Why Saving Money in 2020 is Good for Your Mental Health

Saving Money

If you haven’t been the best with your finances this year, there’s always the next. Saving money has many benefits, not just for your bank account, but for your mental health as well. Whether you’re trying to make some fast money or are looking to stretch your paycheque further, here are some reasons why that’s a smart move. 

It Teaches You Control 

If you are having a hard time saving money, you’re not alone. A quarter of British adults have a hard time saving money, and that isn’t surprising at all. Saving money seems like a lost art, particularly in the times when shopping feels like a form of therapy. 

Retail therapy feels nice, and because you can order anything from anywhere, it’s hard to ignore that voice telling you to buy something you shouldn’t. We aren’t talking about treating yourself on occasion, but rather if you’re someone who is always buying something they don’t need. 

Saving money can teach you self-discipline, and act that many can’t master. 

It Gives You Peace of Mind 

Having extra money in the bank is just reassuring. You never know when disaster can strike. You may blow out a tyre while driving and need to reach into your savings. Or, the landlord may increase your rent and you now have the money to pay it. Even if there isn’t any trouble brewing, having that extra money can be good for your mental health. Whether you work from home or in an office, save money. 

It Makes You Confident 

Confidence goes a long way in this world. From getting a date to a promotion, not everyone has it. Having a sizable amount of money saved up is just one way you can feel more confident about yourself. It’s not the end-all, be-all, but it is a way to get that mental boost you need.

Less Anxiety and Depression

Finally, saving money gives you less anxiety when it’s time to pay your bills, and less depression over not having enough money. Anxiety and depression are more complex than just that, of course, but having a little extra money can help you immensely. 

Tips on Saving 

Here are some tips on how to save more. 

If You Have a Spending Problem, Seek Help

Some people are just bad with money, and then there are those who have an addiction to spending and don’t know when to quit. Sometimes, a mental problem may be the reason for your spending woes, and by receiving professional health, you can find the root cause. Talk to a counsellor or a psychologist and see what they can do for you. 

Open Up a Separate Savings Account 

One reason why we spend too much is because our money is so easily accessible. Our bank account is connected to a debit card, which we use to buy goods with a few clicks. Even if your checking account has a savings account attached to it, you may find yourself pulling from the savings account on occasion to buy something you want.

As they say, don’t put all your eggs in one basket. Open a separate account, maybe at another bank, and just use it to save money. You could put 10 per cent of your cheque into your savings and only touch it in case of an emergency. 

Look At All Your Expenses And Cut Back 

If you find that you’re spending too much, there may be a reason for that. Sometimes, tiny expenses can add up. If you’re eating out all the time, it may cost more than making food at home. Or, you may have too many streaming platforms and you could afford to cut back on one of them. Sometimes, you can look at your expenses and save hundreds, and other times, you may only save a little, but a little does add up. 

With the 2010s coming to a close, look to the 2020s to be your decade of saving. Having more money in the bank can give you a confident future, guaranteed. Of course, don’t wait until next year; do it now. Save a little bit each time, and you’ll be surprised at what you can do. 

Marie Miguel Biography

Marie Miguel has been a writing and research expert for nearly a decade, covering a variety of health- related topics. Currently, she is contributing to the expansion and growth of a free online mental health resource with With an interest and dedication to addressing stigmas associated with mental health, she continues to specifically target subjects related to anxiety and depression.

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