Debt causes depression

The festive season may just be a contributor to mental stress.

This is according to spokesperson for the South African Depression and Anxiety Group (Sadag), Dessy Tzoneva, who says the festive season could be a taxing time for many people financially, which may trigger mental stress.

“Over the festive season, finances are highlighted as many people go on leave, host family, buy gifts and want to be able to spoil themselves and their loved ones. This has the potential to emphasise financial problems more than at other time of the year.

This was seconded by the executive chairman of the African Bank, Lindiwe Miyambu, who said people did not plan adequately for the festive season which results in overspending and unnecessary debt.

Miyambu said the most effective way of avoiding financial anxiety is through prevention.

Both Miyambu and Tzoneva believe that setting a realistic budget for the holidays and sticking to it, is key.

“Try to keep a broader perspective at this time and remember while the whole world seems consumed by the holidays, they will soon be over,” said Tzoneva.

“Remind yourself of what the festive season is truly about and not what advertising and materialism tell us it should be. We do not have to keep up with the ‘Joneses’. The image that is portrayed on TV is not the reality for many of us who have far humbler, yet love-filled holidays,” she says.

She adds that it can also be a fun challenge to explore cost-free/low-cost activities such as going for a walk in the park, hosting a picnic in the back yard, baking something you’ve never made before and having a board games evening at home.

Financial Depression.

What happens when you find yourself financially depressed?

Miyambu said it’s important to work out a financial plan with someone experienced whom you know and trust.

“Often just having a plan in place makes you feel better and more in control of your finances. You might find that considering a consolidated loan option could be the answer. You could also stop all transactions on your credit card until you have repaid certain debt. Speaking to someone could make all the difference,” she says.

If you continue to feel down or overwhelmed, Tzoneva says Sadag is there to help.

She said Sadag is available 24 hours on its helpline 0800 12 13 14. Alternatively, you can contact 0800 567 567.

“It’s never too late to get on top of your finances. As the festive season kicks off, remember that you have options. Keep it simple, create a budget, manage expectations and get help if you need it,” said Miyambu.