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Money and Mental Health: Breaking the Taboo
Manage episode 484015218 series 3327505
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Money is a major stressor that affects our mental health, yet it remains a taboo topic many avoid discussing. Dr. Shannon Matthews joins us to explore the psychological impact of financial stress and how to develop a healthier relationship with money.
• Financial stress affects everyone - even those with adequate resources worry about future economic uncertainty
• Anxiety and depression are common responses to financial stress, often manifesting in physical symptoms like disrupted sleep and poor eating habits
• "Retail therapy" does release feel-good endorphins but serves as a temporary fix to deeper issues
• Planning purchases rather than emotional spending helps maintain financial control while still enjoying occasional treats
• Childhood experiences shape our adult relationship with money through learned behaviors and attitudes
• Creating shopping lists before entering stores helps prevent impulse purchases driven by emotional needs
• News consumption can trigger financial anxiety - limit exposure to maintain perspective
• Seeking help for financial stress should be normalized just like getting treatment for physical health issues
• Surrounding yourself with financially healthy individuals helps develop better money habits
• Maintaining dignity in financial conversations by keeping the person in the "driver's seat" of their finances
If you're experiencing financial stress, don't suffer in silence. Talk to a financial counselor, mental health professional, or trusted advisor before things snowball out of control. Visit neighborsfcu.org/financial-wellness for more tools to help you build a strong financial future.
Have an idea for a show or a question for Kim? Send us a text message
Welcome to Money Matters, the podcast that focuses on how to use the money you have, make the money you need and save the money you want – brought to you by Neighbors Federal Credit Union.
The information, opinions, and recommendations presented in this Podcast are for general information only and any reliance on the information provided in this Podcast is done at your own risk. This Podcast should not be considered professional advice.
Chapters
1. Introduction to Money Matters (00:00:00)
2. Understanding Financial Stress (00:01:43)
3. Signs of Money-Related Mental Strain (00:05:13)
4. The Emotional Impact of Money (00:07:10)
5. Retail Therapy: Science or Band-Aid? (00:11:28)
6. Childhood Trauma and Money Habits (00:18:43)
7. Breaking Unhealthy Money Patterns (00:22:57)
8. Building a Healthy Money Relationship (00:28:30)
9. Blueprint Building Blocks (00:33:23)
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