Are you sad because you couldn’t go on a trip with your friends or family? Are you upset because this time your birthday didn’t turn out to be special? But have you ever thought about how this global recession is affecting most of us? India has been experiencing the most substantial containment in history since March 2020. Everyone confined to our homes with a less physical and more digital approach to the outside world. We know a lot about the current happenings in our country and the world, but little do we know about the troubles faced by the majority of our fellow Indians and globally as well.
There is a strong hope that this pandemic may be slowly ending, but all of us are unaware of the new epidemic that has emerged/ is emerging. Another aspect of life that we have been witnessing is financial instability, which has led to several mental problems and would continue to experience the same in the weeks and months ahead.
I have been feeling relieved and sometimes restless and anxious. This had started to become the new routine until I realized that it was not just me who has been feeling relaxed and nervous simultaneously. Everyone has been facing a crisis – either financial, physical, or emotional. These crises ultimately start to affect you mentally.
Nowadays, I have seen the financial crisis playing a significant role in causing mental illness. The families which squarely belong to the middle class, often struggle to meet their family needs to be termed “material hardship.” The middle-class families always think of fulfilling the basic needs, forgetting about their individual wishes and dreams. The head of the family typically keeps his necessities aside to fulfill the desires of his loved ones. The good old practice of “need and want” is being practiced actively and am optimistic that the same will continue once normalcy returns.
The ripple effect of this Covid2019 pandemic is a deep recession globally, triggering an unusually rapid increase in unemployment in many countries. The people no longer get the daily wages for survival; incomes of the employees have been cut. On the other hand, due to the financial problems in the company, the office runs with a skeleton crew, and the rest of the employees are furloughed. This severely affected the society at large, and to meet ends, there would be people who would either succumb and commit suicide or engage in crimes, suicides, murders, theft, and a lot more.
Money and Mental Health are interlinked with each other. Worry about money can worsen your mental health, and poor psychological well-being can make managing money difficult. The instances for the same are:
- When you feel high, you make impulsive decisions about money that you think makes sense but can leave you in a lot of debt.
- You spend a lot of money on buying things that make you feel better.
- You forcefully take a job you dislike paying your bills or rent.
- You feel anxious all the time – even if you have enough money.
- Money problems can primarily affect your personal and social relationships, which can have a knock-on effect on your mind.
Financial problems, just like mental issues, a subject most of us still hesitate and are reluctant to talk about. This hesitation becomes a problem, especially when we know how adversely finance and mental health affect each other.
How can you help yourself?
1. Understand your actions- Recognizing your efforts can help you find solutions that suit you. Think about when and why you spend money. What are the aspects that make your mental health worse- is it talking to people or opening envelopes? When you do not have enough money to pay your bills, remember you are not alone – help is out there. Do not spend money when you are unwell. You will end up spending more. To overcome this, try to give your cards to a family member to hide it. Do what makes you feel good and convince yourself, “I will buy it tomorrow if I need it.”
2. Talk to people you trust- Sharing your worries to someone is not easy, but it can be a relief. The people who can help you through this are your family members, friends, or even health professionals. During these times, your local mind is not able to make appropriate decisions. Therefore, strong support regarding financial matters and decisions is advisable.
3. Get organized- In the time of lockdown, you need to have control over your daily expenditures. Creating a budget will give you a perfect idea about savings and expenses. Spend only for necessary items and to pay bills. Try withdrawing as much money out as you want to spend every week. Keep a record and relevant documents with you.
4. Get professional advice- When you find it hard to make decisions, running short of cash, and cannot ask for help, do not give up. A lot of people lose hope and commits suicide or indulge in criminal activities. You should change your path and remember that there are professionals who can guide you in the best way possible.
During this pandemic, the best way to save your money and improve your well-being is to take care of yourself. Trust yourself and your family. This crisis is not going to be forever. Do not worry if you couldn’t complete a task, or your dream vacation was not possible this time. Do not blame your parents for not making your birthday special. Understand that it is not just us, but the whole world is going through this recession. Do not lose hope because one day, all this will be over, and you will pat yourself for surviving through the toughest and weirdest times we have even seen.
I believe in one thing; there is always light at the end of the tunnel!
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