A Practical Guide to Money and Mental Health in Colorado

Charlene Laney |

Colorado mountains - money and mental health colorado

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Do you ever lie awake at night unable to stop your mind from cycling through countless financial worries? Whether it's fear of the tax season or concerns about retirement savings, this scenario is far too common for most of us. The unspoken connection between money and mental health is a pressing issue in present-day Colorado and beyond. Financial stress is an unwelcome visitor in the lives of many Coloradans, causing varying degrees of anxiety, depression, and sleep disruption, irrespective of their income bracket. Research indicates that 42% of people report that money negatively impacts their mental health.

Understanding the Connection Between Money and Mental Health

In the state of Colorado, mental health is a frequently discussed topic. However, the link between money and mental health, especially within the context of Colorado's unique mountain lifestyle and economic landscape, is largely underemphasized. The truth is that the stress of managing finances can often add a substantial burden on the mental health of residents within the Centennial State, whose income often does not keep pace with a high cost of living.

The Importance of Addressing Financial Stress for Mental Well-being

At NewMaker Financial, we firmly believe that addressing financial stress is a critical aspect of overall mental well-being. For instance, expected and unexpected life transitions such as job loss, death of a loved one or divorce can trigger mental health issues due to the financial implications involved. As a state, Colorado provides various resources to individuals with mental health needs including community mental health centers. However, the need for financial education, planning and support during these pivotal moments is as important.

Colorado's Mental Health Resources Community Mental Health centers, 988 crisis hotline
Life Transitions Leading to Financial Stress Divorce, job loss, death of a loved one
Essential Tools to Cope Financial planning and education, therapy, community resources

Infographic describing the link between income, financial stress, and mental health in Colorado residents - money and mental health colorado infographic 3_stage_pyramid

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The Impact of Financial Stress on Mental Health

In Colorado, as in other places, the pressures of financial worries can exert a significant toll on one's mental health. The strain of trying to make ends meet, dealing with debts, or facing an uncertain financial future can result in an array of mental health issues, ranging from mild stress to severe anxiety and depression.

How Financial Stress Contributes to Anxiety and Depression

Financial stress is a potent catalyst for mental health disorders. Anxiety and depression, in particular, are often closely linked with financial difficulties. According to our research, 42% of people report that money negatively impacts their mental health, leading to increased levels of stress, worry, and anxiety. This statistic is even higher among millennials and Gen Xers, with 48% and 46% respectively reporting significant financial anxiety.

Financial worries can act as a chronic stressor, eroding mental health over time and potentially impacting one's well-being later in life. This persistent strain can lead to a higher risk of developing mental health disorders, with symptoms often including difficulty sleeping, mood swings, feelings of anger or fear, and fatigue.

The Cycle of Money Worries and Mental Health Issues

The relationship between money and mental health can often become a vicious cycle. Financial stress can exacerbate mental health conditions, making it even harder to manage finances effectively. This, in turn, leads to further financial stress - and so the cycle continues.

For example, someone dealing with anxiety might struggle to maintain steady employment, leading to financial instability. This financial instability can then intensify their anxiety, creating a reinforcing cycle of worry and instability.

The Effect of Financial Stress on Sleep and Overall Health

Financial stress doesn't just impact mental health - it can also have a profound effect on physical health and overall well-being. One of the most common symptoms of financial stress is disrupted sleep, as money worries keep people awake at night. Over time, chronic sleep deprivation can lead to a range of health issues, including cardiovascular disease, diabetes, and weakened immune function.

In more severe cases, financial stress can even lead to withdrawal from social activities, further exacerbating feelings of isolation and depression. It's clear that the effects of financial stress reach far beyond the wallet, impacting every aspect of health and well-being.

At NewMaker Financial, we understand the profound impact that financial stress can have on both your mental and physical health. We believe that addressing one's financial situation and the emotions surrounding it is a crucial aspect of managing financial stress and supporting mental health. In the following sections, we'll provide strategies for managing financial stress to improve mental health and overall well-being for those dealing with money and mental health challenges in Colorado.

