Definition: Financial mental health refers to the emotional and psychological impact that money-related stress can have on individuals. Money issues, such as debt, insufficient savings, and financial uncertainty, can cause anxiety, depression, and other mental health challenges. It's important to understand and address these feelings to make sound financial decisions and maintain overall well-being.

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Issues:

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• Debt Anxiety: Carrying debt, especially credit card or student loan debt, can create overwhelming feelings of anxiety and stress.
• Spending Triggers: Emotional spending, driven by stress, sadness, or peer pressure, can negatively impact financial stability.

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Coping Strategies:

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• Budgeting: A clear budget can reduce financial anxiety by providing structure and control over spending. Use tools like Mint or YNAB.
• Seeking Support: Financial counseling or therapy can help individuals address the emotional aspects of money and develop healthier financial habits. Look for support through National Foundation for Credit Counseling.

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Why it’s important: Financial mental health is crucial for making informed, balanced financial decisions, leading to a healthier, more sustainable financial life.