Money and mental health

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How money worries can affect our mental health

Poor mental health can make earning and managing money harder. And worrying about money can affect how you look after your mental health. It can start to feel like a vicious circle, but there are lots of things we can all do to break the cycle.

Worrying about money has probably affected us all at one time or another, but if you're finding it difficult to deal with money problems and need help - we're here.

The impact money worries can have on your mental health

Our mental health can be affected by money worries in many different ways. You might not be able to afford the essential things you need to stay well such as housing, food, water, heating, or medication, which can understandably affect your mental health. Money problems can make you feel:

  • stressed, worried or anxious because you might not have enough money to pay priority debts
  • low in mood or depressed 
  • guilty for not earning enough money or because you’re currently unemployed
  • exhausted from keeping you up at night
  • overwhelmed 

If you’re feeling this way, you’re not alone. Money worries are one of the main reasons why people ask Ben for help. Don’t let things spiral out of control, contact us as soon as the worries start - so we can help you to get a plan in action.

How our mental health can affect how we manage money

When we’re struggling with our mental health, thinking about money can be the last thing that we want or need to tackle. The thought of trying to solve money problems can be overwhelming so we just put it off, which doesn’t help in the long run.

Here are some ways that your mental health can affect how you manage your money. You might:

  • feel low or depressed and lack motivation to manage your finances
  • make impulsive financial decisions and overspend to make you feel better short term
  • avoid doing things to stay on top of your money, like opening bills or checking your bank account. You might try to avoid thinking about money completely
  • start skipping meals or staying home to save money, which may lead to increased social isolation and loneliness
  • have to reduce your income if it impacts your ability to work

If you’re struggling, here are some tips to help you look after your mental health. Talking about money with someone you trust can also help us to protect our mental health.

Here for you

If you need support with money, your mental health, or both - we’ve got your back.

Get help

Talking about money

We know opening up about your finances can be scary, but you can shape that conversation in any way you want. Chat with a colleague over a cuppa, call a trusted friend or text a family member – it all counts. And we’re always here for you if you need support.

Talking about money can feel difficult and embarrassing. We might feel like people will judge us for not having enough money, or not knowing how to manage it. Many of us avoid talking about money, which can make it even harder when we suddenly need support. Starting a conversation about money can be difficult, but it’s important to let people know what you are struggling with. It can help to talk to: 

  • Someone you trust – they can help make your money problem seem smaller or help you gain a new perspective. This could be a close friend, colleague, partner or family member

  • Friends – being honest about money can help others understand so that you can do activities that everyone can afford. This makes sure no-one feels left out and you might even find that others are in a similar boat

  • Trained professionals – can offer expert advice to help you manage your money, get the most out of it and make sure that you're getting all the benefits you're entitled to (we can help with this)

To help you have difficult conversations about money with more confidence, try saying no in a positive way. For example, if you've been invited to do something that's out of your budget - here are some things you can say:

“As much as I’d love to, money is a bit tight at the moment - maybe next time”.

“I’d really like to mate, but I just haven’t got the funds at the moment”.

“I’m busy that day, I’ll try and come next time”.

How we can help

If you need support with money, your mental health, or both - we’ve got your back.

Each year, we support many people who are struggling to make ends meet for all different kinds of reasons. In fact, money worries and debt are one of the main reasons why people ask us for help. 

If you’re worried about money, chat with us online or call our free and confidential helpline on 08081 311 333 (Mon-Fri 8am-8pm). 

Online money worries programme

Take a look at our online ‘Money Worries’ programme which is free for anyone who works or has worked in the automotive industry. It covers topics such as how to stick to a budget, impulse spending, sorting large amounts of debt and experiencing bankruptcy or house repossession and more. Find out more and sign up to our money worries programme here.

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