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How depression affects the way you are spending money

Last updated :
March 10, 2024
/

minutes read

Indians are becoming more and more aware of mental health, which is a great thing.

Depression is the most common mental health condition that affects millions of Indians. It is characterised by feelings of sadness, hopelessness, and a lack of interest in activities that were once enjoyable. This can lead to a variety of physical and emotional symptoms, such as fatigue, difficulty sleeping, and loss of appetite.

One of the most common symptoms of depression is a change in spending habits.

Many of us who are depressed may find ourselves spending more money than we normally would, often on things we do not need or cannot afford.

This can lead to financial stress, which can make our feelings of hopelessness and helplessness even worse.

There are a number of reasons why people with depression may spend more money. Some may turn to shopping as a way to cope with negative feelings, using it as a form of self-medication. Others may find that they have less control over their spending habits when they are feeling down, leading them to make impulsive purchases.

One of the most dangerous aspects of this kind of spending is that it can quickly spiral out of control, leading to debt and financial ruin.

This can be especially difficult for people who are already struggling with depression, as it can further exacerbate feelings of hopelessness and helplessness.

How to get help

It is important to recognise the signs of depression-related spending and take steps to address it. One of the most effective ways to do this is to seek professional help. A therapist or counselor can work with you to understand the underlying causes of your depression and develop strategies for managing it.

There are also a number of things you can do on your own to help manage depression-related spending. One of the most effective is to set limits on your spending and stick to them. This can be difficult, especially if you are feeling down, but it is essential to keeping your finances in check.

Hubble Money is a great way to keep your spending money in a place where it grows, but also helps you manage your spending effectively.

Another effective strategy is to find healthier ways to cope with negative feelings. This might include engaging in regular exercise, spending time with friends and family, or pursuing a hobby or interest. These activities can help take your mind off of negative thoughts and feelings, making it less likely that you will turn to spending as a form of self-medication.

It is also important to be mindful of the things you are buying. Try to limit unnecessary purchases and focus on buying things that you truly need. Additionally, try to practice mindfulness when you shop, paying attention to your thoughts and feelings. This can help you to recognize when you are about to make an impulse purchase and take steps to stop yourself before it’s too late.

Finally, if you find that you are struggling to manage your depression-related spending, it may be helpful to talk to a financial professional. They can help you to create a budget and develop strategies for managing your money in a way that is healthy and sustainable.

Depression is a condition that can have a significant impact on your life. However, with the right support and strategies, it is possible to manage the symptoms and regain control over your spending. By seeking professional help, setting limits on your spending, and finding healthier ways to cope with negative feelings, you can take steps to improve your mental and financial well-being.

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Shuaib Azam
Shuaib is a Marketing & Growth lead at Hubble. When he isn't working on growth initiatives, Shuaib writes fiction and doodles space monkeys.

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