Many people struggle with money management, therefore it is no surprise that money stress directly correlates with mental health problems. If you feel like your current financial outlook negatively impacts your mental health, consider implementing these five important management of your capital tips.

1. Evaluate your spending habits.

Before you do anything else, take a hard look at the personal spending habits. Moreover, sit down with your bank and charge card statements and highlight every single purchase or expense that you've made. Needing to track your expenses doesn't necessarily mean that your money-related issues are your fault. However, this process will help you understand where your money goes each month.

After you've highlighted all your purchases, divide those expenses by their necessity level. Mark your top-priority expenses, such as rent, utility bills, gas, health insurance, food, and scholarship fees in red. Then, examine your expenses, like eating out, shopping, and entertainment. Try to see if there are any places where you can cut back on your spending. Understanding which purchases are necessities will ultimately help you end each month with a little bit of money left over.

2. You shouldn't be afraid to ask for help. 

When there is not enough money to go around, borrowing money from friends and relatives can feel like a daunting experience. If you want to avoid negatively impacting your relationships with friends and family, consider applying for a personal loan. Your individual well-being should always come first, so you shouldn't be afraid to apply for a loan if it will help you erase some of your money stress and improve your cash flow.

3. Exercise self-control.

In today's world of shopping online, it's easy to stock up on unnecessary items.  Rather than buying yet another tube of eye cream you may never use or pair of skinny jeans you'll never wear, learn to plan your expenses. Actually, wait for discounts and special offers if you can. Black Friday is a great time to get everything you want without throwing away too much of your hard-earned income.

4. Save a bit each month.

Saving a bit of cash each month might seem like it's easier in theory, especially if you don't earn a great deal. When you're trying to save, though, you don't need to set aside huge amounts of money each month. Instead, try to save a little bit of each paycheck you earn. The fact is that saving even just a few dollars each month will empower you whenever you buy something with the money it will save you. 

5. When in doubt, consult a professional. 

If you struggle with compulsive spending, you might actually suffer from an undiagnosed mental health condition. Even though this may sound like a stretch, impulsive behaviour can be a symptom of many mental illnesses, including bipolar disorder. If you feel like your spending routine is out of control or notice specific patterns that you just can't seem to shake, reach out to a mental health professional to see if you suffer from a fundamental condition.

If mental health conditions aren’t an issue for you, then talk to a budgeting consultant about your spending habits. A budgeting consultant can display you exactly what you're doing wrong and help you to get your finances back on track. Many schools don't teach personal finance, and if you're in your 20s, it's important to take matters into your own hands before your spending spirals unmanageable.

Many people feel depressed, anxious or ashamed due to their debt, but nothing will improve if you don't take steps to improve your financial situation. So, rather than feeling nervous about your spending habits, follow these five steps to alleviate your money stress.