Stressed about the high financial cost of mental health? Struggling in trying to save up some of that cost?

The financial cost associated with mental health is quite high as it involves therapy, medication, change in diet, and others. You would have surely thought on whether you can reduce your spending on it while still getting adequate help.

There are a couple of financial tips that you can use to reduce that cost and possibly also improve your finances. Read more about them below.

Tip #1: Procuring Affordable Counselling/Therapy Sessions

Going to a therapist or psychiatrist session for help could cost a lot to your finances. Some of them could cost as much as RM200 to RM500, depending on their effectiveness and technical expertise. These costs will be unsustainable for most of you who need to pay for other things like housing, car, groceries, and others.

Hence, a good way to reduce your cost in this would be to go for a cheaper alternative counselling session such as the ones listed below:

  • Unit Pakar Kesejahteraan Psikologi dan Kaunselling, University Kebangsaan Malaysia: RM100 for one session. Free of charge with trainees.
  • University Malaya Medical Centre: RM30 for the first session, RM15 for follow ups. Conducted by a doctor but need a referral letter.
  • Centre of Psychological and Counselling, HELP University: RM45 for the first session, RM30 for subsequent sessions. Conducted by trainees.
  • People Psychological Solutions: RM60 per session with trainees.

Take note that even if these sessions are more affordable, most of them are conducted by trainees and you shouldn’t have too high of an expectation. However, what is important is that you find someone to talk to.

Tip #2: Buying Medication from Government Hospitals

It is well known that buying medications from private hospitals is expensive. Some would rather take a prescription note from the private hospitals after their consultation and then proceed to procure medicines from pharmacies instead where prices are lower by about 20% to 150%.

If you find that paying for medication from the private sector is burning a hole through your finances, you can consider buying them from government hospitals. Most of the cost of healthcare and medicine is covered by the government so you only pay the subsidised prices of the medicine that you need.

However, logistically, there is a little hassle involved as you would need to first obtain a referral and prescription letter from the government doctors to buy the medicines you need for your mental health. Take the first step by visiting your local health clinic (klinik kesihatan), community clinic (klinik komuniti), or government hospital (hospital kerajaan).

Tip #3: Make Use of Other Free Mental Health Resources

This doesn’t just involve therapy sessions but other resources such as telephone counselling, mental health app, podcasts, and videos.

Specifically, you should know that Befrienders runs a free and confidential hotline where you can just call in whenever you are feeling lonely, anxious or have other mental health problems. Befriending is a confidential, non-judgmental emotional support that allows a caller to express his or her fears, worries, and feelings to someone trained to listen empathetically. The following links list their contacts:

If you want something different, you can also download mental health apps on your phone to monitor your mood and thinking, and take suggestions on how to improve your condition.

Furthermore, there are many online resources out there in the form of podcasts and videos that help detail what you need to know about mental health, how to tell whether you are having one, and ways of overcoming them.

Be aware that what works for others might not work for you. Have faith; you will find the right balance of support.

Tip #4: Meeting Up With (Trusted) Friends

Rather than spending a lot of money on therapy sessions and medications, you can opt to meet up more frequently with your friends. This article advocates that you seek help but if you are really tight on finances, talking to your friends about your problems is the best alternative.

It is best to identify which among your friends are a positive influence before you reach out to them.

You will only incur the cost of having a meal or coffee, and your mood generally gets better when you spend time talking to your friends. Even if you are in therapy or medication, talking to a friend still does wonders for your mental health. Spend that time talking about your innermost fears and thoughts like how you will do in a therapy session because your friends won’t normally judge you.

Other than that, spend time talking to your family also about your mental health. While there are some generational differences and interpretations on mental health between your parents and you, it is always best, to be honest, and talk about it rather than suppress it.

Tip #5: Consult a Licensed Financial Advisor

Having mental health problems does come with its own financial costs. It is difficult enough that you are up to your neck in debts for your house, car and other things. Needing to pay for other costs associated with your mental health could ruin your finances in the short term.

Hence, you can consult a licensed financial advisor to help manage your finances around everything. Agensi Kaunseling Dan Pengurusan Kredit (AKPK) does offer free financial advisory services to you to help you take control of your financial situation.

If anything, not getting a hold on your finances worsens your mental health conditions and this will be a vicious cycle as it will in turn affect your finances more also.

Tip #6: Join a Social Group

This might be similar to tip #4 but it differs vastly in its intentions and philosophy. Meeting a friend to talk to is considered an everyday thing to do and doesn’t necessarily mean that you need to talk about your issues or problems. Joining a social group is more similar to how Alcoholic Anonymous functions, just that it’s for mental health issues.

The effects of having a social group that comes together to talk about their mental health problems and issues on a regular basis should not be underestimated. It gives you the perception and reality that it is not just you that suffers from them, but many people out there too.

Just search up support groups for mental health, or through Facebook and you can join or organise one. The only hit to your finance might be the venue cost, but you can always organise one in any cafes.

Tip #7: Do Freelancing or Volunteer Work

This might seem conterintutive but do something else outside of your work or life. Remember that freelance gig of tutoring students you wanted to do? You can take it up now to relieve some of the stress and mental health that you have now.

It could be the case that you just need to be doing something different, to realise that life is more than just one particular thing or you needed an outside perspective. Doing freelance work expands your viewpoint and also contributes to your finances in the meantime which helps you ease your worry about it.

Volunteer work changes your perspective in that you are now doing something not for yourself but for other people. It might seem counterintutive but when you do things for other people, you are actually helping yourself also in the meantime. Rather than constantly thinking about your own mental health problems, your perspective is changed when you are not just thinking about yourself but for other as well. That helps with contextualising your situation better in the bigger picture.

Conclusion

If you are stressed about the financial cost of mental health, there are multiple financial tips that you can take to help ease the financial burden. Most importantly, these things require you to be brave and proactive which helps with the feeling of helplessness that you sometimes encounter. Remember, the best result is when you try your best.

 

Let us know in the comments below what other financial tips you have!

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