Looking after your mental health whilst worrying about money

Awareness
Written By Danielle Coleman

As you may know, the cost of living crisis is affecting the mental health of millions of people across the country. The uncertainty of watching as our costs spiral can be difficult to bear; and the worry of how we’ll get by and support our families is piling on the pressure. But for so many of us, looking after our mental health is often last on our list. This Mental Health Awareness Week, we felt that it was important to highlight the impact that money worries can have on our mental health, to help ensure that no one feels alone during these challenging times. Support is out there, and together we can help everyone feel more able to cope.

Money and mental health

Money worries can be very stressful and damaging to our mental health, and managing money can be harder when we are experiencing poor mental health. Whether we are employed or unemployed, money worries can impact us all and cause uncertainty, stress, and anxiety.

This worry often creates a ‘vicious cycle,’ in which worrying about money leads to difficulty managing money. Despite so many of us being affected by the rising costs of living, there can often still be stigma attached to money difficulties. This can lead to feelings of shame, embarrassment or guilt, cause us to become withdrawn or depressed, and even prevent us from seeking help.

“When I find myself getting into debt problems, my mental health deteriorates, which means I am more likely to go on another spending spree and make debt problems worse. It all goes round in a vicious cycle.”

There are lots of ways that money can affect our mental health:

  • Certain situations might trigger feelings of anxiety and panic, such as opening envelopes or attending a benefits assessment

  • Worrying about money can lead to sleep problems

  • You might not be able to afford things you need to stay well, like housing, food, water, heating, or treatments such as therapy

  • Money problems can affect your social life and relationships, potentially leading to feelings of loneliness or isolation

Thinking about money can be emotional. Getting to know the feelings and emotions you have around money might help you to spot patterns in your behaviour and feel more in control. When you’re unwell, you might spend more than you want to or than you can afford. It might help to keep a diary of your spending and your mood, to record what you spend and why. You could record how you were feeling before and afterwards, too. Once you’ve done this, you might start to feel like you understand your habits, patterns, and emotions around money a bit more. Knowing these could help you plan ahead for difficult times and better manage your current finances.

Tips to help you look after your mental health

It can feel hard to talk about money problems, and if you've had a bad experience in the past, you might feel as if there’s no point trying again. But there are lots of places to which you can turn. While we can’t fix the cost of living crisis, we can help people to cope: small steps can make a big difference in supporting your mental health while dealing with money worries.

Here are some tips for looking after your mental health:

  • Acknowledge your feelings. It’s normal to feel anxious, overwhelmed, or even embarrassed when you’re struggling financially. Acknowledge your feelings and try not to judge yourself too harshly.

  • Stay connected: Money worries can be isolating, but it’s important to stay connected with friends and family. Reach out to loved ones for support or join a support group.

  • Set realistic goals. Set achievable goals for your finances, such as creating a budget or paying off a small debt. Celebrate your accomplishments along the way.

  • Take care of your physical health. Staying active can help support our mental health. Try to eat a balanced diet, exercise regularly, and try to get enough sleep.

  • Practice mindfulness: Mindfulness can help you stay present and calm. Try practicing mindfulness, meditation, deep breathing exercises, or yoga.

  • Focus on what you can control. It’s easy to feel overwhelmed when you’re struggling financially. Focus on the things you can control, such as your spending habits, rather than things outside of your control.

  • Seek help if needed: If your worries are causing significant distress, it’s important to talk to someone about how you are feeling and seek further help and support. You’re not alone!

Support with managing your money

Danielle Coleman
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