Depression can be a debilitating mental illness that affects all aspects of a person’s life, including their finances. If you are struggling with depression, here are seven ways to handle your finances.
1. Create a budget and stick to it.
One of the most important things you can do when it comes to your finances is to create a budget and stick to it. When you are feeling depressed, it can be easy to overspend or make impulsive decisions. Having a budget in place will help you keep track of your spending.
If you are not sure how to create a budget, there are many resources available online or you can speak to a financial advisor.
The important thing is to make sure that your budget is realistic and that you are able to stick to it.
2. Cut back on unnecessary expenses.
It may be necessary to cut back on some of your expenses. Take a close look at your budget and see where you can cut back on unnecessary spending. This could include things such as eating out, entertainment, or subscriptions that you don’t use regularly.
Making small changes in your spending habits can make a big difference in your overall financial health.
3. Sell unused belongings online or at a garage sale.
Depression can sometimes lead to hoarding tendencies. If you find that you are holding on to things that you no longer need or use, it may be time to get rid of them.
One way to do this is to sell your unused belongings online or at a garage sale. This could help you make some extra money while also decluttering your home.
If you have items that are in good condition but you don’t think anyone would want to buy them, you can always donate them to a local thrift store.
Getting rid of things that you no longer need can help make your living space more comfortable and may even lift your mood.
4. Get a part-time job or start freelancing.
You may want to consider getting a part-time job or starting to freelance. This could provide you with some extra income to help cover your expenses.
It is important to make sure that you are not overworking yourself if you are struggling with depression. Be sure to speak to your doctor or therapist before taking on any additional work.
Working a part-time job or freelancing can be a great way to get out of the house and meet new people. If you are able to find a job that you enjoy, it could even help improve your mood.
5. Negotiate lower rates on bills and debts.
If you are struggling to make payments on your bills or debts, try negotiating with your creditors. Many companies are willing to work with you if you are having financial difficulties.
You can often negotiate a lower interest rate, payment plan, or even a settlement. This can help make your monthly payments more affordable and help you get out of debt more quickly.
If you are not sure how to negotiate with your creditors, there are many resources available online or you can speak to a financial advisor.
Negotiating lower rates on your bills and debts can help ease some of the financial burdens that you are struggling with.
6. Seek help from a financial advisor or credit counseling service.
Seek help from a financial advisor or credit counseling service. These professionals can help you create a budget, negotiate with creditors, and make a plan to get out of debt.
There are many reputable financial advisors and credit counseling services available. Be sure to do your research to find one that is right for you.
Getting help from a financial advisor or credit counseling service can be a great way to get your finances back on track.
7. Put money into a savings account or invest in stocks/mutual funds
Putting money into a savings account or investing in stocks/mutual funds can be a great way to secure your financial future. This could help you build up your savings so that you have something to fall back on during tough times.
Investing in stocks/mutual funds can also help you grow your wealth over time. This could provide you with a nest egg that you can use in retirement or for other purposes.
Making small changes in your spending and saving habits can have a big impact on your financial health. If you are struggling with depression, there are many resources available to help you get your finances back on track.
Tamila McDonald has worked as a Financial Advisor for the military for past 13 years. She has taught Personal Financial classes on every subject from credit, to life insurance, as well as all other aspects of financial management. Mrs. McDonald is an AFCPE Accredited Financial Counselor and has helped her clients to meet their short-term and long-term financial goals.