The Effects of Money Mismanagement on Your Financial and Mental Health

Your bank balance is low; your bills are piled high, and so is your anxiety. Here is a truth bomb we all need to hear: managing personal finances is a critical skill to learn in life.

For some people, it's a matter of fulfilling both ‘wants' and ‘needs,' and for others, it's a matter of survival.

Other than being able to keep a roof over your head, here are some reasons why you should care about managing your finances.

Your Health and Wellbeing

Over a thousand U.S. adults were participants in The Mind over Money Study to discuss their feelings about their current financial situations.

One of this report's key findings was that Americans are worried about their financial future.

Your Relationships

Furthermore, financial stress can have a considerable impact on relationships.

According to a survey by The Cashlorette, 48% of American survey respondents who are married or living with someone say they argue over financial matters.

As a result, one of the leading contenders for causing marriages to fail is money-related disagreements.

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