Explore how nurturing your well-being through emotional healing can lead to greater strength, wisdom, and resilience in the aftermath of a financial setback.
Experiencing a financial setback can be emotionally devastating. It can lead to feelings of stress, anxiety, and even shame. However, rebuilding your emotional and mental wellbeing is just as important as recovering financially.
In this article, we will explore the need to prioritise emotional healing after a financial setback and provide safe and effective tips to help you navigate this challenging journey.
The ASIC and Beyond Blue’s 2022 Report
A financial setback can have a significant impact on mental health. It has the potential to result in elevated stress levels, heightened anxiety, and even the onset of depression. Prioritising your emotional wellbeing is necessary to prevent these feelings from overwhelming you and affecting other areas of your life.
In 2022, the ASIC collaborated with Beyond Blue to write the Money and Mental Health Social Research Report, which validated previous anecdotal material about mental health issues encountered during periods of financial turmoil.
The study revealed that people with mental health problems weakened their capability to resolve financial problems, and it only got worse unless positive relationships and access to money were made easier.
It’s normal to experience a range of emotions after a financial setback. Allow yourself to feel these emotions without judgement or self-blame. Recognise that it’s a natural response to a challenging situation.
Safe Tips for Emotional Healing after a Financial Setback
There are several strategies you can employ to help with your emotional healing. Remember to give yourself time and space to heal, and seeking professional help if your emotions become overwhelming is always a good option.
Seek Support
Reach out to trusted friends, family members, or a support group to share your feelings and concerns. Having a support network can provide validation, empathy, and guidance during difficult times. If needed, consider seeking professional help from a therapist or counsellor who specialises in financial issues.
Practice Self-Compassion
Be kind and compassionate towards yourself. Avoid self-blame or negative self-talk. Remind yourself that a financial setback does not define your worth or character. Treat yourself with the same kindness you would offer to a loved one going through a similar situation.
Focus on What You Can Control
A financial setback can leave you feeling helpless and overwhelmed. Rather than dwelling on the things you cannot change, redirect your attention towards the aspects you have the power to control. Set small, achievable goals that will help you regain a sense of agency and progress.
Create a Financial Recovery Plan
Develop a realistic plan to recover from a financial setback. Break it down into actionable steps and milestones. Having a structured plan can reduce anxiety and provide a roadmap for rebuilding your financial stability.
Practice Mindfulness and Stress Management
Engage in mindfulness techniques such as deep breathing, meditation, or yoga to calm your mind and reduce stress. Take care of your physical health by maintaining a balanced diet, regular exercise, and sufficient sleep. These practices can improve your overall wellbeing and resilience.
Focus on Gratitude
Develop a mindset of gratitude through consistent recognition and valuing of the positive aspects of your life. It can help shift your perspective and foster resilience during challenging times. Keep a gratitude journal or make it a habit to share something you’re grateful for each day.
Engage in Self-Care
Take time to engage in activities that bring you happiness and a sense of relaxation. Engage in hobbies, spend time in nature, or pamper yourself with self-care practices like taking a bath or indulging in a favourite hobby. Investing in self-care activities can help rejuvenate your spirit and provide a sense of normalcy.
Set Realistic Expectations
Understand that rebuilding from a financial setback takes time. Practice self-patience and establish achievable expectations for yourself. Celebrate small victories during your journey to enhance your confidence and keep your motivation high. Focus on progress rather than perfection.
Educate Yourself
Enhance your financial literacy by learning about budgeting, investment strategies, and personal finance management. Empower yourself with knowledge to make logical decisions and regain a sense of control over your financial future.
Celebrate Your Strength and Resilience
Recognise the strength and resilience you have demonstrated in navigating through the financial setback. Celebrate your ability to adapt and grow despite the challenges. Remind yourself that you have the inner strength to overcome obstacles and rebuild your life.
Bottom Line
Experiencing a financial setback can be a challenging and emotionally draining journey. However, prioritising your emotional and mental wellbeing can help you navigate through this difficult time with resilience and strength. Seize this moment as a chance to gain insights and develop through your experiences.
DISCLAIMER: This article is for informational purposes only. QUICKLE has no relationships with any company or individual mentioned in the article. Please consult a financial advisor and mental health practitioner.
