Managing Finance and Mental Health

Managing your finances requires consistency—something that can be especially difficult when mental health challenges are involved.

Disclaimer: "This article is intended for educational purposes only and does not constitute financial advice. The content reflects general financial principles and may not apply to your specific circumstances. Always consider your own financial situation and consult with a qualified professional before making financial decisions."

Anxiety, depression, ADHD, or other conditions can make it harder to focus on goals, maintain discipline, and stay on track. But with the right strategies and support, you can build financial habits that work with your mental health, not against it.

🌱 Consistency Over Perfection

When setting a savings goal, it’s tempting to push hard with large, irregular contributions—like throwing $600 at it one fortnight, then nothing for weeks. This approach often backfires. Instead, aim for smaller, consistent steps. For example:

Commit to $100 each week.
Automate transfers to savings so the decision doesn’t rely on willpower.
Celebrate steady progress, no matter how small.

Consistency builds momentum—and momentum is more powerful than short bursts of effort.

🤝 Seeking Support

Mental health struggles can lead to isolation or denial, which makes both life and money management harder. Reaching out is a strength, not a weakness. There are many free and accessible supports available:

Through your GP: Access up to 10 free or subsidised psychologist sessions each year.
Mental Health Line: Call for guidance and referrals in your area.
Financial Counsellors: Free community services that help you organise money, negotiate with creditors, and advocate on your behalf.
Drug & Alcohol Services: Free counselling and support through state health departments.
Online Communities: Peer forums, free online counselling, and even AI tools can provide a safe space to share and get support.

Don’t face finances and mental health alone—help is out there.

🧠 Know Yourself & Plan Ahead

Be realistic about your mental health and build systems around it. If you know some weeks are tougher than others, don’t rely purely on willpower. Instead:

Set schedules: Implement your budget as soon as you’re paid.
Automate payments: Remove decision fatigue by setting direct debits or round-up savings accounts.
Involve others: Share your goals with a counsellor, trusted friend, or support group for accountability.

Planning around your mental health makes financial progress more sustainable..

💙 Self-Care & Balance

One of the hardest parts of managing money with mental health is balancing between over-restricting and over-spending. It’s important to:

Have clear financial goals, but also budget for small joys.
Avoid depriving yourself completely—this often leads to burnout or blowouts.
Invest in daily habits that support your wellbeing:
- Drink enough water.
- Eat nourishing foods.
- Move your body—whether it’s a walk, stretch, or dance to your favourite music.

These small acts of self-care improve your mindset and make it easier to approach money from a calmer, more empowered place.

✅ Remember: Managing finances and mental health is not about being perfect—it’s about creating a system that supports you through ups and downs. With structure, support, and self-care, you can build both financial stability and emotional resilience

Your First Step

👉 Grab a Budget Planner (or a notebook if that’s all you’ve got).
👉 Write down your next paycheck.
👉 Give every single dollar a job. Not some. All of them.

This isn’t about perfection. It’s about control. And once you feel it, you won’t want to go back.

🔥 The Fiscal Phoenix Challenge
For one week, track every dollar you spend. At the end, circle the ones you wouldn’t want to explain to your future self sitting in a paid-off home. Those are the sparks you let escape. Catch them, and watch the flame grow.

THE FISCAL PHOENIX