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Aug 17

What to Do When Financial Struggles Cause You to Become Depressed

Reading Time: 3 mins

Going through a tough time financially can be very difficult in many ways. When you’re worried about whether you’re going to be able to pay your bills, it’s going to be harder to stay positive about life. If you’re struggling financially, then you might be feeling depressed about the situation. Depression can make it even harder for you to pull yourself out of a financial rut because of how it saps your energy. 

What can you do when financial turmoil is causing you to feel depressed? There are actually quite a few ways that you can try to cope. Read on to learn about some of the best options. 

 

Try to Make Good Financial Decisions

Trying to make good financial decisions will help you to feel better about your chances of being okay. It isn’t going to be wise to bury your head in the sand and ignore your money problems. You don’t want to make yourself more depressed, but you do have to try to make good choices to turn things around. Do what you can to budget your money so that you can pay all of the most important bills that you have. 

You might be able to figure out ways to defer payments on certain things to give you some time to come up with more money. Calling creditors might help to make a difference. Put in some effort and then see if you’ll be able to improve the situation. You might also be able to think of a way to increase your income. 

 

Determine Ways to Improve the Situation

Determining ways to improve the financial situation will mostly involve making money. You might be able to make more cash if you can take on more hours at work. This means that you can’t let depression get the best of you. It’ll be necessary to try your best to keep making money so that you can feel more financially secure. 

Another option is to sell things that you don’t need any longer. If you simply need enough cash to pay for some type of emergency, then selling some items that you own might make sense. Just try not to sell anything that you truly need or that you have a deep emotional attachment to. You don’t want to regret your decision later. 

Some people will choose to look into whether or not they can borrow some cash from family members. If you have people who are willing to help you out, then that could be a great solution. You’ll just want to live up to their good faith in you by working to pay the money back when you’re able to. 

 

Do Your Best to Remain Positive

Thinking negatively about the situation will only make you feel more depressed. Instead, it’s going to be best to remain positive. Understand that you can turn things around and that life will likely get better. People do struggle financially sometimes, but you might be able to have some positive things happen that will make your life easier. 

 

Confide in Friends and Family Members 

Confiding in friends and family members might feel tough at first. You might be embarrassed about your money woes, but it’s worse to keep things bottled up inside. You can rely on your friends and family members to support you emotionally during a trying time. Sometimes just talking about the situation will help you to feel more positive about turning things around. 

 

Seek Treatment if Depression Worsens

Depression issues can make it hard for you to even get up in the morning if they get too severe. You should seek treatment if depression is keeping you from handling life responsibilities. Talk to your doctor about what you’re experiencing and you might be able to get medicines that will help. Antidepressants have helped many people to better cope with depression symptoms. 

Therapy is also helpful when you’re trying to get through depression. For many, online therapy is going to be the most convenient option. It’s very affordable, and it allows you to get help without having to leave your home. Looking into online therapy is a great way to connect with a compassionate therapist who can help you through a tumultuous time. 

If you have kids, then you might want to include them in the therapy sessions as well if they’re having a tough time with the financial issues. Read this https://www.betterhelp.com/advice/teenagers/what-signs-of-depression-in-teens-should-i-look-out-for/ to learn about how you can tell if your teen is depressed. 

 

Disclaimer: MoneyMagpie is not a licensed financial or medical advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial or medical advice. Anyone thinking of investing should conduct their own due diligence.

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