Navigating Mental Health Challenges in Colorado

In Colorado, dealing with mental health challenges can seem daunting, especially when you're also facing financial stress. To help you better understand the resources and laws in place, we'll delve into the mental health hold law in Colorado, the role of community mental health centers, and how the state is addressing mental health issues.

Understanding Colorado's Mental Health Hold Law

In Colorado, the mental health hold law, often referred to as an "M-1 Hold," is designed to protect individuals who pose an imminent danger to themselves or others, or are gravely disabled due to a mental health condition. This statute allows for a civil commitment hold for involuntary treatment, ensuring that those in critical need of mental health services receive the necessary care. This law is part of the larger network of safeguards in place to support individuals navigating the challenges of mental health in Colorado.

The Role of Community Mental Health Centers in Colorado

Community Mental Health Centers (CMHCs) play a significant role in providing mental health treatment services to individuals and families who are low income or not covered by insurance throughout Colorado. These centers are often contracted by the Behavioral Health Administration, a testament to Colorado's commitment to addressing mental health needs across the state. CMHCs provide accessible and affordable mental health services, offering a lifeline to those in the community who may otherwise struggle to find the help they need.

How Colorado is Addressing Mental Health Issues

Colorado is taking significant steps to streamline mental health services and make them more accessible. An example of this is the newly signed law establishing a Behavioral Health Administration. This body is tasked with integrating and overseeing the state’s behavioral health resources, making it easier for individuals and families to navigate the system, find care, and file complaints about issues they encounter.

The ultimate goal of these changes is to provide more direct access to care and services for those who need them, making effective mental health treatment more readily available across Colorado. In the words of Vincent Atchity, from Mental Health Colorado, "That consolidation should help provide more direct access to care and services for the people who need them."

At NewMaker Financial, we understand the interconnectedness of mental health and financial well-being. As we navigate the complexities of money and mental health in Colorado, we're here to offer support not only through financial planning but also by providing guidance on how to access these valuable mental health resources.

Financial Planning as a Tool for Mental Health

In our work at NewMaker Financial, we have seen the profound impact financial planning can have on mental health. When you're feeling financially secure, it's easier to sleep at night, feel less anxious, and have more energy for other aspects of your life. Conversely, financial stress can contribute to a variety of mental health issues, including anxiety and depression. In this section, we'll delve into the role of financial planning in reducing stress, how a holistic approach to financial planning can improve mental health, and the importance of financial education for mental health.

The Role of Financial Planning in Reducing Stress

Financial planning is a powerful tool in managing financial stress. A well-planned budget can provide a clear picture of where your money is going, helping you avoid overspending and save more. This level of control can alleviate worries about money and pave the way for improved mental health. One practical step you can take is setting a budget. This helps you track your spending and make sure you're living within your means. Another strategy is automating your finances. By automating bill payments and savings, you can reduce the stress of managing multiple payments and ensure your bills are paid on time.

How Holistic Vision Planning Can Improve Mental Health

At NewMaker Financial, we believe in a holistic approach to financial planning. This means we take into account all aspects of your financial life, providing a comprehensive roadmap for your financial journey. This approach can help you feel more in control of your finances, reducing stress and improving your mental health. A holistic approach also considers your core values and personal goals. By aligning your spending with what truly brings you joy, you can foster a healthier relationship with money and improve your overall well-being.

The Importance of Financial Education for Mental Health

Knowledge is power, and this is especially true when it comes to money and mental health. Understanding the basics of personal finance can empower you to make informed decisions, reducing financial stress and contributing to mental well-being. At NewMaker Financial, we're committed to promoting financial literacy. We provide educational resources and personalized guidance, helping our clients navigate the complexities of personal finance with confidence.

In the next section, we'll offer practical steps you can take to improve your financial and mental health in Colorado. These steps include creating a financial plan to alleviate money worries, seeking professional help, and utilizing Colorado's mental health resources. By taking a proactive approach to managing your finances, you can take an important step towards improving your mental health.

