Therapist Explains How Debt Affects your Mental Health

Money management using psychology.

In January of 2020, meaning before the pandemic, CNBC published a study that reported that 41% of families in the US would go into a debt if they incurred a $1000 dollar emergency like a medical bill or auto repair.

The same survey showed that the average cost of an unexpected emergency is $3,500 and roughly 28% of people experienced a financial emergency.

Learn how money and debt affects your mental health in this episode of Not So Scary Sundays.

[nunyobidniz]

4:39 actual wisdom, thanks for posting this

5:02 more wisdom

5:15 this is great stuff

[niebieskimotyl]

Most people are slaves. It takes only small mistake, if someone doesn't have support, to fall into debt. My son turned out to be autistic, he needed constant support, costly therapy, meanwhile, I couldn't work, marriage fell apart, my parents died and we're in debt, even though we had savings.

[WLSN_D]

I don’t know who will read this, but I’ll get this off my chest for a bit. My Hispanic Dad is currently in $30k - $40k of credit card debt. He says nothing is working out for him, that he doesn’t know what has happened to him, that he doesn’t know how he got to this, that he doesn’t know what to do, and that he WILL disappear one day once and for all giving us a better life on the way (to which I ask: HOW?!) The relationship between my mother and him has clearly been destroyed even if they/he tries to hide it (I know why I say it and it’s not because of debt). Worst of all, his drinking has gotten SO MUCH WORSE claiming that it’s the only thing that “helps” him. I pray to God for the best for my Dad and my entire family; but if there is someone out there who can help us one way or another…..please.

[phoenixrising]

I just found this channel 2 yrs after your initial posting. And economy is significantly worse. Not a millennial and still found this wisdom super helpful. Thank you for sharing! Keep up the great work. I'm not sure how I tripped on this channel but found it helpful enough on this video to subscribe!

[abovethemiddle]

Such an important video. I must admit money is a big stressor in my life but I am trying to get more comfortable with my current financial situation. Thanks for this.

[Sargeantize]

This doesn't do anything for people making 30 to 50k per year

[TylerSinden]

Really good topic here! My one friend always stressed out because he "didn't have any money." He had no debt, but he had a lot of money in investments and savings, the issue was he had no cash and the amount of stress that caused him was wild.

Also, journaling your spending is a great tactic. Lets you know exactly where you're spending your money and on what and helps you be more mindful of your purchases.

[donterranove]

Thanks -- used this in my econ class at a HS in Calif. Financial literacy unit. We had a terrific discussion too.

[nazemabdelfattah]

Great video, I learned a few things. I am a family medicine physician and never heard a talk on the psychological effects of finance and debt until your video.

[sarahdloveskittens]

I love this so much Alexa! 💗 I really love the point about redefining happiness. I always try and be mindful before making an impulse purchase and decide if buying the item will truly make me happier and improve my life. There are so many temptations out there, but it's a great feeling when you can say no to junk and meet your savings goals! 😊

[PakhtunBae]

This videos helped me alot thank you ❤

[moneyversefin]

Great stuff!! Took lots of notes 🗒
Thank you!

[nickyassimos]

Great video! Keep up the great content!

[matthewscott]

I wish I had someone like you in my life

[leeboriack]

Great talk, well done!
Millennials got a raw deal, raised in an affluent age, where growing up striving was erased. Add largest number of unprecedented of single parent homes. Plus the uncharted hazards of internet social media.

[Angeladada]

Super interesting! Thanks for sharing 🥰 - Angeladada xx

[kingjoseph]

Ive been close to calling it quits lately

[jenferris]

Every dime i get goes to bills ..so this was NOT helpful

[gabrielcuillier]

Another great video. Thanks for sharing!!

[clothandleather]

And on that note. You owe me $120 now for our 1 hour session. Oh? You came to therapy because of depression due to financial instability? Sorry, i need to get the next years worth of battle passes. See you next week! 😃