Improve your money values, improve your mental health

For many of us, financial stress feels like this. It pushes us into survival mode. It’s hard to think long term when you’re not sure how you’re going to cover your rent or pay for your car, or put food on the table. Money and mental health are closely connected. The stress of managing your finances can take a toll on your well-being, so understanding the psychology behind money is an important first step.

The psychology behind money

Psychologist Abraham Maslow’s work shows us that before we can think about that five-year plan, we first have to make sure our basic needs like safety, a roof over our heads, and financial security are being met. When we’re stuck worrying about bills and debt, we’re like trapped animals, fighting for a way to stay alive. This impacts everything from our self-esteem to our relationships. It’s safe to say that we’re not the best version of ourselves when we’re in this state.

Solving our financial stress, and getting to a place where we’re in control of our money, is very important. It makes everything else that much easier. Now, let’s get practical about what you can do.

Practical steps for getting out of financial stress

There are two very important questions you need to ask yourself to change your financial circumstances:

How do I get myself out of this financial situation?

First, look at your current finances honestly. Look at your income, expenses and the debts you owe. Next, create a realistic budget. Prioritise your important expenses like rent, utilities and food. Then trim unnecessary costs. If you're overwhelmed by debt, consider speaking to a financial advisor or consolidating your debts to make repayment more manageable. Start small and take baby steps.

For example, make a credit card repayment, or start tucking money away for savings. No matter how small the amount may be, over time, it will make a big difference. So celebrate these actions. You’ll soon notice your mood will begin to change. You’ll start to feel better about yourself and your circumstances.

How do I make sure I never end up here again?

Once you’ve stabilised your finances, focus on long-term planning. Set clear financial goals – whether it’s saving for an emergency fund, reducing debt, or investing in your future. Good financial habits, like tracking your expenses and limiting those impulsive buys, will really help. Then, build a support system. Discussing money openly with family or a financial counsellor, or someone that you trust when it comes to money, could help change your approach to finances. Robert Kiyosaki once said that what we earn is the average of the five people we hang out with the most. So, think about that for a second… Who are you hanging out with? What are their money values?

The role of money values

Heartlines focuses on five key money values. Of these, responsibility in spending and wisdom in borrowing are especially important when talking about mental health concerns.

• Responsibility in spending: It’s easy to overspend when we’re feeling stressed. Retail therapy just feels so good. Getting that new phone makes us feel great… until we have to pay that next instalment. Then the novelty wears off quickly! Over time, this kind of behaviour leads to mounting debt and anxiety. So, be mindful about how you spend your money. Make sure that it aligns with your needs and values and stays within your means. By doing this you’ll regain a sense of control over your finances.
• Wisdom in borrowing: There are companies and people out there willing to lend you all the money in the world… but they’ve got their motives for doing so. You may have received SMSes from established companies, encouraging you to go on that holiday that you deserve, by taking out a loan worth R120,000. Wow, how kind of them! What they’re not telling you is that by the time you pay off the loan, five years later, it’s cost you over R240,000. Remember, banks, lenders, even loan sharks make money through interest. So be wise about borrowing. Avoid unnecessary debt. If you can’t afford something, ask yourself if you really, truly need it. It may hurt right now, but you’ll thank yourself later. This kind of wisdom in borrowing protects your mental health in the long term.

Moving from survival to stability

When we take practical steps to improve our money values and habits, we free ourselves from the constant anxiety of survival mode. As we regain control over our finances, we create space for growth, confidence and mental peace. Doesn’t that sound great?

So, let’s go back to that water tank that you’re trapped it. It’s still filling up with water way too quickly. But now you’ve got an answer to that five-year question:

“Let’s focus on getting out of here. Then, I’ll work on my recovery, and after that, I’ll be ready to talk about my long-term plans.”

By improving your money values, you’re not only creating financial stability, but also nurturing your mental health.