Better Money Management For Better Sleep – A Full Guide
We all know that stress is one of the main reasons for sleep problems. And in these troubled times when the economy is in turmoil and many people are losing their jobs, one thought above all is a reason for increased stress: financial worries.
This is, of course, exacerbated by the recent banking crisis. For me, this time is almost like deja vu: my insomnia coincided precisely with the great financial crisis in 2008.
At that time, everything went haywire. First, I had a very stressful job, then I experienced a relationship breakup, and finally, I had difficulties finding a new job because all companies had a hiring freeze.
If all of this sounds familiar to you right now, know that I feel for you. Money worries can affect your mental health – and it can lead to sleep problems! I was at that point (and, of course, as a small business owner, I am to a certain extent now with all the uncertainties).
In this blog post, I aim to provide practical tips for improving your money management (and hence, your sleep) during these turbulent times. It’s important to note that I am not a financial advisor, and the suggestions I offer are based on personal experience.
How to build a foundation of security?
In these unprecedented times of personal and professional upheaval, building a foundation of security and prosperity that can sustain you no matter the circumstances is critical.
The problem is that the prevailing opinions and the financial strategies offered are often incomprehensible or do not apply to your individual situation in the first place. Combined with the many myths surrounding money, it takes a lot of work to take the first step, let alone know how to take your situation to the next level.
So getting things in order can feel overwhelming, and many things may be out of your control. I get this! Therefore, taking it one step at a time is the most important thing. The following steps should help you get started.
Explore how you generally feel about money
There are many situations in which money problems affect your mental health. For example, just getting a bill in the mail can trigger feelings of anxiety and panic.
Therefore, thinking about how you generally feel about money is essential. For many of us, thinking about money is highly emotional anyway, and the following feelings are common:
- You may feel guilty about spending money, even knowing you can afford it.
- You may fear seeing your bank balance or talking to the bank.
- You may feel ashamed that you need support.
- You may feel stressed, for example, if you are under a lot of pressure to support yourself and others. Trying to navigate the benefits system can also feel stressful.
- If you feel down or depressed, you may lack the motivation to manage your finances. You may even think, “It’s not worth trying.”
- Spending can give you a brief high, so you may overspend to feel better.
- You may avoid doing things you should be doing to keep track of your money, such as opening bills or checking your bank account. You may try to avoid thinking about money altogether.
- Money problems can affect your social life and relationships. You might feel lonely or isolated or can’t afford to do what you’d like.
Remember, all these feelings are totally common; you’re not an exception if you feel like this. And often these thought patterns and behaviors are related to how your parents or caregivers thought about money.
Think about how your parents thought about money
There is a high likelihood that your beliefs around money and your financial situation are very similar to those of your parents or whoever raised you.
Many of us have seen extreme fighting in our household, meaning we experienced severe trauma around finances with our family.
This is real, not being able to pay any medical bills or just bills in general, or not being able to send your children to school wherever you want to go. Coming from a background of being raised by a single mother, believe me, I know that this is crippling!
So there are definitely some imprints there, and if you’re not prepared for these scenarios, you will react badly around money. Why? Because the likelihood is high that you’re having the story that money is evil, and you’re going to hate it. As a result, it will be very traumatic for you to discuss or try to manage money.
Therefore, healing your relationship with money is essential to become better at money management. Start by asking yourself:
“What is my relationship with money?”
The following examples show how your mental health can affect how you manage money:
- Are you the kind of person that gets the money and then throws it away, all through consumerism or just giving it away?
- Or don’t you even know where it goes throughout the month?
- Do you know where your income is coming from and what your expenses are every single month?
- Do you know this information, or are you just going blind throughout your life regarding finances?
I know, honestly answering these questions is tough, and getting things in order can feel like an overwhelming task. And many things may be out of your control.
However, remember that whatever your current situation is with money, it doesn’t have to be a reality moving forward. Taking things one step at a time makes the task much less daunting.
Start talking about money
Money is a taboo topic, and shame is attached to it. So many people are afraid to talk about it. Even worse, most people front that they don’t have a money issue.
And so they sit in the background, having dreadful conversations with their loved ones, their family, internal battles with themselves, and yet on the outside, they pretend they have it all together.
Note that this isn’t a skill that is taught to anybody. So most people need help with good money management.
You need to start talking with your closest friends about this and what struggles they’re going through. Is there anything that you can bounce off or learn together about finances?
You need to make this a topic you’re okay to discuss. Because as long as it’s taboo, you’re staying in your own head with all your problems and challenges.
And the beautiful thing we have as human beings is that we discuss and learn through this act!
So be brave enough to form a circle of people you trust and will be openly speaking to about finances, and you can confide your successes and downfalls.
Remember, money is only a tool. Once you embrace that thought, you put full responsibility on yourself, understanding that managing your finances is a skill set.
5 crucial steps on how to actively change your financial situation
Now let’s get down to business! Again, most of us have never been taught to manage our finances actively. So it’s time for you to start investing energy into learning how this tool ‘money’ works.
- Face your fear and accept the situation you’re in, including the fear that you’re in real financial trouble. This first step is probably the most critical one! Even though you have all this money fear, remember you can choose to deeply and completely love honor and accept yourself.
- Get the facts. Here’s what I want you to do: pull the last two months out of your bank statements. The best is to print them out and then go through them. Make a list of all the deductions and the related businesses.
- Go from being paralyzed to being proactive. Now it’s time to get proactive and write to or call all these businesses. Anything you don’t need, get rid of. For example, if you have any subscriptions to a magazine you rarely read or a gym you only go to once a month, cancel it! Or if you have downloaded apps that charge you something (and I bet you will find some that charge you something that you didn’t even realize!) Are you still paying for cable TV? Now it’s time to take control of this stuff and cut it out.
- Mindset trick: Use the power of objectivity. If it’s hard for you to look at your bank statement and financial reality, pretend it isn’t yours but that of a good friend or family member. Why? If you pretend that the bills you’re looking at are somebody else’s, you leverage the power of objectivity. You don’t make yourself wrong; instead, you ask yourself, “If that were my best friend, brother, or sister, what kind of tough love advice would I give them right now?”
- Check your ego and ask for help. It’s not happening to you; it’s happening to the world. This isn’t a personal crisis; this is a global crisis. Everyone faces some level of emergency, which isn’t unique to you. You’re not alone if you lose your job and run out of money. Remember that almost 60% of Americans have less than a thousand dollars in their savings. So if you don’t have the money to see you through this period, you are not alone; you are in the majority. There are always resources available to help you. This is the time to check your ego and ask for help, whether that help is from your family, friends, or local community. Also, consider applying for a job you usually wouldn’t apply for. Remember, no matter the crisis’s root cause, not all businesses are shrinking. That’s what gets you through; that’s what resilient people do.
Lastly, surround yourself with things you enjoy
Do you think someone who thinks abundantly and sees the world’s beauty would want to surround themselves with things that bring them down?
Doing simple, small things will make you feel really good about yourself because your environment also dictates the insights. Now it doesn’t have to be expensive. You can pick little flowers around the garden, add small items you like from secondhand stores.
My home is filled with amazing things that I’ve sourced on fleamarkets. Small, simple things make you feel abundant because you are a wealthy, beautiful person. If it’s not physically in manifestation right now, it’s in the making. So act like it!
- Why Trying To Control Your Thoughts Creates More Mental Misery (And What To Do Instead)
- Healing Insomnia Through Mindfulness Made Easy (with FREE Guided Meditation)
- Why Making Dramatic Change Isn’t Helpful