Behavioral Health Articles
Money Blues Can Affect Anyone
by Barb Henza
Given the record number of bankruptcies in the United States one would think that having financial difficulties is no longer a major issue for individuals and families. The impression is that the stigma once associated with experiencing financial difficulties in your personal life is largely a thing of the past. While that may be true for some, for many others having financial problems can lead to job loss, divorce and depression. A recent survey by Myvesta.org, a financial crisis and treatment center, found that for a significant number of their clients, debt equals depression.
No one consciously sets out to create a situation where their bills are out of control. In many cases the problems are triggered by events that they have little control over, such as a job loss, major illness or family disruption. The situation may seem manageable at first but as time goes the situation spirals out of control. Problems, such as increased absenteeism, reduced productivity and conflicts with co-workers and managers, may start to appear at work, putting the consumer’s job at risk and increasing their level of stress. It can be a vicious cycle: financial problems leading to job problems which in turn lead to even more financial problems.
Individuals dealing with financial problems frequently will experience feelings of helplessness, self blame, hopelessness and isolation. It may seem like they are the only ones who can’t handle their finances effectively. They look around and it appears that everybody else they know is able to have the things they want and still pay their bills on time. They ask themselves “What am I doing wrong?” or “What’s wrong with me?” They may not know what steps they should take to start to work out a solution and begin to feel helpless in the face of their mounting financial problems. As their difficulties continue, the emotional strain they are under can make it difficult to develop a plan or take the actions needed to make the situation better. As a result they may begin to believe that their situation is hopeless and stop trying to find a solution.
While we may have become more open as a society on many topics, discussing financial matters remains a forbidden subject for many. There is an assumption that if you are capable of earning money you should automatically be able to manage it effectively also, in spite of the fact that most adults have learned how to handle their money by trial and error. Many consumers who are having financial difficulties hesitate to confide in family or friends or to seek outside assistance. They may be embarrassed by their situation and see the need to ask for assistance as a personal failure. For some there is the fear that if they do tell someone they are having problems dealing with their finances they will be criticized or judged by the person they are confiding in. If that person is a family member or friend they may be afraid that by telling them about their money problems that person will see them differently and as a result treat them differently in the future.
It may be difficult to do but for individuals and households experiencing financial problems opening up to someone about their situation is one of the best things they can do. There are organizations that will help them work through their financial difficulties to find a workable solution in a neutral setting. Cornell Cooperative Extension of Cortland County offers a free Family Budget Education Program which provides one-on-one assistance to consumers facing financial difficulties, call (607) 753-5077 for more information. Many consumers who have faced financial difficulties have found that discussing their situation and identifying a plan of action replaces their feeling of helplessness with one of “I can work through this and come out stronger in the end.”
Barb Henza is Program Educator for Financial and Consumer Education at Cornell Cooperative Extension of Cortland County.