This is an excerpt from my upcoming book, We Get Better: 48 Treatment Options for Chronic Depression.
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Treatment option 18: Maintaining financial stability
Financial stability means many things to many people. However, positive psychology research clearly shows that people living above the poverty line are significantly happier than people who live under it, while wealthy people are only marginally happier than middle class folks. For optimal mental health, then, getting your needs met–not continually wanting more–should be the goal.
In Happy Money: The Science of Smarter Spending, authors Elizabeth Dunn and Michael Norton explore the ways we can use our money to increase our happiness and well-being. They argue that while money can bring happiness, it’s not just about how much money you have, but how you spend it. They offer five principles for spending money in ways that increase happiness, including buying experiences instead of things; buying time; investing in others; paying now and consuming later; and designing your environment. The authors also explore the limitations of money in terms of increasing happiness and the importance of non-monetary factors, such as strong relationships and a sense of purpose, in fostering well-being.
Two other personal finance books that I recommend are Dollars and Sense: How We Misthink Money and How to Spend Smarter by Dan Ariely and Jeff Kreisler, as well as the classic Rich Dad, Poor Dad: What the Rich Teach Their Kids About Money That the Poor and Middle Class Do Not! by Robert Kiyosaki. The latter discusses investing, while the former coaches the reader through spending traps they do best to avoid.
If desired, add “maintaining financial stability” to your depression treatment plan. Then consider specific ways to improve your finances, such as creating a budget, and write them on your short-term and/or long-term to-do list.
