Singaporeans take financial matters seriously. Still, there is more to life than just crunching numbers and obsessing over your bank balance. We are talking about your mental state. Many studies have shown that money affects mental health and vice versa.
Sure, your credit report and paycheck are lifelines these days. But what about your feelings on the inside? People sometimes get so caught up with their financial situation that they forget mental health is equally essential in managing debt. It is not ideal to lose your marbles over money!
Why your mental health matters as a borrower
When your worries feel like they will drown you at any given time, you may make decisions without really thinking things through. Or, when you are so paralyzed by anxiety, you cannot make any decisions at all. Either way, you may be setting yourself up for a financial faceplant that will leave you seeing stars.
And here is the kicker: your mental state can mess with your credit score without you even realizing it. When you are feeling down in the dumps or anxious as hell, you might forget to pay your bills on time, or worse, ignore them completely. Before you know it, your credit score has taken a nosedive, and good luck trying to borrow money in the future.
You are also like a walking target for scammers and fraudsters during your most vulnerable time. They can smell vulnerability from a mile away when you are not feeling your best, and they will be all over you like flies. They exploit your emotions by promising quick fixes to your money woes. If you are already struggling, you might just fall for their tricks.
It also does not help that a stigma around money-related mental troubles in Singapore, or anywhere else in the world, still exists. It feels like everyone expects you to have it all together, all the time. This societal pressure pushes people, especially the vulnerable ones, to clam up and try to deal with everything on their own. In the end, they might feel even worse. It is a vicious cycle.
What you can do instead
Many borrowers have successfully dealt with their mental health issues and borrowing money. If they can keep their heads above water, so do you!
First things first, help is always there for those who seek it. If you feel like you're mentally struggling, get some professional help. There is no shame in taking care of your mental health. It's not a sign of weakness but of strength, as you are taking control of your life.
While you are at it, have a chat with your lender, whether it's Prosper Credit or another lender. They might be able to help you figure out a payment plan that benefits the both of you.
Next up, set up a budget. Compare what you earn with what you spend. It will help you avoid those impulse buys that seem like a good idea at 2 AM when you are scrolling through online shopping apps. Take as much time as you need to weigh your options and make decisions that will not come back to bite you in the behind.
Lastly, do not try to go it alone. Call your loved ones or a professional. Sometimes, just getting things off your chest can make you feel a whole lot better.
Conclusion
There are probably thousands of Singaporeans right now staring at their bank statements and feeling like they are in over their heads. You're probably one of them. But if you take care of your mental health, you will be in a much better position to handle whatever financial curveballs life throws your way.
