Beat money depression with 7 amazing tips

When you face downfall due to money problems, it can be dangerous for your mental health, physical health, and even for your family. But listening to this might give you peace of mind that you aren’t alone.


If you’re depressed about money and want to turn the table with a positive approach, here are some options to brighten your mind.


1. Reviewing the past

If you are depressed with your finances, a good first step might be reviewing your past. Look at your past income flow and how much you have spent. Review how much you have borrowed and how much you still owe to creditors. Evaluate your assets and check if they are still worthy of being called assets or if they have now become a liability.


You need to find the issue if you want to beat money depression. Most of the time, people become depressed because they can’t find the real issue that causes depression. A change of perspective may solve your problem. It might happen that the financial issue you’re facing might be totally out of your hands. For example, financial downfall during the economic recession.


2. Stay active like other happy people

It is the easiest way of recovering from money depression as per my knowledge. Instead of being depressed, keep yourself active. Go out with friends, do whatever you want to do. This might help you to distract yourself from the problems.


Doing this constantly can make you happy. It’s called the ‘fake-it-till-you-make-it approach’ for fighting money depression.


Keep yourself away from alcohol and drugs. You need sufficient sleep at night, but too much sleep is also harmful to you. If you sleep for more than 7 hours a day, try to wake up early. Do exercises regularly and drink lots of water. It will increase positivity in your body and mind. Initially, you’ll find it difficult to cope up with these habits, but soon you’ll get positive results and start recovering from money depression.


3. Take the required actions

You’ll have to decide what your next step will be. To handle money depression, would you increase your income? Retirees might consider the idea of generating income, less spending, and more savings once again. You can try whatever you like to start paying off some of your debts.


One practical step to deal with money depression is reviewing your monthly bills. Checking your monthly bills may give you the purpose of what you must take care of in the first place.


Trust me, paying off your debts, no matter how small it is, can make you feel relieved and happy.


4. Volunteer yourself for charity

Barbara Neitlich, a licensed clinical social worker and psychotherapist working in Los Angeles, suggested, “The act of volunteering or helping someone has a chemical effect on the brain and will often raise your spirits.”


Research reveals, people who volunteered weekly for charities, were 16% more likely to be “very happy.”


Through volunteering, you can meet new people and make new connections.


Lisa Kindel, a multimedia freelance consultant in Frankfort, Kentucky, explained, “When I’m feeling insecure, unsuccessful, I go sit at the info desk at my local farmers market to talk about local foods, produce, weather, recipes… Talking to other people about food and recipes can pick me up because I’m not dwelling on what’s wrong with me that day.”


5. Focus on controlling your budget

You should be focusing on maintaining your current budget plan. Free websites like might come in handy to assess your income and expenses. Prepare a plan to beat your money depression. Improve your finances by maintaining a solid budget. You must also seek out new income streams.


Brad Klontz, PsyD, a financial psychologist based in Hawaii, has explained, “Do an honest assessment of what you need because there’s very little correlation between things and happiness.”


6. Get mortgage counseling

In 2010, about 2.9 million U.S. homeowners got foreclosure notices. Make sure you do not become a part of a similar record in 2020.


If you’re behind on your mortgage payments, seek free help from mortgage counselors approved by the Department of Housing and Urban Development (HUD). Craig E. Pollack, MD, assistant professor of medicine at Johns Hopkins University in Baltimore, also suggests the same.


7. Create a temporary plan and deal with money depression

Practically, you need to find out how you will make payments of your bills and handle finances while dealing with money depression. If you are broke and have no income, you may consider taking a job to earn dollars.


If you can’t engage yourself in a job, then you may ask for help from your family to lend you funds. This way you won’t have to worry about the interest. You may even opt for a low-interest personal loan. You may even take out a loan from 401(k). But try to avoid it considering your retirement funds.


If you are still having financial issues like debt (credit card bills, payday loans, etc.) and can’t find a way out, take help from professionals in the industry.



“One reason people can find themselves down about money problems is that they don’t know how to solve them.” – Colin Drake, entrepreneur, California.


You may take help from a financial planner as per your affordability. You might also need a therapist. Your health insurance does not cover any illness due to your money depression.


Talk to your friend or a family member. If you’re truly financially depressed, your dear ones may join you in fighting money depression.