Ignoring your budget
Derek Mihalcin, PhD, a clinical psychologist at Oakwood Counseling Center in Warren, Ohio, cautions that “not living on a budget and spending more than you make is a recipe for disaster.” Money-related stress is one of the most common things Mihalcin hears about, both in his practice and in life.
“We have the ability to reduce or eliminate financial stress, but sadly, most people don’t do anything and live with the worry it creates every day,” he says. “Do you need an Amazon Prime membership when you cannot pay the electric bill consistently? Do you need really a new vehicle when a five-year-old used vehicle will do? We spend too much time trying to justify our actions instead of changing our habits.”
For better mental health, Mihalcin recommends cutting unnecessary costs and using the extra money to create an emergency fund so you don’t have to build up credit card debt.
