not last as long as I would have liked it to. I feel like I blinked in May and woke up at the very end of costs. To rescue ourselves from “January woes”, we are likely to take out additional loans, inadvertently causing more stress than we had, as loans are vicious cycles that keep us in debt longer than we anticipate.

When we understand our relationship with money, we can plan better by applying the following as suggested by Madeline Miles:

Make one decision at a time

– money can be overwhelming but try to focus on one financial decision at a time.

Create and stick to a budget – it’s difficult to set goals if you don’t have a starting point. Analyse your finances and create a realistic budget and stick to it.

Monitor your spending – list all your spending, including the costs that you consider insignificant such as fast food.

Identify your financial stressors

– what is the one thing that gives you anxiety or stress? Know that stressor and deal with it.

Recognise the emotions you feel related to money – pinpoint the emotions you experience in relation to money. Journaling can help with this.

Implement healthy coping mechanisms into your mental fitness plan – your mental fitness should be a holistic reflection of how you take care of yourself to cope with your emotions and stress. For e.g. setting aside a specific percentage of your income for black tax purposes and sticking to it.

Seek the support of a financial coach – a financial coach can guide you toward a sustainable financial management plan.

Talk to a trained mental health professional – speak to your therapist if you’re finances are affecting your mental health and vice versa.

Respect your money, spend it responsibly and enjoy good mental health. Wish you a pleasant festive season and a magical 2023.

* Justine /Oaes (Licensed Clinical Psychologist) - oaesjustine@gmail.com

November.

Just me? Surely not.

The beauty in goodbyes is that we get to reflect on the good and the bad; we evaluate ourselves, measure growth and look back; you know? It is beautiful, and that is exactly what we are doing today, except, with travel.

As with many creators, the peak of my year is probably the brand deals I got to sign.

Namibia, largely, has been my playground, and while I have covered the larger ground, I am also of the belief that one never truly explores enough. So, I am willing to go as far as my feet will take me.

One of my proudest moments this year was getting the opportunity to write for an international inflight magazine, The Michaelangelo. Through a brand I partnered with, I was able to write up a Chobe Water Villa feature article that could have landed in the hands of people from all corners of the world.

You could not convince me that I am not the embodiment of ‘black girl’ magic if you tried.

The black magic did not stop there. Apparently, I was a good enough creator to partner with one of Namibia’s biggest tourism brands – Gondwana

Collection. Imagine, little old me? I was chuffed.

My partnership with Gondwana did not only see me experience cultural villages but it had me visit one of my bucket list lodges, The Namushasha River Villa.

The villa is a floating boat on the Cuando River, which accommodates only two people at a time. It is built for couples to have undisturbed time away from the world. I would describe the Namushasha River Villa as the perfect Namibian honeymoon destination. Between waking up to the sounds of birds and hippos and the oversupply of food on the boat, nothing quite comes close.

2022 felt like the sun rising.

Some angles were uncomfortable, and there were times when the way forward was not obvious, but I think we all did okay. The kids will be alright.

The only logical thing to do now is to continue building on the foundation we have laid in 2022 for 2023 that we will never tire of speaking about.

From me and mine, fellow readers, happy holidays!

Merry Christmas and happy new year to you and yours.

Should you need travel consultation services, want to collaborate and so forth, please do not hesitate to contact me.