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Practice These 3 Mental Health Habits For Better Financial Stability

Financial planning without regard for mental health will prove ineffective in the long-run.

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In 2023, 33% of employed women said they experience burnout very often or always, while 25% of men reported the same in a Gallup survey. Burnout can play a big role in irrational spending decisions and robs otherwise smart and savvy potential investors, the energy and mental capacity to make better choices, particularly in the areas of saving and investing money.

To have a sound financial plan, you have to also practice consistent mental well-being habits. This helps you not only stick to the plan but also make material progress in your financial goals.

Here are three simple strategies I recommend to help you protect your mental health when pursuing challenging financial goals in the next year.

1. Consider Quarterly Therapy A Part Of Your Long-Term Investment Strategy

One of the key habits that can change the trajectory of your personal finances and help you become a debt free millionaire is to shift away from societal norms that view therapy as a luxury or a sign of mental instability. While the percentage of U.S. Adults receiving mental health treatment increased to 21.6% in 2021, 42% of U.S. Adults with a diagnosable condition reported in 2023 that they could not afford treatment, according to Mental Health America, a national nonprofit.

Despite this dominant narrative in my culture as a first-generation Asian American, I decided to incorporate regular quarterly appointments with a licensed mental health professional as part of my financial plan, not just my health plan. At first, going to therapy felt both intimidating and expensive because my preferred provider was not covered by insurance and cost more than $200 per session.

Rather than look at therapy as a cost, I chose to consider it a long-term investment the same way I would a retirement account. I figured that though I might not feel the effects of it immediately, the benefits may compound over time.

I committed to trying a session out once every 90 days and set aside that money in my regular budget. Over time, I learned that therapy helped me manage the anxiety and unlearn cultural scripts that have held me back from taking bigger steps in my finances.

If going to therapy feels inaccessible to do on a weekly or even monthly basis, going four times a year can feel more manageable.

2. Acknowledge Your Emotions Outside Your Head While You Budget Each Month

In a 2023 Bankrate survey, 52% of Americans said money has a negative impact on their mental health. I was surprised to have several mental health professionals as financial coaching students, and I learned that even professional therapists have challenges managing their emotions around money.

It's vital to understand and validate our emotions, whether it's fear, anger, or sadness, and respond to them appropriately as we make our spending choices. A simple way to acknowledge them is to keep a journal and practice writing in it for five to 10 minutes as part of your monthly budgeting routine.

More specifically, I suggest completing your budget at the same time at the beginning of each month. For example, my husband and I do our budget together the first Sunday of every month at 5 p.M. And have done so consistently since 2016.

But more recently, I've included writing in my journal for five to 10 minutes each month to reflect upon the decisions we made, and how I feel about them. Getting these feelings onto paper has helped me identify patterns in my reactions to certain types of spending decisions, and to discuss them in a more productive way with my partner.

3. Make Rest A Non-Negotiable Block Of Your Weekly Schedule

When I first started having extra cash flow after paying off all my debts, I fell into the clichés of what was touted as self-care for women: pedicures, massages, hair appointments and charcuterie boards with wine. And yet, I felt no less anxious, and no more revitalized. It sounds obvious, but self-care is not a universal concept. It's a deeply personal one. It's important to remember that what nourishes one person may not necessarily nourish another.

But one thing is quite universal — everyone could benefit from more sleep. According to the Centers for Disease Control and Prevention, about 1 in 3 American adults reported not getting enough rest or sleep every day. And so I traded out my weekly self-care appointments for blocks of time where I allowed myself to take a nap or go to a deep stretch yoga class that was mostly me lying on a body pillow.

Oddly, I felt really guilty adding this to my weekly schedule because of the consistent narrative that rest was lazy after years of working in fast-paced industries like finance and tech startups. But thanks to blocking off a consistent rest period in my weekly calendar, I've had the great financial side effect of curbing the impulse spending that usually came with feeling burned out.

The Bottom Line

I don't expect that you'd be able to implement all of three of these strategies immediately. It took at least three to six months to turn these strategies into habits I could stick to. If you're challenging yourself with big financial goals this year, even implementing just one of these habits alongside your money plan can make a big difference in your wealth and your health.

MORE FROM FORBESUse This Investing Formula To Reach Financial Freedom In RetirementBy Bernadette Joy

Roadmap For Mental Health In 2024

TAMPA (BLOOM) – With a new year quickly approaching, many people likely have resolutions ready to go, but Mental Health Educator Natasha A. Pierre says that's really not the best game plan. Pierre joined Gayle Guyardo the host of the global health and wellness show Bloom and said instead of focusing on resolutions, we should focus on lifestyle changes.

"Forbes reports that most resolutions fade after four months, and it's likely due to goals that tackle surface-level problems rather than addressing their underlying causes." said Pierre. She went on to say, "Having great abs are wonderful, we confront the deeper reasons behind excessive eating or lack of motivation for exercise, our chances of success remain slim."

In her "Roadmap for Mental Health in 2024", Pierre said people should go through life with the "Eagle Approach".

"Eagles are the only birds that fly into storms. They turn their wings upward and use the turbulence to soar higher. Life's storms do not disappear without effort. In the new year, fly directly into your storm. Confront them head-on and commit to taking every essential step to restore peace." said Pierre.

Pierre said it's also important to not try to battle mental health issues alone. "The beauty of the mental health road lies in not having to navigate it alone. It's imperative to secure the support you need. Schedule a therapy session today for January. Research support groups and download apps. Often, hearing another's experience about what also causes us pain, can provide solace, allows us to gain insights and find ways to better overcome challenges together." she said.

Pierre also shared her predictions for mental health trends in 2024:

-Teletherapy will continue-A rise in AI generated Mental Health Apps-Targeted Support Groups (mothers of children with special needs, people who experience workplace trauma, etc.)-Pressure on workplaces to foster and maintain psychologically safe environments

Man With Mental Health History Sentenced To More Than 2 Decades In Wife's Slaying With Meat Cleaver

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BURLINGTON, Vt. — A Vermont man with a history of mental health issues who was convicted of killing his wife with a meat cleaver and injuring his mother-in-law will serve at least 27 years in prison.

"It was an accident," Aita Gurung said during his two-day sentencing hearing, which concluded Wednesday. "My mind was not working."

A jury convicted Gurung last year of killing his wife, Yogeswari Khadka, 32, in Burlington, and attempted second-degree murder in the attack on his mother-in-law, hours after he had sought mental health treatment at a local hospital.

The attacks happened in 2017 and he was charged. But the charges were dropped in 2019 by the county prosecutor, who said evidence showed Gurung was legally insane at the time. Then-Attorney General T.J. Donovan refiled the charges months later after Republican Gov. Phil Scott asked him to review the case. Donovan said he wanted to restore public trust and that the issue of insanity should be decided by a jury.

Gurung's mother-in-law, Tulasa Rimal, testified via video during the hearing. "No matter what, he should get the harshest punishment," Rimal, speaking Nepali, said through a translator.

Judge John Pacht said, "We have rage and serious mental health issues going on," adding, "We know that they can be compatible and we know that they are both present in this case."

Pacht also pointed out Gurung's history of domestic violence.

"We are grateful that Tulasa and members of her family were able to share with the court the impact that these tragic acts of domestic violence had and continue to have on their lives," Attorney General Charity Clark said in a statement Wednesday.

Gurung's attorney, Sandra Lee, said her client "appreciates the court considering his mental health issues and recognizes the horrific nature of his offenses and he accepts the judge's sentence."

Gurung's total sentence was 35 years to life, with part of the time suspended. He would be eligible for release on probation once he serves his term.

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