International Wealth Mentality Month takes place throughout January each year. It reminds you to organize your finances and plan your financial strategy. If you’ve ever experienced financial hardship, you know that the negative emotions that come with it make the problem worse and make things worse. According to her Dr. Ashley Lowe-Simmons, LCSW-C, FSW, a financial therapist, our financial habits certainly affect our mental health, and stress affects how we deal with financial pressures. play a big role. As an expert dedicated to the BIPOC community, she helps minorities improve and maintain their mental and financial health.
“Stress affects the mind and mental health,” says Dr. Rowsimmons. “If you lack the skills to manage that emotional part, dire financial circumstances can put you in survival mode and act desperately.”
Dr. Lowe-Simmons is very passionate about financial literacy and has created games to help people educate themselves and their families about financial behavior in a fun and engaging way. She hopes the game will help people make healthier choices and better manage their financial situation.
“This game is coming soon and is a 2-4 player floor board game that uses human game pieces (think Twister). Children and caregivers can play together and choose and decisions will move your financial life forward or let life knock you out.
We are all trying to create better financial habits this year. Hopefully, we want to stay away from using credit cards, borrowing money, and taking out loans. To tackle this problem, Dr. Lowe-Simmons suggests the following tips.
face to face
“Better avoid. Sometimes you’re in a financial drought and you try to avoid answering calls from debt collectors and people who call you about outstanding balances,” says Rowsimons. says Dr. It is adding to your stress level. Contact the person responsible to see if there is an action plan. Many companies, such as utility companies and phone companies, offer a fixed amount that you can pay each month. You may need to downgrade. Port your phone number. You have to be really creative and strategic when it comes to financial health. “
write down your thoughts and feelings
“Keep a financial journal and write down your feelings about finances. Make a list of who you owe, how much you owe, and the money coming in. It’s very easy, but it’s also very difficult. Sit down. It doesn’t take long to write, it’s just the magnitude of what you put on that piece of paper,” Dr. Rowsimmons continues.
Enlist the help of friends and family who can help you understand the situation better
For those who perceive their financial literacy and skills to be lacking, it may be beneficial to seek help from someone more knowledgeable on this topic.
“I was a single mother for 10 years. My parents never taught me about finances,” says Dr. Rowe Simmons. It was embarrassing. To know that you have a problem and that it’s okay to ask for help, you need to gain that recognition. “
However, she is careful about asking anyone for help. The person you ask for help should be someone you trust, someone who has the knowledge you need to help you, and someone who can empathize with you and your situation.
Teach your children how to make wise money decisions
Once you have acquired financial knowledge, you can pass it on to your family. By giving children the knowledge they need and setting a good example, you can teach them how to make wise and sound financial decisions.
“The big problem is not teaching children the importance of finances and how to develop healthier financial habits and behaviors,” says Dr. Rowsimmons. “A lot of it has to do with social learning. We learn based on what we are exposed to. please do not Watch them do that. If they teach us unhealthy habits, those habits continue into adulthood and trickle down into our relationships with our children in a never-ending cycle.
Develop multiple streams of income
“This is another place where self-awareness comes into play. The Bible says, ‘Stay still and know that I am God.’ Many of us tend to take things into our own hands and act without a plan. But if you take the time to sit still, you’ll find out what you’re good at,” explains Dr. Rowsimmons. simply? ‘ The Bible also says that our gifts make room for us. God gave us the ability to create wealth, so we already have everything we need. We need to take the time to tap into it, and it comes from things like meditation and journaling. ”