Practical Steps to Improve Your Financial and Mental Health in Colorado

Addressing financial stress and mental health concerns might feel overwhelming, especially when you're navigating a major life transition. However, there are practical steps you can take to begin improving your circumstances right here in Colorado. These steps include creating a financial plan to alleviate money worries, seeking professional help, and making use of Colorado's mental health resources.

Creating a Financial Plan to Alleviate Money Worries

A well-crafted financial plan can serve as a powerful tool for alleviating money-related stress and improving your mental health. When you're aware of your financial position and have a plan for the future, you're better equipped to manage the anxiety and uncertainty that often accompany financial stress.

At NewMaker Financial, we believe that money should serve as a tool that enables you to live a fulfilling life. This means using your money on things and experiences that align with your core values and contribute to your sense of joy and well-being. Research shows that spending on experiences rather than material possessions leads to more immediate happiness.

We can help you create a budget that reflects this philosophy and gives you a sense of control over your financial journey. By working with us, you can feel more confident in your financial decisions, which in turn can significantly reduce stress related to money management.

Seeking Professional Help: Therapists and Financial Planners

Financial stress can significantly impact your mental health, leading to issues like anxiety and depression. If financial stress is causing significant anxiety or impacting your daily life, it may be time to seek professional help.

At NewMaker Financial, we provide a supportive, non-judgmental space to discuss your financial concerns. Our team of financial professionals can offer advice on creating a budget, setting financial goals, and managing money in a way that aligns with your values and lifestyle.

Reaching out for help isn't a sign of weakness, but a sign of strength and commitment to improving your financial well-being and mental health. In addition to financial planners, consider seeking help from therapists who can provide support for depression, anxiety, and other mental health concerns. Online platforms, like BetterHelp, can match you with licensed therapists who can provide support from anywhere.

Utilizing Colorado's Mental Health Resources

Colorado offers a variety of mental health resources that individuals can utilize. The Behavioral Health Administration, for example, contracts with community mental health centers throughout Colorado to provide mental health treatment services to individuals and families who are low income or not covered by insurance.

Moreover, there are numerous organizations that offer free counseling on dealing with financial problems, managing debt, finding work, and claiming benefits or financial assistance.

In times of crisis, the Colorado Crisis Services is available 24/7 and can be reached at 1-844-493-TALK (8255) or by texting “TALK” to 38255.

You're not alone in this journey. By taking practical steps like creating a financial plan, seeking professional help, and utilizing available resources, you can improve both your financial and mental health in Colorado.


The Interplay of Money and Mental Health: A Call to Action

When it comes to money and mental health, Colorado residents must understand the deep interplay between these two aspects of life. Financial stress can trigger mental health issues like anxiety and depression, while mental health issues can cause further financial stress. It's a cycle that can seem difficult to break. However, the good news is that there are practical steps you can take to improve both your financial and mental health.

In this guide, we've seen how financial planning plays a crucial role in reducing stress and improving mental health. By understanding your financial situation, setting realistic goals, and effectively managing your money, you can alleviate your money worries. This, in turn, can help alleviate mental health issues.

The Role of Financial Planning in Promoting Mental Health in Colorado

At NewMaker Financial, we believe that financial wellness is inherently tied to overall well-being. That's why we take a holistic approach to financial planning, which takes into account your entire financial picture and personal circumstances. We aim to simplify the financial planning process and provide you with a clear path forward.

Our goal is to take the burden off your shoulders, helping you navigate the complexities of financial planning, allowing you to focus on healing and processing the emotional aspects of your life transition. By entrusting these tasks to a financial planner, you can preserve your energy for other areas of your life.

We understand that there's no one-size-fits-all approach to managing finance and mental health. It's a personal journey that depends on various factors, including your income, expenses, financial goals, mental health condition, and personal beliefs about money. However, with the right support and resources, you can navigate this journey successfully.

We encourage you to commit to these financial habits, not just as resolutions, but as lifelong practices. We're confident that with these habits in place, you'll be well on your way to achieving your financial goals and securing a prosperous future.

To conclude, the journey towards improved financial and mental health may seem daunting, but remember, you're not alone. With the right tools, resources, and mindset, you can navigate the complex intersection of money and mental health and find a path towards improved financial and mental health.