How to Budget for Mental Health Costs Each Month

Did you know that financial concerns are the leading barrier keeping Americans from seeking mental health support? While it can feel like a problem with no answer, your mental health is too important to leave unchecked—there must be a better way.

Untreated mental health conditions can lead to additional financial burdens, negatively impacting your productivity and overall well-being. Let’s explore practical strategies to include mental health in your monthly budget and give your wellness the attention it deserves.

Breaking Down the Costs
Expenses can differ widely depending on the type of treatment, how often sessions occur, and the specific condition being addressed. Typical costs may include:

• Therapy Sessions: Individual therapy typically ranges from $100 to $250 per session, depending on the therapist. Consider how many sessions you’ll need each month—some may require weekly visits, while others may only need bi-weekly or monthly check-ins.
• Medication: If medication is part of your mental health plan, factor in its cost. Prices can vary depending on your insurance coverage, with some medications requiring only a copay, while others may be more expensive without insurance.
• Insurance Considerations: If you have health insurance, understand what your plan covers for mental health services. Review deductibles, monthly premiums, and co-pays. Check if your insurance provides a list of covered mental health providers and the percentage of costs they cover.
• Support Groups: Peer support can be very helpful, but some groups may charge a fee. Determine if this is a service that would benefit you—you can often attend a meeting before committing long-term.

Building a Complete Budget
The first step in budgeting for mental health care is to develop a complete overview of your income and expenses. While earning more money may not always be an option, examining your finances can help you find the flexibility to adjust your priorities and make room for these essential costs.

1. Evaluate Your Income

   Start by totaling your monthly income, taking into account all sources such as salary, side jobs, bonuses, or government assistance. While it may feel a bit like doing taxes, stick with it—having an accurate view of your finances is invaluable, not just for budgeting for mental health, but for managing many aspects of your life.

2. Track Your Fixed and Flexible Expenses

   Now it’s time to review your bank statements. Sort all your expenses into “fixed” and “variable” categories. Fixed expenses are consistent and necessary, while variable expenses are more flexible and often adjustable. Using a spreadsheet can simplify this process, making it cleaner and more organized than working with just pen and paper.

   • Fixed Expenses: These are costs that remain the same each month. Include items such as:
     Housing, Transportation, Utilities, Minimum loan payments

     These expenses are often harder to reduce, but you can prioritize them from most essential to least essential. Consider canceling unused subscriptions or reviewing insurance policies to ensure you’re only paying for what you truly need.

   • Variable Expenses: These costs fluctuate month to month and are a great place to identify potential savings. Think of it like tidying up your closet—do you really need that old sweater?

     One effective way to cut variable expenses is to prepare meals at home more often. While eating out or ordering delivery is convenient, it’s usually less cost-effective.

3. Explore Various Budget Setups

   Compare your income with your expenses: Are you spending less than you earn? Do you have some flexibility, or can you create some? Without regular monitoring, expenses can quickly get out of control. Explore different combinations of mental health services and costs to find the approach that works best for you.

   At this stage, it’s essential to carefully consider your priorities. What matters most to you now may change over time. Keep in mind that your emotional well-being impacts every part of your life, so pay close attention to your mental health needs as you make budgeting decisions.

Evaluating Your Time Budget
Time is money, and like money, it needs to be allocated wisely. The same principles that help you manage finances can help you manage your time. Lack of time is a major barrier to mental health care—so how can you make room for it in your schedule?

Audit Your Time
Examine your weekly schedule by keeping a detailed log of all activities, from professional duties to personal hobbies. This can uncover patterns of over commitment and highlight pockets of time that can be devoted to mental health, whether it’s therapy, self-care, or connecting with supportive friends. Careful analysis often reveals that even small adjustments can free up meaningful time.

Maintaining Your Budget

1. Establish Clear Limits

   Once you’ve carved out time for self-care, it’s essential to protect it from other responsibilities that might encroach and take that time back.

   • Decline Draining Commitments: Say no to certain obligations or social events that sap your energy.
   • Schedule Self-Care Time: Set aside specific times each week dedicated entirely to activities that support your mental well-being.
2. Design Your Routine

   Make self-care a regular part of your daily or weekly routine by:

   • Treat Self-Care Like an Appointment: Schedule and commit to self-care activities just as you would any other appointment. If you respect the time of your patients or colleagues, it’s equally important to honor your own.
   • Use Reminders: Set calendar reminders to reinforce the importance of these activities. Ultimately, it’s about valuing and respecting your own time.

Leveraging Your Resources
We spend much of our lives as professionals earning, saving, investing, and planning for the future, which often means the present can get overlooked. It’s understandable to put your own health on the backburner while focusing elsewhere, but this article is a reminder to reconsider your priorities and dedicate time and attention to yourself.

Just as you’ve budgeted and adjusted your finances to reach your goals, your mental health deserves a dedicated spot in your monthly budget. Make it a priority the next time you review your finances.

Larson Mental Health offers expert mental health services, with a focus on medication management, throughout the state of Colorado.