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Tips to keep money from bothering you (more than it already does)

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Tips to keep money from bothering you (more than it already does)
Tips to keep money from bothering you (more than it already does)

It was on March 19, 2020 when Hugo López Gatell, Mexico’s Undersecretary of State for Prevention and Health Promotion, ordered the suspension of non-essential activities. From that moment on it came Social isolation, Accompanied by Insecurity, fear, fear and in some cases lonliness.

Professionals warn that this could create another epidemic of mental health problems with serious consequences for the personal, family, social and economic lives of the people of Mexico and the world such as stress, anxiety and depression.

The American Psychological Association investigated in their study “The Psychology of Scarcity”how deprivation affects knowledge and decision making. In other words, people’s thoughts are less efficient when they realize that something is missing, be it money, time, or even society. You are less efficient.

Experts warn: “If you concentrate a lot on one thing, there is less psyche to devote to other aspects: as you concentrate more and more on dealing with scarcity, you have less and less space to devote to other areas in your life to solve some of these are very important. “

They add that “one of the classic mistakes low-income Americans are criticized for is taking out payday loans, those very high-interest loans that seem like a good solution right now but owe a lot of interest two weeks later. “

If we worry excessively about how to buy the market list to eat this week, how we will pay the utility bills, or how we will make it to the end of the month, we will confuse the big picture of our finances and generate a tunnel vision that will end scarcity to reproduce and enlarge. The effects of this tunnel vision are:

  • The time horizon of our planning is getting shorter and we are neglecting our medium and long-term goals.
  • We are more willing to borrow to meet our immediate needs at very high interest rates.
  • We are distracted because scarcity occupies our mental “bandwidth”, that is, limits our ability to make sensible decisions and abilities such as self-control, planning or mental flexibility.

In this context, the World Economic Forum estimated that the cost of mental health problems to the world economy could be $ 16 trillion by 2030, and global crises like the current COVID-19 pandemic could have different effects on mental health in people, including how they interact in their jobs.

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Tips so that money doesn’t burden you (anymore)

We are leaving you with these tips to improve your financial health and thus reduce the stress on your mind:

1. Let go of prejudices. Just as social, psychological, cultural, and other factors can work together to plunge a person into emotional and financial crisis, the stigma associated with it continues to trigger people not to ask for help or not
Be comfortable showing what’s wrong with them. Various support lines are available, for example the Metropolitan Autonomous University’s online chat, which offers free psychological care. Telephone support is also available at 55 5804 6444 and 55 5804 4879.

2. Analyze your relationship with money. Bring a document that will save you all of your expenses. Define weekly, monthly and annual budgets. Make a list of monthly income, a list of fixed costs, and a list of expenses that vary each month.

3. It is an emergency fund. It is advisable to have enough on this section to cover all personal expenses for at least three months.

4. Find financial help. Find out about options that can help you regain control of your capital.

5. Save. As a scientist and politician, Benjamin Franklin said, “As long as you can, save for old age and adversity because the morning sun doesn’t last all day.” Saving money is a key to improving our emotional wellbeing as it helps to plan our future, such as education, asset acquisition, and our retirement. There are many ways to do this. If you’ve never done this before and are in a tough financial situation, we recommend starting with the challenges of making savings easily.

Finally, it should be noted that “knowing yourself” can make it easier to have good financial health, which in turn enables you to achieve positive goals now and in the future and enjoy emotional peace of mind.

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