At the end of 2023, the overall inflation of the Western region — which includes Arizona, Idaho, Utah and more — went down 0.1%, according to the Bureau of Labor Statistics. This percentage change is minimal in comparison to the overall rise of 3.6% of inflation seen at the end of 2023.
Noting the rise, the American Psychological Association found 63% of Americans find money to be a significant source of stress in their day-to-day lives. Additionally, a recent analysis from the Brookings Institution found that “economic news has become systemically more negative over time,” adding weight to the stress.
As the beginning of 2024 picks up, how can you boost finances with looming inflation? The Money and Mental Health Policy Institute found that there may be a connection between mental health and money. Here’s how you can start improving your mental health, and coincidentally, financial well-being.
How can you improve your financial wellness?
1. Therapy
Research from Cornell University and Medica Research Institute found that individuals with anxiety and depression are 25% less likely to have retirement savings. Their financial assets can be up to 67% lower than those without mental health challenges.
Tackling bigger mental health challenges, such as anxiety and depression, will likely involve professional help, like therapy. The Washington Post suggests reflecting on personal or family habits and finding financial support in others. Many of these topics can be unpacked and discussed during therapy.
2. Set SMART goals
Specific and measurable goals, also known as SMART goals, were created by George Doran, Arthur Miller and James Cunningham. SMART stands for: specific, measurable, attainable, realistic and timely. Each goal made should hit each or most of these requirements.
Questions to ask, in relation to finances, may include:
- What am I trying to do?
- How can I track my progress?
- Do I have or can I get the tools to reach my goal?
- Is my goal past my current abilities?
- What is my timeline?
In the book “Measure What Matters,” John Doerr notes how good goals inspire and uplift. Being inspired allows individuals to take action and work on their goals.
3. Follow uplifting social media profiles
Social media and its effects on mental health have caused continued discussion across the nation.
Researchers found that individuals who engaged in positive activities on social media improved mental health in five ways: positive relationships and social capital, self-concept, coping, happiness and other aspects such as personal growth.
If you’re on social media, consider finding positive social media accounts, whether they are about money or personal well-being.
4. Develop a vision
After identifying harmful habits, setting goals, receiving professional help or finding uplifting content, develop a vision. How do you want to change?
Whether your vision board is an art piece full of images or an online document, view it often as a reminder of your what you want for the future. The Washington Post found visualizing success could help one manifest their ambitions.