It’s easy to see how money worries relate to mental health. Financial issues can leave you wondering how you’re going to pay your bills, afford your rent or reduce your debt. In fact, statistics from the Money and Mental Health Policy Institute show that in the UK, more than 1.5 million people are experiencing mental health problems due to debt.
What’s more, 72% said that their mental health problems affected their financial situation even further.
We’ll explore the reasons behind the vicious cycle of money worries and poor mental health and offer tips on dealing with financial problems to ensure they don’t impact your emotional well-being.
How can money affect your mental health?
Worrying about money can cause a great deal of stress, resulting in anxiety, depression and sleep problems. This can then impact how you deal with your financial concerns and create a perpetual cycle of borrowing to try and solve the problem. In turn, this often causes further anxiety and increased levels of stress.
How do you know if you have mental health issues relating to money problems?
If you’re suffering from anxiety due to financial concerns, then you might experience the following:
- Fear of checking your bank account balance
- Avoidance of financial discussions
- Guilt or shame around money
- Stress relating to being able to afford living expenses
- Excessive borrowing
You can find support for all these issues at counselling practices such as Canterbury Healthcare.co.uk/ where qualified mental health specialists will help you work through the challenges.
How to manage your financial worries and your mental health
Managing money concerns can be challenging. And if you’re struggling with unmanageable debt then it’s wise to seek advice from an expert. However, there are a few steps you can take to tackle your financial issues:
- Create a budget – being aware of your monthly outgoings and income is the first step to making a proper plan. Make a note of your essential spending such as rent, bills and food then work out what you have left.
- Pay off high-interest debt – if you have debts, aim to pay off the ones that are costing the most first.
- Reduce credit card spending – leave your credit cards at home when you go shopping and remove apps from your phone or tablet to make it more difficult to make instant purchases.
- Remove unnecessary subscriptions – whether it’s a gym membership, unused streaming service or reward schemes, you might be surprised at what you can save by cutting back.
- Save a small amount – begin to build up a savings fund by making the most of a tax-free ISA.
- Allocate a treat fund – budgeting shouldn’t mean punishing yourself so make sure you still reward yourself with a small treat occasionally, for example, one takeaway a month or a coffee at your favourite café.
- Shop around – research the latest supermarket deals and use up any points or rewards you have on store cards.
While eliminating money worries and anxiety won’t happen overnight, following these steps can help you get back on track with your finances.
