Can depression cause money problems? Can money problems cause depression? Are the problems exclusive?
Cause or Effect?
Many people suffering from depression have money problems. While I’m absolutely positive that the depression may not be the direct effect of problems with finances, there is without a doubt an undeniable correlation. I want to be clear here: I do not speak of depression as a mood, but as a condition. We all get depressed at times, but some of us have a constant state of depression which requires medication and treatment. So can money problems be a cause of this devastating disease, or does the depression come as a result of the financial issues?
Here in the U.S. most of us dread health care expenses. It could be our premiums for insurance, an expensive procedure that may force us out of work, a diagnosis that will drain us financially (that may be fatal) or just lack of any insurance coverage. All of these scenarios can leave us broke and may lead to depression. Health care is expensive no matter how you look at it. If health care costs are one of the financial daggers pointed right at your heart, the best thing to do is surround yourself with friends and family. You do not want to spend even more for medication to help your depression, so keep your loved ones close. They may just save you some cash, even though you will probably never realize it.
Expensive health care could probably be considered both a cause and effect of depression…fortunately, there’s plenty of expensive medication that doctors can prescribe to help you out!
Did you just spend $3500 on a living room set that you know you can not afford? What about that treadmill you bought to get back in shape? Have you ever seen that much dust before on one appliance? Probably not. Some large expenses come with a void the size of the bill you are left with. Spending on large items, whether necessities or wants may just leave you broke and feeling empty inside. Large expenses may be a cause of depression, but also may be an effect…see “binge spending”.
Getting fired or laid off is often a quick road to depression-ville. There is almost nothing that takes more of a toll on your psyche than being told you are not needed or wanted any longer. Unfortunately, this unfortunate and often unexpected event is usually followed by money problems. The ultimate double-whammy. This one can definitely be considered a cause of depression.
Many of us do not make a lot of money (myself included). While I feel as if I do plenty to improve my situation financially, many do not. Being stuck in a “dead end” job or profession may get you down. Some people can get past the low salary and do plenty to improve their financial situation, and some do nothing. Those who do nothing will most definitely feel unfulfilled, and many may suffer from depression sometime in their lives. Low income is one of the easiest fixes in your financial life. It may not seem so, but it is easier than you think. This can be considered a cause of depression, but if this depression is already affecting you, it may stunt your financial growth (especially in the job market).
If you can not take care of your money, it will never take care of you. Poor management of finances can easily lead to depression, along with plenty of headaches for the rest of your life. This one is without doubt a cause of depression. It is only lack of intelligence that will cause you to make poor money decisions, it can not be blamed on depression.
Even though there are only a few choices above that are effects of depression, binge spending may be the worst for your finances. If you are depressed, you may spend money you do not have. Like an alcoholic flocking to booze, or a drug addict falling “off the wagon”, it does not take much for a binge spender to go off the deep end. One aggravating event can send the binge spender to the store to break out the credit card and cause a deeper chasm. One of the worst repercussions of binge spending (other than huge amounts of debt) is the unfulfilled feeling that one gets afterward. Sure, nice things are great. If you are spending money on things you do not need, they are not nice things…they are just things.
Ok, so there are no direct correlations between depression and money problems. I did not actually think I would find any, but I did want to bring to the surface a connection, because (in my opinion) there is one. If you comment on this post, please be sure to comment about what a fool I am for thinking there is any link at all.