We recognize the intersection of financial wellness and mental health as crucial for overall well-being. It’s important to understand that managing money can be stressful and that stress can affect mental health. Conversely, mental health challenges can make it difficult to manage finances effectively. By acknowledging this intersection, we can take steps toward improving both aspects of our well-being.
Fortunately, an increasing number of apps address both aspects, providing users with tools to improve their financial literacy while supporting their mental health. These apps can offer a sense of relief, helping to alleviate the stress and anxiety that often accompany financial and mental health challenges.
Where Mental and Financial Wellness Meet
Financial wellness refers to one’s overall economic health and stability. It encompasses various aspects of personal finance, including budgeting, saving, investing, debt management, and retirement planning. Achieving financial wellness involves:
- Having control over one’s finances
- Being able to meet current financial obligations
- Working towards long-term financial goals
- Alignment with personal values
Financial wellness intertwines with mental wellness in several ways. Stress and anxiety about finances can impact mental health, while financial stability can alleviate stress and promote peace of mind. Financial wellness can also improve relationships, enhance confidence, and increase resilience.
Financial Apps with Mental Wellness Components
Here’s a curated list of some of the best apps that integrate financial wellness with mental health support, helping users achieve holistic well-being:
One Eleven
One Eleven understands that “financial strain has become the biggest roadblock to well-being and happiness in America” and is “on a mission to help one million people maximize their happiness and create a life that they would rate 11/10 through financial wellness.” Through its membership program, users receive personal wealth coaches to help them navigate their financial journey and develop healthy money habits.
Finasana
Finasana combines financial education with wellness, drawing inspiration from the founder’s background in finance and yoga. One of the company’s core values is balance, stating that “our content champions balance and freedom, not numbers.” The website offers access to financial experts, courses, and live webinars to help users invest confidently and take control of their money.
Cleo
Cleo is an AI-powered app designed to improve users’ relationship with money, mainly targeting millennials and Gen Z. It links with existing bank accounts to track spending, create budgets, and suggest savings opportunities. Over time, the app’s algorithm becomes smarter by asking users to review whether purchases align with their values. Users can set the chatbot to “hype” you with encouragement or “roast” your poor choices.
Origin
Origin is a comprehensive financial website designed to empower users with the knowledge and tools needed to make informed decisions about their money. It offers expert articles and guides on investing, budgeting, and retirement planning, as well as interactive tools such as calculators and portfolio trackers. Origin promotes the four Pillars of Holistic Financial Wellness: perspective, understanding, strategy, and support.
You Need a Budget (YNAB)
YNAB is a popular budgeting app that goes beyond tracking expenses and income. It encourages users to assign every dollar a job, helping them prioritize spending and achieve financial goals. YNAB also emphasizes the importance of mindfulness when it comes to money, encouraging users to confront their financial habits and make intentional choices in articles, programs, and challenges.
Empower
Empower, formally Personal Capital, is an investment management app with tools for tracking net worth, retirement planning, and investment portfolios. By promoting long-term financial planning and stability, Personal Capital can reduce anxiety about the future and foster a sense of financial security. It educates about financial health and advocates for mental health.
Calm
Calm, a leading meditation and relaxation app, helps users improve sleep and manage stress and anxiety. Through articles about financial wellness and mindful spending, Calm educates its community about the importance of financial wellness. Integrating Calm into a financial wellness routine can enhance mindfulness around money management and provide a mental reset when experiencing financial stress.
Headspace
Like Calm, Headspace offers guided meditations, mindfulness exercises, and sleep aids to promote mental well-being. By addressing the underlying causes of stress and anxiety, Headspace empowers users to approach financial challenges with a clear and composed mind. They also offer a specific Mindful Money Toolkit and Money on the Mind collection of articles.
These apps offer a blend of practical financial tools and holistic approaches to promote overall financial and mental well-being. They also offer valuable tools and resources to help users manage their finances effectively while addressing the emotional aspects of money management. By using these apps, you can feel empowered and in control of your financial and mental health.
